Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would United Labor Bank, F.S.B. Performance Driven Plan otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Participant (or the Beneficiary in the event of the Participant’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the THE NATIONAL UNION BANK OF KINDERHOOK Phantom Stock Appreciation Rights Agreement Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Director (or the Beneficiary in the event of the Director’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Deduction Limitation on Benefit Payments. If the Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to an Executive for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Executive pursuant to the Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under the Plan. Any amounts deferred pursuant to this limitation shall continue to be credited with interest at a rate equal to the Interest Factor. The amounts so deferred and amounts credited thereon shall be distributed, in accordance with the requirements of Section 409A, to the Executive or his Beneficiary (in the event of the Executive’s death) in a single lump sum at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Executive for the taxable year of the Employer during which the distribution is made and will not be limited by Code Section 162(m).
