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 Articles 9, 10 or 11 of this Agreement will result in additional tax or interest to the Executive because of section 409A, the Executive shall not be entitled to the payments under Articles 9, 10 or 11 until the earliest of (i) the date that is at least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (ii) the date of the Executive’s death, or (iii) 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 Employer shall reform the provision. However, the Employer 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 Employer shall not be required to incur any additional compensation expense as a result of the reformed provision.

Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if if, when the Executive’s 's employment terminates terminates, the Executive is a "specified employee, ," as defined in Code section Section 409A, and if any payments under Articles 9, 10 or 11 Article 2 of this Agreement will result in additional tax or interest to the Executive because of section Section 409A, the Executive shall not be entitled to the payments under Articles 9, 10 or 11 Article 2 until the earliest of (i) the date that is at least six months after termination of the Executive’s 's employment for reasons other than the Executive’s 's death, (ii) the date of the Executive’s 's death, or (iii) 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 Section 409A, the Employer Bank shall reform the provision. However, the Employer 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 Employer shall not be required to incur any additional compensation expense as a result of the reformed provision.