Common use of Compliance with Tax and Regulatory Requirements Clause in Contracts

Compliance with Tax and Regulatory Requirements. a. Internal Revenue Code Section 409A. The Bank and Director both intend for this Termination to meet the requirements of Treasury Regulations Section 1.409A-3(j)(ix)(C). Consequently, the Bank is entering into substantially similar termination agreements with respect to all the non-qualified deferred compensation agreements to which the Bank is a party such that i) all the non-qualified deferred compensation agreements to which the Bank is a party will be terminated, and ii) each of the executives and directors who are party to a non-qualified deferred compensation agreements will receive full payment for their entire interest in the agreements between twelve (12) and twenty-four (24) months following such terminations. Furthermore, the Bank warrants and represents that i) this Termination is not being made proximate to a downturn in the financial health of the Bank, and ii) the Bank will not implement a new plan which would be aggregated with the Agreement under Treasury Regulations Section 1.409A-1(c) within the three (3) years following the termination of the Agreement.

Compliance with Tax and Regulatory Requirements. a. Internal Revenue Code Section 409A. The Bank and Director Executive both intend for this Termination to meet the requirements of Treasury Regulations Section 1.409A-3(j)(ix)(C). Consequently, the Bank is entering into substantially similar termination agreements with respect to all the non-qualified deferred compensation agreements to which the Bank is a party such that i) all the non-qualified deferred compensation agreements to which the Bank is a party will be terminated, and ii) each of the executives and directors who are party to a non-qualified deferred compensation agreements will receive full payment for their entire interest in the agreements between twelve (12) and twenty-four (24) months following such terminations. Furthermore, the Bank warrants and represents that i) this Termination is not being made proximate to a downturn in the financial health of the Bank, and ii) the Bank will not implement a new plan which would be aggregated with the Agreement under Treasury Regulations Section 1.409A-1(c) within the three (3) years following the termination of the Agreement.

Compliance with Tax and Regulatory Requirements. a. Internal Revenue Code Section 409A. The Bank and Director Executive both intend for this Termination to meet the requirements of Treasury Regulations Section 1.409A-3(j)(ix)(C). Consequently, the Bank is entering into substantially similar termination agreements with respect to all the non-qualified deferred compensation agreements to which the Bank is a party such that i) all the non-qualified deferred compensation agreements to which the Bank is a party will be terminated, and ii) each of the executives and directors who are party to a non-qualified deferred compensation agreements will receive full payment for their entire interest in the agreements between within twelve (12) and twenty-four (24) months following such terminations. Furthermore, the Bank warrants and represents that i) this Termination is not being made proximate to a downturn in the financial health of the Bank, and ii) the Bank will not implement a new plan which would be aggregated with the Agreement under Treasury Regulations Section 1.409A-1(c) within the three (3) years following the termination of the Agreement.