Common use of Effect of Code Section 409A Clause in Contracts

Effect of Code Section 409A. (a) 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 Employee at such time if such payments shall subject the Employee to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank to the Employee at the earliest time permissible thereafter without the Employee having liability for such penalty tax under Section Code 409A.

Effect of Code Section 409A. (a) Notwithstanding anything contained herein in this Agreement to the contrary, this Agreement shall be construed in a manner consistent with Section 409A of the Internal Revenue 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 Employee at Executive as such time if such payments shall subject the Employee Executive to the penalty tax under Code Section 409A, but rather such payments shall be made by the Bank to the Employee Executive at the earliest time permissible thereafter without the Employee Executive having liability for such penalty tax under Section Code 409A.