Common use of Section 409A Savings Clause Clause in Contracts

Section 409A Savings Clause. Despite any contrary provision of this Agreement, if when the Employee's employment terminates, the Employee is a "specified employee," as defined in section 409A of the Internal Revenue Code, and if any payments or benefits under this Agreement will result in additional tax or interest to the Employee because of section 409A, the Employee shall not be entitled to such payments or benefits until the earliest of (x) the date that is at least six months after termination of the Employee's employment for reasons other than the Employee's death, (y) the date of the Employee's death, or (z) any earlier date that does not result in additional tax or interest to the Employee under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this provision, the entire amount of delayed payments shall be paid to Employee in a single lump sum. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations and guidance of general application issued by the Department of the Treasury under such section 409A.

Section 409A Savings Clause. Despite any contrary provision of this Agreement, if when the Employee's ’s employment terminates, terminates the Employee is a "“specified employee," ” as defined in section 409A of the Internal Revenue Code, and if any payments or benefits under this Agreement will result in additional tax or interest to the Employee because of section 409A, the Employee shall not be entitled to such the payments or benefits until the earliest of (x) the date that is at least six months after termination of the Employee's ’s employment for reasons other than the Employee's ’s death, (y) the date of the Employee's ’s death, or (z) any earlier date that does not result in additional tax or interest to the Employee under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this provision, the entire amount of delayed payments shall be paid to Employee in a single lump sum. References in this Agreement to section Section 409A of the Internal Revenue Code of 1986 include rules, regulations and guidance of general application issued by the Department of the Treasury under such section Section 409A.

Section 409A Savings Clause. Despite any contrary provision of this Agreement, if when the Employee's ’s employment terminates, terminates the Employee is a "“specified employee," ” as defined in section 409A of the Internal Revenue Code, and if any payments or benefits under this Agreement will result in additional tax or interest to the Employee because of section 409A, the Employee shall not be entitled to such the payments or benefits until the earliest of (x) the date that is at least six months after termination of the Employee's ’s employment for reasons other than the Employee's ’s death, (y) the date of the Employee's ’s death, or (z) any earlier date that does not result in additional tax or interest to the Employee under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this provision, the entire amount of delayed payments shall be paid to Employee in a single lump sum. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations and guidance of general application issued by the Department of the Treasury under such section 409A.

Section 409A Savings Clause. Despite any contrary provision of this Agreement, if when the Employee's employment terminates, terminates the Employee is a "specified employee," as defined in section 409A of the Internal Revenue Code, and if any payments or benefits under this Agreement will result in additional tax or interest to the Employee because of section 409A, the Employee shall not be entitled to such the payments or benefits until the earliest of (x) the date that is at least six months after termination of the Employee's employment for reasons other than the Employee's death, (y) the date of the Employee's death, or (z) any earlier date that does not result in additional tax or interest to the Employee under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this provision, the entire amount of delayed payments shall be paid to Employee in a single lump sum. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations and guidance of general application issued by the Department of the Treasury under such section 409A.

Section 409A Savings Clause. Despite Notwithstanding any provision to the contrary provision of this Agreementcontained herein, if when the EmployeeInsured's employment terminates, terminates the Employee Insured is a "specified employee," as defined in section 409A of the Internal Revenue Code, and if any payments or benefits under this Agreement will result in additional tax or interest to the Employee Insured because of section 409A, the Employee Insured shall not be entitled to such the payments or benefits until the earliest of (xa) the date that is at least six months after termination of the EmployeeInsured's employment for reasons other than the EmployeeInsured's death, (yb) the date of the EmployeeInsured's death, or (zc) any earlier date that does not result in additional tax or interest to the Employee Insured under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this provision, the entire amount of delayed payments shall be paid to Employee Executive in a single lump sum. References in this Agreement to section Section 409A of the Internal Revenue Code of 1986 include rules, regulations and guidance of general application issued by the Department of the Treasury under such section Section 409A.