Benefit Adjustment. At the time of any Hardship Distribution, the amount the Company has accrued with respect to the Company’s obligations hereunder shall be reduced by the amount of the Hardship Distribution and the benefits to be paid under Sections 2.1, 2.2, 2.3 or 2.4 or Article 3 hereof shall reflect such reduced amount.
Appears in 18 contracts
Samples: Director Retirement Agreement (United Security Bancshares Inc), Director Retirement Agreement (United Security Bancshares Inc), Director Retirement Agreement (United Security Bancshares Inc)
Benefit Adjustment. At the time of any Hardship Distribution, the amount the Company has accrued with respect to the Company’s obligations hereunder shall be reduced by the amount of the Hardship Distribution and the benefits to be paid under Sections 2.1, 2.2, 2.2 or 2.3 or 2.4 or Article 3 hereof shall reflect such reduced amount.
Appears in 6 contracts
Samples: Director Retirement Agreement (Plumas Bancorp), Director Retirement Agreement (Plumas Bancorp), Director Retirement Agreement (Plumas Bancorp)
Benefit Adjustment. At the time of any Hardship Distribution, the amount the Company has accrued with respect to the Company’s 's obligations hereunder shall be reduced by the amount of the Hardship Distribution and the benefits to be paid under Sections 2.1, 2.2, 2.3 or 2.4 Article 2 or Article 3 hereof shall reflect such reduced amount.
Section 5.1 of the Agreement shall be deleted in its entirety.
Appears in 2 contracts
Samples: Salary Continuation Agreement (First South Bancorp Inc), Salary Continuation Agreement (First South Bancorp Inc)
Benefit Adjustment. At the time of any Hardship Distribution, the amount the Company has accrued with respect to the Company’s obligations hereunder shall be reduced by the amount of the Hardship Distribution and the benefits to be paid under Sections 2.1, 2.2, 2.2 or 2.3 or 2.4 or Article 3 hereof shall reflect such reduced amount.. The following Sections 2.5, 2.6 and 2.7 shall be added to the Agreement immediately following Section 2.4.2:
Appears in 1 contract
