Common use of Amendment or Revocation Clause in Contracts

Amendment or Revocation. It is agreed by and between the parties hereto that, during the lifetime of the Executive, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank. Any such amendment shall not be effective to decrease or restrict any Executive’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause the Agreement to violate Internal Revenue Code Section 409A.

Appears in 4 contracts

Samples: Executive Salary Continuation Agreement (Lyons Bancorp Inc), Executive Salary Continuation Agreement (Lyons Bancorp Inc), Executive Salary Continuation Agreement (Lyons Bancorp Inc)

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Amendment or Revocation. It Subject to Paragraph XIV, it is agreed by and between the parties hereto that, during the lifetime of the Executive, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank. Any such amendment shall not be effective to decrease or restrict any Executive’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause the Agreement to violate Internal Revenue Code Section 409A.

Appears in 2 contracts

Samples: Executive Salary Continuation Agreement (Wellesley Bancorp, Inc.), Executive Salary Continuation Agreement (Wellesley Bancorp, Inc.)

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Amendment or Revocation. It is agreed by and between the parties hereto thatSubject to Paragraph XIV, during the lifetime of the Executive, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank. Any such amendment shall not be effective to decrease or restrict any the Executive’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause the Agreement to violate Internal Revenue Code Section 409A.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (New Hampshire Thrift Bancshares Inc)

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