Law/Accounting Changes Sample Clauses
A Law/Accounting Changes clause addresses how a contract will adapt if there are changes in relevant laws or accounting standards after the agreement is signed. Typically, this clause allows the parties to renegotiate terms, adjust obligations, or even terminate the contract if compliance becomes illegal or significantly more burdensome due to new regulations or accounting rules. Its core function is to allocate risk and provide a mechanism for dealing with unforeseen legal or regulatory developments, ensuring that neither party is unfairly disadvantaged by changes outside their control.
Law/Accounting Changes. (a) If after the Closing, a change in the law or accounting rules results in a materially adverse effect on Executive’s rights and benefits under this Agreement, the Board (or its designated committee) shall review this Agreement in light of such changes in the law or accounting rules to determine whether SunGard and Executive should negotiate a new employment agreement or amend this Agreement to take into account any such changes in the law or accounting rules. Executive may also request that the Board review this Agreement in light of any such changes in the law or accounting rules. Notwithstanding the above, nothing herein obligates SunGard to negotiate or amend this Agreement.
(b) If it is determined that that Executive’s Continuation Options have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code, the parties agree to cooperate in taking all reasonable measures to restructure the arrangement to minimize or avoid such adverse tax treatment; provided, however, that, if any payment due to Executive is delayed as a result of Section 409A of the Code, Executive shall be entitled to be paid interest on such amount at an annual rate equal to the prime rate, as published in The Wall Street Journal, in effect as of the originally scheduled date of payment. If after considering all reasonable measures the parties determine that this Agreement or a related arrangement cannot be amended or restructured to minimize or avoid adverse tax treatment under Section 409A of the Code, the Executive will be entitled to payment of an additional amount to make the Executive whole, on a net after-tax basis, for any resulting excise taxes and interest charges imposed under Section 409A. Such additional amount will be paid to the Executive not later than the due date of the Executive’s tax return for the year in which the relevant tax or penalty is imposed. For the purpose of this Section 20(b), “Continuation Options” shall mean any options for stock of Capital Corp. and Capital Corp. II that have automatically converted in the Merger from options for common stock of SunGard.
Law/Accounting Changes. If after the Effective Date, a change in the law or accounting rules results in a materially adverse affect on Executive’s rights and benefits under this Agreement, the compensation committee of the Board shall review this Agreement in light of such changes in the law or accounting rules to determine whether the Company and Executive should negotiate a new employment agreement or amend this Agreement to take into account any such changes in the law or accounting rules. Executive may also request that the compensation committee of the Board review this Agreement in light of any such changes in the law or accounting rules.
Law/Accounting Changes. (a) If after the Closing, a change in the law or accounting rules results in a materially adverse effect on Executive’s rights and benefits under this Agreement, the Board (or its designated committee) shall review this Agreement in light of such changes in the law or accounting rules to determine whether SunGard and Executive should negotiate a new employment agreement or amend this Agreement to take into account any such changes in the law or accounting rules. Executive may also request that the Board review this Agreement in light of any such changes in the law or accounting rules. Notwithstanding the above, nothing herein obligates SunGard to negotiate or amend this Agreement.
(b) If it is determined that that Executive’s Continuation Options have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code, the parties agree to cooperate in taking all reasonable measures to restructure the arrangement to minimize or avoid such adverse tax treatment; provided, however, that, if any