Common use of Excess Payments Clause in Contracts

Excess Payments. Notwithstanding the foregoing, in the event ---------------- Executive is a "Specified Employee" (as defined herein) no payment shall be made to Executive under sections 3(e) prior to the first day of the seventh month following the Event of Termination in excess of the "permitted amount" under Section 409A of the Internal Revenue Code. For these purposes the "permitted amount" shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive's annualized compensation based upon the annual rate of pay for services provided to the Bank for the calendar year preceding the year in which Executive has an Event of Termination, or (B) the maximum amount that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the calendar year in which occurs the Event of Termination. The payment of the "permitted amount" must occur no later than the last day of the second calendar year following the calendar year in which the Event of Termination occurs. Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following the Event of Termination. "Specified Employee" shall be interpreted to comply with Section 409A of the Internal Revenue Code and shall mean a key employee within the meaning of Section 416(i) of the Internal Revenue Code (without regard to paragraph 5 thereof), but an individual shall be a "Specified Employee" only if the Bank is a publicly traded institution or the subsidiary of a publicly traded holding company.

Excess Payments. Notwithstanding the foregoing, in the event ---------------- Executive is a --------------- "Specified Employee" (as defined herein) no payment shall be made to Executive under sections 3(e) section 4 prior to the first day of the seventh month following the Event of Termination in excess of the "permitted amount" under Section 409A of the Internal Revenue Code. For these purposes the "permitted amount" shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive's annualized compensation based upon the annual rate of pay for services provided to the Bank for the calendar year preceding the year in which Executive has an Event of Termination, or (B) the maximum amount that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the calendar year in which occurs the Event of Termination. The payment of the "permitted amount" must occur no later than the last day of the second calendar year following the calendar year in which the Event of Termination occurs. Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following the Event of Termination. "Specified Employee" shall be interpreted to comply with Section 409A of the Internal Revenue Code and shall mean a key employee within the meaning of Section 416(i) of the Internal Revenue Code (without regard to paragraph 5 thereof), but an individual shall be a "Specified Employee" only if the Bank is a publicly traded institution or the subsidiary of a publicly traded holding company.

Excess Payments. Notwithstanding the foregoing, in the event ---------------- Executive is a "Specified Employee" (as defined herein) no payment shall be made to Executive under sections 3(e) section 4 prior to the first day of the seventh month following the Event of Termination in excess of the "permitted amount" under Section 409A of the Internal Revenue Code. For these purposes the "permitted amount" shall be an amount that does not exceed two times the lesser of: (A) the sum of Executive's annualized compensation based upon the annual rate of pay for services provided to the Bank for the calendar year preceding the year in which Executive has an Event of Termination, or (B) the maximum amount that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the calendar year in which occurs the Event of Termination. The payment of the "permitted amount" must occur no later than the last day of the second calendar year following the calendar year in which the Event of Termination occurs. Any payment in excess of the permitted amount shall be made to Executive on the first day of the seventh month following the Event of Termination. "Specified Employee" shall be interpreted to comply with Section 409A of the Internal Revenue Code and shall mean a key employee within the meaning of Section 416(i) of the Internal Revenue Code (without regard to paragraph 5 thereof), but an individual shall be a "Specified Employee" only if the Bank is a publicly traded institution or the subsidiary of a publicly traded holding company.