Common use of 409A Safe Harbor Clause in Contracts

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall the Company be obligated to commence payment or distribution to Key Employee of any amount that constitutes nonqualified deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) earlier than 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. Xxxxxx and Key Employee 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. For purposes of Code section 409A, each payment under this Agreement shall be treated as a right to separate payment and not part of a series of payments. Without limiting the generality of the foregoing, in the event the Key Employee is to receive a payment of compensation hereunder that is on account of a separation from service, such payment is subject to the provisions of Code section 409A, and Key Employee is a “specified employee” (as defined in section 1.409A-1(i) of the Treasury Regulations) of Xxxxxx, then payment shall not be made before the date that is six months after the date of separation from service (or, if earlier than the end of the six month period, the date of the Key Employee’s death). Amounts otherwise payable during such six-month payment shall be accumulated and paid in a lump sum on the first day of the seventh month after the date of separation from service.

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall the Company be obligated to commence payment or distribution to Key Employee of any amount that constitutes nonqualified deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) earlier than 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. Xxxxxx and Key Xxx Employee 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. For purposes of Code section 409A, each payment under this Agreement shall be treated as a right to separate payment and not part of a series of payments. Without limiting the generality of the foregoing, in the event the Key Employee is to receive a payment of compensation hereunder that is on account of a separation from service, such payment is subject to the provisions of Code section 409A, and Key Employee is a “specified employee” (as defined in section 1.409A-1(i) of the Treasury Regulations) of Xxxxxx, then payment shall not be made before the date that is six months after the date of separation from service (or, if earlier than the end of the six month period, the date of the Key Employee’s death). Amounts otherwise payable during such six-month payment shall be accumulated and paid in a lump sum on the first day of the seventh month after the date of separation from service.

409A Safe Harbor. Notwithstanding anything in this Agreement to the contrary, in no event shall the Company Peoples be obligated to commence payment or distribution to Key Employee the Executive of any amount that constitutes nonqualified deferred compensation within the meaning of section 409A of the Internal Revenue Code of 1986, as amended Section 409A (the “CodeCODE SECTION 409A”) earlier than that 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. Xxxxxx Peoples, the Bank and Key Employee 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. For purposes of Code section 409A, each payment under Notwithstanding anything in this Agreement shall be treated as a right to separate payment and not part of a series of payments. Without limiting the generality of the foregoingcontrary, in the event the Key Employee Executive is determined to receive be a payment of compensation hereunder Specified Employee, as that term is on account of a separation from service, such payment is subject to the provisions of defined in Code section Section 409A, and Key Employee is a “specified employee” (payments to such Specified Employer under Sections 6 or 7, other than payments qualifying as defined in section 1.409A-1(i) of the Treasury Regulations) of Xxxxxxshort term deferrals or an exempt separation pay arrangement under Code Section 409A, then payment shall not be made before the date that is six months after the date of separation from service (or, if begin earlier than the end of the six month period, the date of the Key Employee’s death). Amounts otherwise payable during such six-month payment shall be accumulated and paid in a lump sum on the first day of the seventh month after the date of separation from servicetermination. For purposes of the foregoing, the date upon which a determination is made as to the Specified Employee status of the Executive, the Identification Date (as defined in Code Section 409A) shall be December 31.