Document ID: 10979

Text:
If any compensation or benefits provided by this Agreement may result in the application of Section 409A of the Code, the Bank shall, in consultation with the Executive, modify the Agreement in the least restrictive manner necessary in order to exclude such compensation from the definition of deferred compensation within the meaning of such Section 409A of the Code or in order to comply with the provisions of Section 409A of the Code, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and without any diminution in the value of the payments to the Executive. Any payments that qualify for the short-term deferral exception under Treasury Regulation Section 1.409A-l(b)(4) , the separation pay exception under Treasury Regulation Section 1.409A-l(b)(9)(iii) or any other exception under Section 409A of the Code will be paid under the applicable exceptions to the greatest extent possible. Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executives separation from service within the meaning of Section 409A of the Code, the Executive is considered a Specified Employee within the meaning of Section 409A(a)(2) (B)(i) of the Code, and if any payment that the Executive becomes entitled to under this Agreement is considered deferred compensation subject to interest, penalties and additional tax imposed pursuant to Section 409A of the Code as a result of the application of Section 409A(a)(2) (B)(i) of the Code, then no such payment shall be payable prior to the date that is the earlier of (i) six months and one day the Executives separation from service or (ii) the Executive's death.

Named Entities:
15
16
Regulation
126
134
Regulation

Tokenized Text:
If
any
compensation
or
benefits
provided
by
this
Agreement
may
result
in
the
application
of
Section
409A
of
the
Code
,
the
Bank
shall
,
in
consultation
with
the
Executive
,
modify
the
Agreement
in
the
least
restrictive
manner
necessary
in
order
to
exclude
such
compensation
from
the
definition
of
deferred
compensation
within
the
meaning
of
such
Section
409A
of
the
Code
or
in
order
to
comply
with
the
provisions
of
Section
409A
of
the
Code
,
other
applicable
provision
(
s
)
of
the
Code
and
/
or
any
rules
,
regulations
or
other
regulatory
guidance
issued
under
such
statutory
provisions
and
without
any
diminution
in
the
value
of
the
payments
to
the
Executive
.
Any
payments
that
qualify
for
the
short-term
deferral
exception
under
Treasury
Regulation
Section
1
.
409A-l
(
b
)
(
4
)
,
the
separation
pay
exception
under
Treasury
Regulation
Section
1
.
409A-l
(
b
)
(
9
)
(
iii
)
or
any
other
exception
under
Section
409A
of
the
Code
will
be
paid
under
the
applicable
exceptions
to
the
greatest
extent
possible
.
Each
payment
under
this
Agreement
shall
be
treated
as
a
separate
payment
for
purposes
of
Section
409A
of
the
Code
.
Anything
in
this
Agreement
to
the
contrary
notwithstanding
,
if
at
the
time
of
the
Executives
separation
from
service
within
the
meaning
of
Section
409A
of
the
Code
,
the
Executive
is
considered
a
Specified
Employee
within
the
meaning
of
Section
409A
(
a
)
(
2
)
(
B
)
(
i
)
of
the
Code
,
and
if
any
payment
that
the
Executive
becomes
entitled
to
under
this
Agreement
is
considered
deferred
compensation
subject
to
interest
,
penalties
and
additional
tax
imposed
pursuant
to
Section
409A
of
the
Code
as
a
result
of
the
application
of
Section
409A
(
a
)
(
2
)
(
B
)
(
i
)
of
the
Code
,
then
no
such
payment
shall
be
payable
prior
to
the
date
that
is
the
earlier
of
(
i
)
six
months
and
one
day
the
Executives
separation
from
service
or
(
ii
)
the
Executive
'
s
death
.