Savings Clause Relating to Compliance with Code Section 409A. If any provision of this Agreement would subject the Director to additional tax or interest under Code section 409A, the Company shall reform the provision. However, the Company shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Director to additional tax or interest, and the Company shall not be required to incur any additional compensation expense as a result of the reformed provision.
Appears in 8 contracts
Samples: Bancorp Director Retirement Agreement (Cortland Bancorp Inc), Bancorp Amended Director Retirement Agreement (Cortland Bancorp Inc), Bancorp Amended Director Retirement Agreement (Cortland Bancorp Inc)
