Document ID: 10972

Text:
Notwithstanding the foregoing, if the reimbursement of Executives Continuation Coverage payments hereunder would trigger the 20% tax and interest penalties under Section 409A of the Code, then the Continuation Coverage Reimbursement Payments shall not be provided, and in lieu thereof, the Bank shall pay to the Executive a lump sum cash amount equal to the cost to the Bank if the monthly Continuation Coverage Reimbursement Payments were made, provided that doing so will not cause the Bank or any of its affiliates to incur any penalty or additional tax for failure to comply with any applicable law.

Named Entities:
16
17
Percentage
23
24
Regulation

Tokenized Text:
Notwithstanding
the
foregoing
,
if
the
reimbursement
of
Executives
Continuation
Coverage
payments
hereunder
would
trigger
the
20
%
tax
and
interest
penalties
under
Section
409A
of
the
Code
,
then
the
Continuation
Coverage
Reimbursement
Payments
shall
not
be
provided
,
and
in
lieu
thereof
,
the
Bank
shall
pay
to
the
Executive
a
lump
sum
cash
amount
equal
to
the
cost
to
the
Bank
if
the
monthly
Continuation
Coverage
Reimbursement
Payments
were
made
,
provided
that
doing
so
will
not
cause
the
Bank
or
any
of
its
affiliates
to
incur
any
penalty
or
additional
tax
for
failure
to
comply
with
any
applicable
law
.