Common use of Change in Form or Timing of Distributions Clause in Contracts

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 13 contracts

Samples: Salary Continuation Agreement (Madison County Financial, Inc.), Salary Continuation Agreement (Madison County Financial, Inc.), Salary Continuation Agreement (Madison County Financial, Inc.)

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Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 2.3, 2.4 and 2.42.5, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 13 contracts

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

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the any and all Treasury regulations and guidance promulgated thereunder; (b) must, for benefits distributable under Sections 2.2, 2.3 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made. 6. Article 7 of the Agreement shall be deleted in its entirety and replaced by the following:

Appears in 13 contracts

Samples: Director Retirement Agreement (United Security Bancshares Inc), Director Retirement Agreement (United Security Bancshares Inc), Director Retirement Agreement (United Security Bancshares Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 2.2 and 2.42.3, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and, (c) must take effect not less than twelve (12) months after the election is made.

Appears in 12 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 11 contracts

Samples: Salary Continuation Agreement (Community Capital Corp /Sc/), Salary Continuation Agreement (Community Capital Corp /Sc/), Salary Continuation Agreement (Community Capital Corp /Sc/)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.14.1, 2.24.2, 2.3 4.3 and 2.44.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 10 contracts

Samples: Director Deferred Fee Agreement (Madison County Financial, Inc.), Director Deferred Fee Agreement (Madison County Financial, Inc.), Director Deferred Fee Agreement (Madison County Financial, Inc.)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.2 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 8 contracts

Samples: Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 6 contracts

Samples: Supplemental Executive Retirement Agreement (Two River Bancorp), Supplemental Executive Retirement Agreement (Community Partners Bancorp), Supplemental Executive Retirement Agreement (Community Partners Bancorp)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Section 4.1, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.14.1, 2.2, 2.3 4.2 and 2.44.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 5 contracts

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

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4Section 4.1, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 4 contracts

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

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 3 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.2 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Section 4.2, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.14.1, 2.2, 2.3 4.2 and 2.44.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 3 contracts

Samples: Director Deferred Fee Agreement (First Community Financial Corp), Director Deferred Fee Agreement (First Community Financial Corp), Director Deferred Fee Agreement (Tib Financial Corp.)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and; (c) must take effect not less than twelve (12) months after the election is made; and (d) must be made not less than twelve (12) months before the date that the payment of the first distribution was originally scheduled to be made.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Consumers Bancorp Inc /Oh/), Salary Continuation Agreement (Consumers Bancorp Inc /Oh/), Salary Continuation Agreement (Consumers Bancorp Inc /Oh/)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1Section 4.1, 2.2be made at least twelve (12) months prior to the first scheduled distribution; (c) must, 2.3 for benefits distributable under Section 4.1 and 2.44.2, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

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)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 3.1 and 2.43.2, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

Appears in 3 contracts

Samples: Director Revenue Neutral Retirement Agreement (First Community Financial Corp), Director Revenue Neutral Retirement Agreement (First Community Financial Corp), Director Revenue Neutral Retirement Agreement (First Community Financial Corp)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, Section 2.2, 2.3 be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1 and 2.42.2, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 2 contracts

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

Change in Form or Timing of Distributions. All Any changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunderthere under; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Fraternity Community Bancorp Inc), Supplemental Executive Retirement Plan (Fraternity Community Bancorp Inc)

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Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Section 2.1, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Consumers Bancorp Inc /Oh/), Director Retirement Plan Agreement (Malvern Federal Bancorp Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.14.1.2 and 4.3.2(b), 2.2be made at least twelve (12) months prior to the first scheduled distribution; must, 2.3 for (c) benefits distributable under Sections 4.1.2, 4.2.2, 4.3.2(a) and 2.44.3.2(b), delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) and must take effect not less than twelve (12) months after the election is is (d) made.

Appears in 2 contracts

Samples: Phantom Stock Appreciation Rights Agreement (Standard Financial Corp.), Phantom Stock Appreciation Rights Agreement (Standard Financial Corp.)

Change in Form or Timing of Distributions. All Except as provided in Article 15.15, all changes in the form or timing of distributions hereunder must be made by written amendment to this Agreement and must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section Code section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1Article 3 and 6, 2.2be made at least twelve (12) months prior to the first scheduled distribution; (c) must, 2.3 for benefits distributable under Articles 3, 5 and 2.46, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (Plumas Bancorp)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.22.2 and 2.3, 2.3 be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Salary Continuation Agreement (National Bankshares Inc)

Change in Form or Timing of Distributions. All Except as provided in Article 15.15, all changes in the form or timing of distributions hereunder must be made by written amendment to this Agreement and must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section Code section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1Article 3 and 6, 2.2be made at least twelve (12) months prior to the first scheduled distribution; (c) must, 2.3 for benefits distributable under Articles 3, 5, and 2.46, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (Plumas Bancorp)

Change in Form or Timing of Distributions. All changes in For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of Section 8.1, amend this Agreement to delay the timing or change the form or timing of distributions hereunder must comply with the following requirementsdistributions. The changesAny such amendment: (a) may not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.2 and 2.3, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 2.2 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Salary Continuation Agreement (Beach First National Bancshares Inc)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Salary Continuation Plan (Tennessee Commerce Bancorp, Inc.)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Section 2.3, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 2.3, 2.4 and 2.42.6, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made. Article 7 of the Agreement shall be deleted in its entirety and replaced by the following:

Appears in 1 contract

Samples: Salary Continuation Agreement (Guaranty Bancshares Inc /Tx/)

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.2 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; HOME FEDERAL BANK Third Amended and Restated Salary Continuation Agreement (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election amendment is made.

Appears in 1 contract

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

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements, as well as the procedure for amendments to be made by the parties under Article 7. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Section 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.42.5, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

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

Change in Form or Timing of Distributions. All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code Cede and the regulations thereunder; (b) must, for benefits distributable under Section 2.2, 2.3 and 2.4, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (cd) must take effect not less than twelve (12) months after the election is made.

Appears in 1 contract

Samples: Salary Continuation Agreement (Synovus Financial Corp)

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