Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if when the Executive’s employment terminates the Executive is a Specified Employee, as defined in Code Section 409A, and if any payments under Article 2 of this Agreement will result in additional tax or interest to the Executive because of Section 409A, the Executive will not be entitled to the payments under Article 2 until the earliest of:
Appears in 3 contracts
Samples: Amended Salary Continuation Agreement (Southern Community Financial Corp), Salary Continuation Agreement (Southern Community Financial Corp), Amended Salary Continuation Agreement (Southern Community Financial Corp)
Savings Clause Relating to Compliance with Code Section 409A. Despite any contrary provision of this Agreement, if when the Executive’s employment terminates the Executive is a Specified Employeespecified employee, as defined in Code Section section 409A, and if any payments under Article 2 of this Agreement will result in additional tax or interest to the Executive because of Section 409A, the Executive will not be entitled to the payments under Article 2 until the earliest of:under
Appears in 1 contract
Samples: Salary Continuation Agreement (Gateway Financial Holdings Inc)
