Common use of Code Section 162(m) Limitation Clause in Contracts

Code Section 162(m) Limitation. The preceding Sections of this Article notwithstanding, no Retirement Benefit shall be paid to the extent such payment, when added to all other remuneration provided to Executive by the Company or any affiliate, would result in any such amount being nondeductible under section 162(m) of the Code, and the payment of any such Retirement Benefit shall be deferred to the first subsequent year in which such payment may be both paid and fully deductible by the Company. In the event payment of a Retirement Benefit is deferred pursuant to this Section, such deferral shall not affect the time of payment or amount of any other installment of Executive's Retirement Benefit, unless such other payment is itself deferred pursuant to this Section. Notwithstanding the foregoing, this Section shall not apply to the Non-Grandfathered Benefit unless all scheduled payments to Executive that could be nondeductible under section 162(m) of the Code are also delayed as provided in Treasury regulation section 1.409A-2(b)(7)(i).