Change in Ownership. A Change in Ownership occurs if a person, or a group of persons acting together, acquires more than fifty percent (50%) of the stock of the corporation, measured by voting power or value. Incremental increases in ownership by a person or group that already owns fifty percent (50%) of the corporation do not result in a Change of Ownership, as defined in Treasury Regulations §1.409A-3(i)(5)(v).
Appears in 35 contracts
Samples: Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc), Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc), Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc)
Change in Ownership. A Change in Ownership occurs if a person, or a group of persons acting together, acquires more than fifty percent (50%) of the stock of the corporationPlan Sponsor, measured by voting power or value. Incremental increases in ownership by a person or group that already owns fifty percent (50%) of the corporation Plan Sponsor do not result in a Change of Ownership, as defined in Treasury Regulations §1.409A-3(i)(5)(v).
Appears in 5 contracts
Samples: Hudson Valley Bank Supplemental Retirement Plan Amendment (Hudson Valley Holding Corp), Hudson Valley Bank Supplemental Retirement Plan Amendment (Hudson Valley Holding Corp), Executive Supplemental Compensation Agreement (Valley Commerce Bancorp)
Change in Ownership. A Change change in Ownership ownership occurs if a on the date that any one person, or more than one person acting as a group of persons acting together(as defined in Treasury regulation section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Bank or Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) % of the total fair market value or total voting power of the stock of the such corporation, measured by voting power or value. Incremental increases in ownership by a person or group that already owns fifty percent (50%) of the corporation do not result in a Change of Ownership, as defined in Treasury Regulations §1.409A-3(i)(5)(v).;
Appears in 3 contracts
Samples: Employment Agreement (Magyar Bancorp, Inc.), Employment Agreement (Magyar Bancorp, Inc.), Employment Agreement (Magyar Bancorp, Inc.)
Change in Ownership. A Change in Ownership occurs if a person, or a group of persons acting together, acquires more than fifty percent (50%) of the stock of the corporation, measured by voting power or value. Incremental increases in ownership by a person or group that already owns fifty percent (50%) of the corporation do not result in a Change of Ownership, as defined in Treasury Regulations §1.409A-3(i)(5)(v).. Exhibit 10.41
Appears in 1 contract
Samples: Salary Continuation Plan Agreement (Old Line Bancshares Inc)
