Common use of Alternative Action Clause in Contracts

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

Appears in 119 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Lake Shore Bancorp, Inc.), Supplemental Executive Retirement Plan Agreement (Mid Penn Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Mid Penn Bancorp Inc)

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Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A..

Appears in 93 contracts

Samples: Supplemental Director Retirement Agreement (BV Financial, Inc.), Supplemental Executive Retirement Agreement (River Financial Corp), Supplemental Executive Retirement Agreement (Plumas Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 44 contracts

Samples: Director Retirement Agreement (Mercer Bancorp, Inc.), Director Retirement Agreement (Mercer Bancorp, Inc.), Director Retirement Agreement (Mercer Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Company, the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Company, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Company, the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 16 contracts

Samples: Employment Agreement (1st United Bancorp, Inc.), Employment Agreement (1st United Bancorp, Inc.), Employment Agreement (1st United Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 9 contracts

Samples: Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Supplemental Executive Retirement Plan Agreement (Athens Bancshares Corp)

Alternative Action. In the event it shall become becomes impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

Appears in 7 contracts

Samples: Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.. XXXXXX COUNTY BANK Amended and Restated Deferred Compensation Agreement

Appears in 6 contracts

Samples: Deferred Compensation Agreement (Greene County Bancshares Inc), Deferred Compensation Agreement (Greene County Bancshares Inc), Deferred Compensation Agreement (Greene County Bancshares Inc)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.

Appears in 5 contracts

Samples: Director Deferred Fee Agreement (Madison County Financial, Inc.), Supplemental Executive Retirement Plan Agreement (Athens Bancshares Corp), Supplemental Executive Retirement Plan Agreement (Athens Bancshares Corp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409a of the Code.

Appears in 5 contracts

Samples: Salary Continuation Agreement (Luther Burbank Corp), Salary Continuation Agreement (Luther Burbank Corp), Salary Continuation Agreement (Luther Burbank Corp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator plan administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator plan administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 4 contracts

Samples: Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.), Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.), Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A. Rhinebeck Savings Bank New Director Fee Continuation Plan Agreement

Appears in 3 contracts

Samples: New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsthe Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such . Any alternative act does acts shall be restricted to actions which do not violate Code Section 409A.409A of the Code. The following Sections 11.14 shall be added to the Agreement immediately following Section 11.13:

Appears in 3 contracts

Samples: Director Deferred Fee Agreement (Home Federal Bancorp), Director Deferred Fee Agreement (Home Federal Bancorp), Director Deferred Fee Agreement (Home Federal Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsthe Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such . Any alternative act does acts shall be restricted to actions which do not violate Code Section 409A.409A of the Code.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Agreement (BCSB Bancorp Inc.), Supplemental Executive Retirement Agreement (BCSB Bancorp Inc.), Salary Continuation Agreement (Consumers Bancorp Inc /Oh/)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and Agreement, is in the best interests of the Bank, provided that such alternative act does not violate Bank and is consistent with the deferral of income under Code Section 409A.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Agreement (Cambridge Bancorp), Supplemental Executive Retirement Agreement (Cambridge Bancorp), Supplemental Executive Retirement Agreement (Cambridge Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may may, in its discretion, perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 2 contracts

Samples: Director Deferred Compensation Agreement (First Farmers & Merchants Corp), Director Deferred Compensation Agreement (First Farmers & Merchants Corp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A (without the consent of the Executive).

Appears in 2 contracts

Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the ------------------ Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Pacific Premier Bancorp Inc), Salary Continuation Agreement (Pacific Premier Bancorp Inc)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 2 contracts

Samples: Director Deferred Fee Agreement (Madison County Financial, Inc.), Director Deferred Compensation Agreement (Newnan Coweta Bancshares Inc)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A and the Treasury Regulations issued thereunder.

Appears in 2 contracts

Samples: Executive Deferred Incentive Agreement (Territorial Bancorp Inc.), Executive Deferred Incentive Agreement (Territorial Bancorp Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A of the Code.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A..

Appears in 2 contracts

Samples: Deferred Compensation Agreement (Alamogordo Financial Corp), Deferred Compensation Agreement (Alamogordo Financial Corp)

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Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform perfo1m any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A. Supplemental Executive Retirement Agreement

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Rhinebeck Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsthe Plan, the Bank or the Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement Plan and is in the best interests of the Bank, provided that such . Any alternative act does acts shall be restricted to actions which do not violate Code Section 409A.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (CBM Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

Appears in 1 contract

Samples: Director Retirement Plan (Home Federal Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraintsAgreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code. PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement

Appears in 1 contract

Samples: Salary Continuation Agreement (Peoples Federal Bancshares, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code subject the Executive to tax under Section 409A.409A of the Code.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Home Federal Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best HOME FEDERAL BANK Amended and Restated Salary Continuation Agreement interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A of the Code.

Appears in 1 contract

Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A. The Xxxxx National Bank I Director Deferred Compensation Agree pent

Appears in 1 contract

Samples: Director Deferred Compensation Agreement (LINKBANCORP, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and Agreement, is in the best interests of the Bank, provided that such alternative act does not violate and is consistent with Code Section 409A.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Cambridge Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan the Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

Appears in 1 contract

Samples: Executive Supplemental Compensation Agreement (Five Star Bancorp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does docs not violate Code Section 409A.

Appears in 1 contract

Samples: Phantom Stock Appreciation Rights Agreement (Kinderhook Bank Corp)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.409A. New Director Fee Continuation Plan Agreement

Appears in 1 contract

Samples: New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does acts do not violate Code Section 409A.409A of the Code.

Appears in 1 contract

Samples: Salary Continuation Agreement (Dimeco Inc)

Alternative Action. In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement due to regulatory or other constraints, the Bank or Plan Administrator may perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank, provided that such alternative act does not violate Code Section 409A.

Appears in 1 contract

Samples: Executive Deferred Compensation Agreement (CBTX, Inc.)

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