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 Director’s Separation from Service occurs the Director is a specified employee, as defined in Code section 409A, and if any payments under Article 2 of this Agreement will result in additional tax or interest to the Director because of section 409A, the Director shall not be entitled to the payments under Article 2 until the earliest of (x) the date that is at least six months after the Director’s Separation from Service for reasons other than the Director’s death, (y) the date of the Director’s death, or (z) any earlier date that does not result in additional tax or interest to the Director under section 409A. If any provision of this Agreement would subject the Director to additional tax or interest under section 409A, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Director 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.

Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if when the Director’s 's Separation from Service occurs the Director is a specified employee, as defined in Code section 409A, and if any payments under Article 2 of this Agreement will result in additional tax or interest to the Director because of section 409A, the Director shall not be entitled to the payments under Article 2 until the earliest of (x) the date that is at least six months after the Director’s 's Separation from Service for reasons other than the Director’s 's death, (y) the date of the Director’s 's death, or (z) any earlier date that does not result in additional tax or interest to the Director under section 409A. If any provision of this Agreement would subject the Director to additional tax or interest under section 409A, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Director 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.