Common use of Definition of Separation from Service Clause in Contracts

Definition of Separation from Service. For purposes of this Agreement, termination of the Executive's employment as used herein shall be construed to require a "Separation from Service" as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Corporation and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after termination would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.

Definition of Separation from Service. For purposes of this Agreement, termination of the Executive's ’s employment as used herein shall be construed to require a "“Separation from Service" ” as defined in Code Section 409A and the Treasury Regulations promulgated thereunder, provided, however, that the Corporation Bank and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after termination would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period.