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 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;

Appears in 5 contracts

Samples: Salary Continuation Agreement (United Security Bancshares Inc), Salary Continuation Agreement (United Security Bancshares Inc), Salary Continuation Agreement (United Security Bancshares 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 Code Section 409A of and the Code and any and all Treasury regulations and guidance promulgated thereunder; ; (b) must, for benefits distributable under Sections 2.24.1 and 4.2, 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 at least made; and (c) must take effect not less than twelve (12) months prior to after the first scheduled distribution;election is made.

Appears in 2 contracts

Samples: Executive Deferred Compensation Agreement (Ohio Valley Banc Corp), Executive Deferred Compensation Agreement (Ohio Valley Banc 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 and the Code and any and all Treasury regulations and guidance promulgated thereunder; ; (b) must, for benefits distributable under Sections 2.23.2.1, 2.3 3.2.2, 3.2.3 and 2.43.2.5, be made at least twelve (12) months prior to the first scheduled distribution; (c) must, for benefits distributable under Sections 3.2.1, 3.2.2, 3.2.3, 3.2.4 and

Appears in 1 contract

Samples: Supplemental Compensation and Amendment Agreement (United Bancorporation of Alabama 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 any and all Treasury the regulations and guidance promulgated thereunder; ; (b) must, for benefits distributable under Sections 2.2, 2.3 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 (d) must take effect not less than twelve (12) months after the amendment is made.

Appears in 1 contract

Samples: Salary Continuation Agreement (Home Federal 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 May not accelerate the time or schedule of any distribution, except as provided in Code Section 409A of the Code and any and all Treasury regulations and guidance promulgated thereunder; 409A; (b) mustMust, for benefits distributable under Sections 2.2Article 4, 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 at least made; and (c) Must take effect not less than twelve (12) months prior to after the first scheduled distribution;amendment is made.

Appears in 1 contract

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

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