Common use of Section 409A of Internal Revenue Code Clause in Contracts

Section 409A of Internal Revenue Code. 16.1 Subject to paragraph 16.2, if, on the Executive's Last Day of Employment, the Executive is a "specified employee" as defined in Section 409A of the Code, no payment or benefit will be provided under this Agreement until the earlier of: (a) six months after the Last Day of Employment; or (b) the date of the Executive's death; except as may otherwise be required under the Employment Standards Act (British Columbia) or other applicable employment standards legislation. 16.2 Paragraph 16.1 will apply: (a) only to the extent required to avoid causing the Executive to incur any additional income tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder; and (b) despite any other provision of this Agreement. 16.3 If any provision of this Agreement (or any award of compensation hereunder) would cause the Executive to incur any additional income tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder: (a) Angiotech will propose any changes to this Agreement that Angiotech may determine to be necessary to avoid causing the Executive to incur such additional income tax or interest, provided that any such changes will give effect, to the extent practicable, to the intent of the provisions of this Agreement without violating the provisions of Section 409A of the Code; and (b) the Executive's agreement to any such changes proposed by Angiotech will not be unreasonably withheld.

Section 409A of Internal Revenue Code. 16.1 Subject to paragraph 16.2, if, on the Executive's ’s Last Day of Employment, the Executive is a "“specified employee" ” as defined in Section 409A of the Code, no payment or benefit will be provided under this Agreement until the earlier of: (a) six months after the Last Day of Employment; or (b) the date of the Executive's ’s death; except as may otherwise be required under the Employment Standards Act (British Columbia) or other applicable employment standards legislation. 16.2 Paragraph 16.1 will apply: (a) only to the extent required to avoid causing the Executive to incur any additional income tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder; and (b) despite any other provision of this Agreement. 16.3 If any provision of this Agreement (or any award of compensation hereunder) would cause the Executive to incur any additional income tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder: (a) Angiotech will propose any changes to this Agreement that Angiotech may determine to be necessary to avoid causing the Executive to incur such additional income tax or interest, provided that any such changes will give effect, to the extent practicable, to the intent of the provisions of this Agreement without violating the provisions of Section 409A of the Code; and (b) the Executive's ’s agreement to any such changes proposed by Angiotech will not be unreasonably withheld.

Section 409A of Internal Revenue Code. 16.1 Subject to paragraph 16.2, if, on the Executive's Last Day of Employment, the Executive is a "specified employee" as defined in Section 409A of the Code, no payment or benefit will be provided under this Agreement until the earlier of: (a) six months after the Last Day of Employment; or (b) the date of the Executive's death; except as may otherwise be required under the Employment Standards Act (British Columbia) or other applicable employment standards legislation. 16.2 Paragraph 16.1 will apply: (a) only to the extent required to avoid causing the Executive to incur any additional income ncome tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder; and (b) despite any other provision of this Agreement. 16.3 If any provision of this Agreement (or any award of compensation hereunder) would cause the Executive to incur any additional income tax or interest under Section 409A of the Code or any regulation or US Treasury Department guidelines promulgated thereunder: (a) Angiotech will propose any changes to this Agreement that Angiotech may determine to be necessary to avoid causing the Executive to incur such additional income tax or interest, provided that any such changes will give effect, to the extent practicable, to the intent of the provisions of this Agreement without violating the provisions of Section 409A of the Code; and (b) the Executive's agreement to any such changes proposed by Angiotech will not be unreasonably withheld.