Common use of Section 409A Requirements Clause in Contracts

Section 409A Requirements. The Corporation and Employee recognize and agree that revisions to the post-termination payments and benefits provisions contemplated by Section 4.4 and Article 6 may be necessary and desirable to comply with the requirements of Internal Revenue Code Section 409A, and the regulations, notices and other guidance of general application issued thereunder (hereinafter, “409A Requirements”), in a manner intended to prevent any adverse tax consequences to Employee and the Corporation as a result of any failure to so comply. Any such revisions will be made only with the written consent of both parties; and each of them agrees to cooperate in good faith to make any such revisions in a manner that timely complies with the 409A Requirements.