Common use of Section 409A Savings Clause Clause in Contracts

Section 409A Savings Clause. It is the intention of the Employer and the Employee that payments or benefits payable under this Article VIII not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Article VIII shall be construed and administered in accordance with such intent. To the extent such potential payments could become subject to Code Section 409A, the Employer shall be entitled to amend this Article VIII with the goal of giving the Employee the economic benefits described herein in a manner that does not result in such tax being imposed.

Section 409A Savings Clause. It is the intention of the Employer and the Employee that payments or benefits payable under this Article VIII Agreement not be subject to the additional tax imposed pursuant to Section 409A of the Code, and the provisions of this Article VIII Agreement shall be construed and administered in accordance with such intent. To the extent such potential payments could become subject to Code Section 409A, the Employer shall be entitled and the Employee agree to amend this Article VIII with the goal of giving the Employee the economic benefits described herein in a manner that does not result in such tax being imposed.