Common use of Additional Section 409A Provisions Clause in Contracts

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, any payment amount or the value of any benefit under this Agreement is required to be included in the Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 13 contracts

Samples: Key Executive Employment and Severance Agreement (Fiserv Inc), Change in Control Employment and Severance Agreement (Mayville Engineering Company, Inc.), Change in Control Employment and Severance Agreement (Mayville Engineering Company, Inc.)

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Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, any payment amount or the value of any benefit under this Agreement is required to be included in the an Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 ninety (90) days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 13 contracts

Samples: Key Executive Employment and Severance Agreement (Bucyrus International Inc), Key Executive Employment and Severance Agreement (Bucyrus International Inc), Key Executive Employment and Severance Agreement (Bucyrus International Inc)

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, any payment amount or the value of any benefit under this Agreement is required to be included in the Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s Executives income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 10 contracts

Samples: Key Executive Employment and Severance Agreement (Pentair Inc), Employment Agreement (Anchor Bancorp Wisconsin Inc), Key Executive Employment and Severance Agreement (Anchor Bancorp Wisconsin Inc)

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, If any payment amount or the value of any benefit under this Agreement is required to be included in the Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive Company shall receive make a distributionpayment to the Executive, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution payment shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunderhereunder (other than additional payments to be made by the Company pursuant to Section 8(b)).

Appears in 7 contracts

Samples: Key Executive Employment and Severance Agreement (Oshkosh Corp), Key Executive Employment and Severance Agreement (Oshkosh Corp), Key Executive Employment and Severance Agreement (Oshkosh Corp)

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, If any payment amount or the value of any benefit under this Agreement is required to be included in the an Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s Executives income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 7 contracts

Samples: Employment and Severance Agreement (Regal Beloit Corp), Key Executive Employment and Severance Agreement (Regal Beloit Corp), Key Executive Employment and Severance Agreement (Regal Beloit Corp)

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, If any payment amount or the value of any benefit under this Agreement is required to be included in the an Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 4 contracts

Samples: Incorporated Terms (Mgic Investment Corp), Incorporated Terms (Mgic Investment Corp), Incorporated Terms (Mgic Investment Corp)

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Additional Section 409A Provisions. (a%2) If, after the date of a Change in Control of the Company, any payment amount or the value of any benefit under this Agreement is required to be included in the Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 3 contracts

Samples: Key Executive Employment and Severance Agreement (PENTAIR PLC), Key Executive Employment and Severance Agreement (PENTAIR PLC), Key Executive Employment and Severance Agreement (PENTAIR PLC)

Additional Section 409A Provisions. (ai) If, after the date of a Change in Control of the Company, If any payment amount or the value of any benefit under this Agreement is required to be included in the an Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s Executives income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 3 contracts

Samples: Key Executive Employment and Severance Agreement (Regal Beloit Corp), Key Executive Employment and Severance Agreement (Regal Beloit Corp), Key Executive Employment and Severance Agreement (Regal Beloit Corp)

Additional Section 409A Provisions. (a) If, after the date of a Change in Control of the Company, If any payment amount or the value of any benefit under this Agreement is required to be included in the Executive’s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Executive shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the amount required to be included in the Executive’s income as a result of such failure and shall reduce the amount of payments or benefits otherwise due hereunder.

Appears in 1 contract

Samples: Agreement (Pentair LTD)

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