Common use of 409A Safe Harbor Clause in Contracts

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall Peoples be obligated to commence payment or distribution to the Executive of any amount that constitutes nonqualified deferred compensation within the meaning of Internal Revenue Code Section 409A (“CODE SECTION 409A”) earlier that the earliest permissible date under Code Section 409A that such amount could be paid without additional taxes or interest being imposed under Code Section 409A. Peoples and the Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the distribution provisions of Code Section 409A and to cause any and all amounts due under this Agreement, the payment or distribution of which is delayed pursuant to Code Section 409A, to be paid or distributed in a single sum payment at the earliest permissible date under Code Section 409A.

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall Peoples Xxxxxx be obligated to commence payment or distribution to the Executive of any amount that constitutes nonqualified deferred compensation within the meaning of Internal Revenue Code Section section 409A (“"CODE SECTION 409A”") earlier that than the earliest permissible date under Code Section section 409A that such amount could be paid without additional taxes or interest being imposed under Code Section section 409A. Peoples The Companies and the Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the distribution provisions of Code Section section 409A and to cause any and all amounts due under this Agreement, the payment or distribution of which is delayed pursuant to Code Section section 409A, to be paid or distributed in a single sum payment at the earliest permissible date under Code Section section 409A.

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall Peoples be obligated to commence payment or distribution to the Executive Xxxxxx of any amount that constitutes nonqualified deferred compensation within the meaning of Internal Revenue Code Section 409A (“CODE SECTION 409A”) earlier that the earliest permissible date under Code Section 409A that such amount could be paid without additional taxes or interest being imposed under Code Section 409A. Peoples and the Executive Xxxxxx agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the distribution provisions of Code Section 409A and to cause any and all amounts due under this Agreement, the payment or distribution of which is delayed pursuant to Code Section 409A, to be paid or distributed in a single sum payment at the earliest permissible date under Code Section 409A.