Common use of Distributions Upon Income Inclusion Under Section 409A of the Code Clause in Contracts

Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of the vested Accrual Balance into the Executive’s income as a result of the failure of this Agreement to comply with the requirements of Section 409A of the Code, the Bank shall distribute such portion of the vested Accrual Balance to the Executive in a single lump sum as soon as is administratively practicable following the discovery of such failure.

Distributions Upon Income Inclusion Under Section 409A of the Code. Upon the inclusion of any portion of the vested Accrual Balance Accrued Benefit into the Executive’s income as a result of the failure of this Agreement to comply with the requirements of Section 409A of the Code, the Bank Company shall distribute such portion of the vested Accrual Balance Accrued Benefit to the Executive in a single lump sum as soon as is administratively practicable following the discovery of such failure.