Common use of Tax Liabilities and Code Section 409A Clause in Contracts

Tax Liabilities and Code Section 409A. The Executive is solely responsible for the satisfaction of any tax liability, including, but not limited to, any taxes and penalties that may arise under Sections 409A (“Section 409A”) or 4999 of the Code, that may result from any payments or benefits that the Executive receives pursuant to this Agreement or otherwise. Any such payments or benefits received shall be subject to reduction for any applicable employment or withholding taxes. Neither the Bank nor the Company shall have any obligation to pay, mitigate, or protect the Executive from any such tax liabilities. However, if the Bank or the Company determines in good faith in either of their sole discretion that the Executive is a key employee of a public company as defined in Section 416(i) of the Code (disregarding Section 416(i)(5)) at the time of his termination of employment, the Bank and the Company shall suspend paying the Executive any cash amounts that he is entitled to receive pursuant to the Agreement during the six-month period following termination of the Executive’s employment (the “409A Suspension Period”), unless the Bank and the Company reasonably determine that paying such amounts will not result in the Executive’s liability for additional tax under Section 409A. As soon as reasonably practical after the end of the 409A Suspension Period, the Executive shall receive a lump sum payment in cash for an amount equal to any cash payments that the Bank and the Company do not make during the 409A Suspension Period. Thereafter, the Executive will receive any remaining payments in accordance with the applicable terms of those sections of the Agreement (as if there had not been any suspension of payments).

Tax Liabilities and Code Section 409A. The Executive Employee is solely ----------------------------------------- responsible for the satisfaction of any tax liability, including, but not limited to, including any taxes and penalties that may arise under Sections 409A of the Code (“"Section 409A”) or 4999 of the Code"), that may result from any payments or benefits that the Executive Employee receives pursuant to this Agreement or otherwiseAgreement. Any such payments or benefits received shall be subject to reduction for any applicable employment or withholding taxes. Neither the Bank nor the Company shall have any obligation to pay, mitigate, or protect the Executive Employee from any such tax liabilities. However, if the Bank or the Company determines in good faith in either of their sole discretion that the Executive Employee is a key employee of a public company as defined in Section 416(i) of the Code (disregarding Section 416(i)(5)) at the time of his termination of employment, the Bank and the Company shall suspend paying the Executive Employee any cash amounts that he is entitled to receive pursuant to the Agreement Sections 6, 10, or 12 above during the six-month period following termination of the Executive’s Employee's employment (the “"409A Suspension Period”"), unless the Bank and the Company reasonably determine that paying such amounts in accordance with Sections 6, 10, or 12 will not result in the Executive’s Employee's liability for additional tax under Section 409A. As soon as reasonably practical after the end of the 409A Suspension Period, the Executive Employee shall receive a lump sum payment in cash for an amount equal to any cash payments that the Bank and the Company do not make during the 409A Suspension Period. Thereafter, the Executive Employee will receive any remaining payments pursuant to Sections 6, 10 or 12 in accordance with the applicable terms of those sections of the Agreement Sections (as if there had not been any suspension of payments).

Tax Liabilities and Code Section 409A. The Executive Employee is solely responsible for the satisfaction of any tax liability, including, but not limited to, including any taxes and penalties that may arise under Sections 409A of the Code (“Section 409A”) or 4999 of the Code), that may result from any payments or benefits that the Executive Employee receives pursuant to this Agreement or otherwiseAgreement. Any such payments or benefits received shall be subject to reduction for any applicable employment or withholding taxes. Neither the Bank nor the Company shall have any obligation to pay, mitigate, or protect the Executive Employee from any such tax liabilities. However, if the Bank or the Company determines in good faith in either of their sole discretion that the Executive Employee is a key employee of a public company as defined in Section 416(i) of the Code (disregarding Section 416(i)(5)) at the time of his termination of employment, the Bank and the Company shall suspend paying the Executive Employee any cash amounts that he is entitled to receive pursuant to the Agreement Sections 6, 10, or 12 above during the six-month period following termination of the ExecutiveEmployee’s employment (the “409A Suspension Period”), unless the Bank and the Company reasonably determine that paying such amounts in accordance with Sections 6, 10, or 12 will not result in the ExecutiveEmployee’s liability for additional tax under Section 409A. As soon as reasonably practical after the end of the 409A Suspension Period, the Executive Employee shall receive a lump sum payment in cash for an amount equal to any cash payments that the Bank and the Company do not make during the 409A Suspension Period. Thereafter, the Executive Employee will receive any remaining payments pursuant to Sections 6, 10 or 12 in accordance with the applicable terms of those sections of the Agreement Sections (as if there had not been any suspension of payments).

Tax Liabilities and Code Section 409A. The Executive is solely responsible for the satisfaction of any tax liability, including, but not limited to, any taxes and penalties that may arise under Sections 409A (“Section 409A”) or 4999 of the Code, that may result from any payments or benefits that the Executive receives pursuant to this Agreement or otherwise. Any such payments or benefits received shall be subject to reduction for any applicable employment or withholding taxes. Neither the Bank nor the Company shall have any obligation to pay, mitigate, or protect the Executive from any such tax liabilities. However, if the Bank or the Company determines in good faith in either of their sole discretion that the Executive is a key employee of a public company as defined in Section 416(i) of the Code (disregarding Section 416(i)(5)) at the time of his termination of employment, the Bank and the Company shall suspend paying the Executive any cash amounts that he is entitled to receive pursuant to the Agreement Sections 6, 10, or 12 above during the six-month period following termination of the Executive’s employment (the “409A Suspension Period”), unless the Bank and the Company reasonably determine that paying such amounts in accordance with Sections 6, 10, or 12 will not result in the Executive’s liability for additional tax under Section 409A. As soon as reasonably practical after the end of the 409A Suspension Period, the Executive shall receive a lump sum payment in cash for an amount equal to any cash payments that the Bank and the Company do not make during the 409A Suspension Period. Thereafter, the Executive will receive any remaining payments pursuant to Sections 6, 10 or 12 in accordance with the applicable terms of those sections of the Agreement Sections (as if there had not been any suspension of payments).

Tax Liabilities and Code Section 409A. The Executive is solely responsible for the satisfaction of any tax liability, including, but not limited to, including any taxes and penalties that may arise under Sections 409A (“Section 409A”) or 4999 of the Code, that may result from any payments or benefits that the Executive receives pursuant to this Agreement or otherwiseAgreement. Any such payments or benefits received shall be subject to reduction for any applicable employment or withholding taxes. Neither the Bank nor the Company shall have any obligation to pay, mitigate, or protect the Executive from any such tax liabilities. However, if the Bank or the Company determines in good faith in either of their sole discretion that the Executive is a key employee of a public company as defined in Section 416(i) of the Code (disregarding Section 416(i)(5)) at the time of his termination of employment, the Bank and the Company shall suspend paying the Executive any cash amounts that he is entitled to receive pursuant to the Agreement Sections 6, 10, or 12 above during the six-month period following termination of the Executive’s employment (the “409A Suspension Period”), unless the Bank and the Company reasonably determine that paying such amounts in accordance with Sections 6, 10, or 12 will not result in the Executive’s liability for additional tax under Section 409A. As soon as reasonably practical after the end of the 409A Suspension Period, the Executive shall receive a lump sum payment in cash for an amount equal to any cash payments that the Bank and the Company do not make during the 409A Suspension Period. Thereafter, the Executive will receive any remaining payments pursuant to Sections 6, 10 or 12 in accordance with the applicable terms of those sections of the Agreement Sections (as if there had not been any suspension of payments).