Document ID: 10980

Text:
The Bank and the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Internal Revenue Code of 1986 and all other applicable laws. No interpretation of this Agreement which does not satisfy the requirements of Section 409A shall be applied; instead, such provision shall be applied in a manner consistent with those requirements despite any contrary provision of this Agreement. If any provision of this Agreement would subject Executive to additional tax or interest under Section 409A, the Bank shall reform the provision, maintaining to the maximum extent practicable the original intent of the applicable provision if it can do so without incurring any additional compensation expense, tax or penalties as a result of the reformed provision. References in this Agreement to Section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Code Section 409A.

Named Entities:
19
20
Regulation
23
27
Act
144
146
Act
167
169
Act
170
171
Regulation

Tokenized Text:
The
Bank
and
the
Executive
intend
that
their
exercise
of
authority
or
discretion
under
this
Agreement
shall
comply
with
Section
409A
of
the
Internal
Revenue
Code
of
1986
and
all
other
applicable
laws
.
No
interpretation
of
this
Agreement
which
does
not
satisfy
the
requirements
of
Section
409A
shall
be
applied
;
instead
,
such
provision
shall
be
applied
in
a
manner
consistent
with
those
requirements
despite
any
contrary
provision
of
this
Agreement
.
If
any
provision
of
this
Agreement
would
subject
Executive
to
additional
tax
or
interest
under
Section
409A
,
the
Bank
shall
reform
the
provision
,
maintaining
to
the
maximum
extent
practicable
the
original
intent
of
the
applicable
provision
if
it
can
do
so
without
incurring
any
additional
compensation
expense
,
tax
or
penalties
as
a
result
of
the
reformed
provision
.
References
in
this
Agreement
to
Section
409A
of
the
Internal
Revenue
Code
of
1986
include
rules
,
regulations
,
and
guidance
of
general
application
issued
by
the
Department
of
the
Treasury
under
Internal
Revenue
Code
Section
409A
.