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

Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement (b) must, for benefits distributable under Section 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 (d) must take effect not less than twelve (12) months after the amendment is made.

Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank Company may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment:: Community Bank of Tri-County Salary Continuation Agreement (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement; (b) must, for benefits distributable under Section 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 (d) must take effect not less than twelve (12) months after the amendment is made.

Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive Executive, the Company and the Bank may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement; (b) must, for benefits distributable under Section 2.2 and 2.32.4, be made at least twelve (12) months prior to the first scheduled distribution;; 1st United Bancorp/1st United Bank Supplemental Executive Retirement Plan Agreement (c) 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 (d) must take effect not less than twelve (12) months after the amendment is made.

Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank Company may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment:: Community Bank of Tri-Country Salary Continuation Agreement (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement; (b) must, for benefits distributable under Section 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 (d) must take effect not less than twelve (12) months after the amendment is made.

Change in Form or Timing of Distributions. For distribution of benefits under this Article 2, the Executive and the Bank Company may, subject to the terms of Section 8.1, amend the Agreement to delay the timing or change the form of distributions. Any such amendment:: COMMUNITY BANK OF TRI-COUNTY Salary Continuation Agreement (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; PEOPLES FEDERAL SAVINGS BANK Amended and Restated Salary Continuation Agreement; (b) must, for benefits distributable under Section 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 (d) must take effect not less than twelve (12) months after the amendment is made.