Section 409A of the Code; Delay of Payments. The terms of this Agreement have been designed to comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), where applicable, and shall be interpreted and administered in a manner consistent with such intent. Notwithstanding anything to the contrary in this Agreement, if any payment pursuant to this Agreement should be deemed to be subject to an additional tax pursuant to Section 409A of the Code, the cash payments pursuant to this Agreement shall be grossed up by the Company and promptly paid to Consultant to ensure that the net amounts and benefits after any such tax received by the Consultant are no less than would have been received had Section 409A of the Code not have been deemed to apply to such payments.
Appears in 4 contracts
Samples: Non Competition, Non Solicitation and Confidentiality Agreement (Energy Transfer Equity, L.P.), Non Competition, Non Solicitation and Confidentiality Agreement (Energy Transfer Equity, L.P.), Non Competition, Non Solicitation and Confidentiality Agreement (Southern Union Co)
Section 409A of the Code; Delay of Payments. The terms of this Agreement have been designed to comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), where applicable, and shall be interpreted and administered in a manner consistent with such intent. Notwithstanding anything to the contrary in this Agreement, if any payment or benefit pursuant to this Agreement should be deemed to be subject to an additional tax pursuant to Section 409A of the Code, the cash payments pursuant to this Agreement shall be grossed up by the Company and promptly paid to Consultant to ensure that the net amounts and benefits after any such tax received by the Consultant are no less than would have been received had Section 409A of the Code not have been deemed to apply to such paymentspayments and benefits.
Appears in 4 contracts
Samples: Consulting Agreement (Energy Transfer Equity, L.P.), Consulting Agreement (Energy Transfer Equity, L.P.), Consulting Agreement (Southern Union Co)
