Document ID: 11651

Text:
The parties intend that all provisions of this Agreement shall either be exempt from or comply with the requirements of Code Section 409A. For purposes of this Agreement, termination, termination date and terminate when used in the context of termination of employment shall mean a separation from service with the Company and its affiliates (i.e., generally an entity 50% or more of which is owned or controlled by the Company), as such term is defined in Treasury Regulation Section 1.409A-1(h) (provided, that the reasonably anticipated reduced level of bona fide services, if any, to be performed by Executive after such separation from service shall be less than 50 percent of the average level of bona fide services provided to the Company and its affiliates by Executive in the immediately preceding 36 month period). Nothing in this Agreement shall be interpreted to permit accelerated payment or further deferral of nonqualified deferred compensation, as defined in Code Section 409A, or any other payment or further deferral in violation of the requirements of Code Section 409A. Executive does not have any right to make any election regarding the time or form of payment due under this Agreement. Expenses and reimbursement of expenses will be paid by the Company and/or the Bank consistent with their generally applicable policies, and in any event no later than the end of the calendar year following the calendar year in which the expenses are incurred. With respect to reimbursements that constitute taxable income to Executive, no such reimbursements or expenses eligible for reimbursement in any calendar year shall in any way affect the expenses eligible for reimbursement in any other calendar year and Executives right to reimbursement shall not be subject to liquidation in exchange for any other benefit. No provision of this Agreement shall be operative to the extent that it will result in the imposition of the additional tax described in Code Section 409A(a)(1)(B)(i)(II) and the parties agree to revise the Agreement as necessary to comply with Code Section 409A or an exemption therefrom and fulfill the purpose of the voided provision, or to comply with any available correction program that would eliminate or mitigate potential sanctions under Code Section 409A. No provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Code Section 409A from Executive or any other individual to the Company or any of its respective affiliates, employees or agents. All taxes associated with payments made to Executive pursuant to this Agreement, including any liability imposed under Code Section 409A, shall be borne by Executive.

Named Entities:
20
22
Regulation
66
67
Percentage
87
92
Regulation
127
128
Percentage

Tokenized Text:
The
parties
intend
that
all
provisions
of
this
Agreement
shall
either
be
exempt
from
or
comply
with
the
requirements
of
Code
Section
409A
.
For
purposes
of
this
Agreement
,
termination
,
termination
date
and
terminate
when
used
in
the
context
of
termination
of
employment
shall
mean
a
separation
from
service
with
the
Company
and
its
affiliates
(
i
.
e
.
,
generally
an
entity
50
%
or
more
of
which
is
owned
or
controlled
by
the
Company
)
,
as
such
term
is
defined
in
Treasury
Regulation
Section
1
.
409A-1
(
h
)
(
provided
,
that
the
reasonably
anticipated
reduced
level
of
bona
fide
services
,
if
any
,
to
be
performed
by
Executive
after
such
separation
from
service
shall
be
less
than
50
percent
of
the
average
level
of
bona
fide
services
provided
to
the
Company
and
its
affiliates
by
Executive
in
the
immediately
preceding
36
month
period
)
.
Nothing
in
this
Agreement
shall
be
interpreted
to
permit
accelerated
payment
or
further
deferral
of
nonqualified
deferred
compensation
,
as
defined
in
Code
Section
409A
,
or
any
other
payment
or
further
deferral
in
violation
of
the
requirements
of
Code
Section
409A
.
Executive
does
not
have
any
right
to
make
any
election
regarding
the
time
or
form
of
payment
due
under
this
Agreement
.
Expenses
and
reimbursement
of
expenses
will
be
paid
by
the
Company
and
/
or
the
Bank
consistent
with
their
generally
applicable
policies
,
and
in
any
event
no
later
than
the
end
of
the
calendar
year
following
the
calendar
year
in
which
the
expenses
are
incurred
.
With
respect
to
reimbursements
that
constitute
taxable
income
to
Executive
,
no
such
reimbursements
or
expenses
eligible
for
reimbursement
in
any
calendar
year
shall
in
any
way
affect
the
expenses
eligible
for
reimbursement
in
any
other
calendar
year
and
Executives
right
to
reimbursement
shall
not
be
subject
to
liquidation
in
exchange
for
any
other
benefit
.
No
provision
of
this
Agreement
shall
be
operative
to
the
extent
that
it
will
result
in
the
imposition
of
the
additional
tax
described
in
Code
Section
409A
(
a
)
(
1
)
(
B
)
(
i
)
(
II
)
and
the
parties
agree
to
revise
the
Agreement
as
necessary
to
comply
with
Code
Section
409A
or
an
exemption
therefrom
and
fulfill
the
purpose
of
the
voided
provision
,
or
to
comply
with
any
available
correction
program
that
would
eliminate
or
mitigate
potential
sanctions
under
Code
Section
409A
.
No
provision
of
this
Agreement
shall
be
interpreted
or
construed
to
transfer
any
liability
for
failure
to
comply
with
the
requirements
of
Code
Section
409A
from
Executive
or
any
other
individual
to
the
Company
or
any
of
its
respective
affiliates
,
employees
or
agents
.
All
taxes
associated
with
payments
made
to
Executive
pursuant
to
this
Agreement
,
including
any
liability
imposed
under
Code
Section
409A
,
shall
be
borne
by
Executive
.