Effect of Code Section 409A. (a) This Agreement shall be amended to the extent necessary to comply with Section 409A of the Code and regulations promulgated thereunder. Prior to such amendment, and notwithstanding anything contained herein to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Code and the parties shall take such actions as are required to comply in good faith with the provisions of Section 409A of the Code such that payments shall not be made to the Executive at such time if such payments shall subject the Executive to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank to the Executive at the earliest time permissible thereafter without the Executive having liability for such penalty tax under Section Code 409A.
Appears in 21 contracts
Samples: Employment Agreement (Kearny Financial Corp.), Employment Agreement (Kearny Financial Corp.), Executive Employment Agreement (Chemung Financial Corp)
Effect of Code Section 409A. (a) This Agreement shall be amended to the extent necessary to comply with Section 409A of the Code and regulations promulgated thereunder. Prior to such amendment, and notwithstanding anything contained herein to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Code and the parties shall take such actions as are required to comply in good faith with the provisions of Section 409A of the Code such that payments shall not be made to the Executive at such time if such payments shall subject the Executive to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank Company to the Executive at the earliest time permissible thereafter without the Executive having liability for such penalty tax under Section Code 409A.
Appears in 9 contracts
Samples: Employment Agreement (Kearny Financial Corp.), Employment Agreement (Kearny Financial Corp.), Employment Agreement (Kearny Financial Corp.)
Effect of Code Section 409A. (a) This Agreement shall be amended to the extent necessary to comply with Section 409A of the Code and regulations promulgated thereunder. Prior to such amendment, and notwithstanding anything contained herein to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Code and the parties shall take such actions as are required to comply in good faith with the provisions of Section 409A of the Code such that payments shall not be made to the Executive Employee at such time if such payments shall subject the Executive Employee to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank to the Executive Employee at the earliest time permissible thereafter without the Executive Employee having liability for such penalty tax under Section Code 409A.
Appears in 7 contracts
Samples: Change in Control Severance Agreement (Wells Financial Corp), Control Severance Agreement (Teche Holding Co), Control Severance Agreement (Teche Holding Co)
Effect of Code Section 409A. (a) This Agreement shall be amended to the extent necessary to comply with Section 409A of the Code and regulations promulgated thereunder. Prior to such amendment, and notwithstanding anything contained herein to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Code and the parties shall take such actions as are required to comply in good faith with the provisions of Section 409A of the Code such that payments shall not be made to the Executive at such time if such payments shall subject the Executive to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank and the Holding Company to the Executive at the earliest time permissible thereafter without the Executive having liability for such penalty tax under Section Code 409A.
Appears in 3 contracts
Samples: Change in Control Severance Agreement (Dimeco Inc), Change in Control Severance Agreement (Dimeco Inc), Change in Control Severance Agreement (Dimeco Inc)
Effect of Code Section 409A. (a) This Agreement shall be amended to the extent necessary to comply with Section 409A of the Code and regulations promulgated thereunder. Prior to such amendment, and notwithstanding anything contained herein to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Code and the parties shall take such actions as are required to comply in good faith with the provisions of Section 409A of the Code such that payments shall not be made to the Executive at such time if such payments shall subject the Executive to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank Parent to the Executive at the earliest time permissible thereafter without the Executive having liability for such penalty tax under Section Code 409A.
Appears in 1 contract
