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 Code Section 409A 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 4.1, 4.2 and 4.4, 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 election is made. THE NATIONAL UNION BANK OF KINDERHOOK Phantom Stock Appreciation Rights Agreement

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 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 4.1, 4.2 and 4.4, 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 election is made. THE NATIONAL UNION BANK OF KINDERHOOK Phantom Stock Appreciation Rights AgreementAgreement made.