Common use of Savings Clause Relating to Compliance with Code Section 409A Clause in Contracts

Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if when the Executive’s employment terminates the Executive is a specified employee, as defined in Code section 409A, and if any payments under Article 2 of this Agreement would result in additional tax or interest to the Executive because of section 409A, the Executive shall not be entitled to the payments under Article 2 until the earliest of (x) the date that is at least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (y) the date of the Executive’s death, or (z) any earlier date that does not result in additional tax or interest to the Executive under section 409A. If any provision of this Agreement would subject the Executive to additional tax or interest under section 409A, the Bank shall reform the provision to the extent possible in order to avoid the additional tax or interest under section 409A. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Bank shall not be required to incur any additional compensation expense as a result of the reformed provision. The Agreement shall be interpreted and administered to the greatest extent possible to be either exempt from section 409A, or in compliance with 409A. Further, each payment made as part of installment payments under this Agreement shall be considered a separate payment for purposes of section 409A.

Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if when the Executive’s employment terminates the Executive is a specified employeeSpecified Employee, as defined in Code section Section 409A, and if any payments under Article 2 of this Agreement would will result in additional tax or interest to the Executive because of section Section 409A, the Executive shall will not be entitled to the payments under Article 2 until the earliest of of: (xi) the date that is at least six (6) months after termination of the Executive’s employment for reasons other than the Executive’s death, or (yii) the date of the Executive’s death, or or (ziii) any earlier date that does not result in additional tax or interest to the Executive under section Section 409A. If any provision of this Agreement would subject the Executive to additional tax or interest under section 409ASection 409A of the Code or result in a violation of Section 409A of Code, the Bank shall reform the provision to the extent possible in order to avoid the additional tax or interest under section 409A. such provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Bank shall not be required to incur any additional compensation expense as a result of the reformed provision. The Agreement shall be interpreted and administered to the greatest extent possible to be either exempt from section 409A, or References in compliance with 409A. Further, each payment made as part of installment payments under this Agreement shall be considered a separate payment for purposes to Section 409A of section the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Code Section 409A.