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).
Appears in 46 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Lake Shore Bancorp, Inc.), Long Term Incentive Agreement, Cambridge Trust Company (Cambridge Bancorp)
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 '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).
Appears in 21 contracts
Samples: Salary Continuation Agreement (Bank of Marin Bancorp), Deferred Compensation Agreement (Bancorp 34, Inc.), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)
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 Director (or the Beneficiary in the event of the ExecutiveDirector’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).
Appears in 10 contracts
Samples: Stock Appreciation Rights Agreement (Kinderhook Bank Corp), Stock Appreciation Rights Agreement (Kinderhook Bank Corp), Stock Appreciation Rights Agreement (Kinderhook Bank Corp)
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s '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 '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).
Appears in 8 contracts
Samples: Continuation Agreement (Bank of the James Financial Group Inc), Retirement Agreement (Rhinebeck Bancorp, Inc.), Supplemental Executive Retirement Agreement (Cambridge Bancorp)
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).
Appears in 7 contracts
Samples: Supplemental Executive Retirement Agreement, Executive Supplemental Income Agreement (Origin Bancorp, Inc.), Supplemental Executive Retirement Agreement
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s '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 Director (or the Beneficiary in the event of the Executive’s 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).
Appears in 5 contracts
Samples: Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), Continuation Plan Agreement (Rhinebeck Bancorp, Inc.)
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 Participant (or the Beneficiary in the event of the ExecutiveParticipant’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).
Appears in 4 contracts
Samples: Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.)
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 Avenue Bank Supplemental Executive Retirement Plan Agreement 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).
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Pinnacle Financial Partners Inc), Supplemental Executive Retirement Plan Agreement (Avenue Financial Holdings, Inc.), Supplemental Executive Retirement Plan Agreement (Avenue Financial Holdings, Inc.)
Deduction Limitation on Benefit Payments. If the Bank Company reasonably anticipates that the BankCompany’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 Company to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Company 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 Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 3 contracts
Samples: Salary Continuation Agreement (First Keystone Corp), Salary Continuation Agreement (First Keystone Corp), Executive Deferred Compensation Agreement (Mercantile Bank Corp)
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 Employee (or the Beneficiary in the event of the Executive’s Employee'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).
Appears in 3 contracts
Samples: Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp)
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) and subject to the requirements of Treas. Reg. § 1.409A-2(b)(7)(i).
Appears in 3 contracts
Samples: Supplemental Executive Retirement Agreement (Cambridge Bancorp), Supplemental Executive Retirement Agreement (Cambridge Bancorp), Supplemental Executive Retirement Agreement (Cambridge Bancorp)
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(m162 (m).
Appears in 2 contracts
Samples: Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.)
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 shall delay payment of any non-deductible 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).
Appears in 2 contracts
Samples: Salary Continuation Agreement (Home Bancorp, Inc.), Salary Continuation Agreement (Home Bancorp, Inc.)
Deduction Limitation on Benefit Payments. If the Bank Company reasonably anticipates that the BankCompany’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 Company to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Company may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive Director (or the Beneficiary in the event of the ExecutiveDirector’s death) at the earliest date the Bank Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 2 contracts
Samples: Deferred Fee Agreement (Harvard Illinois Bancorp, Inc.), Director Retirement Agreement (Sierra Bancorp)
Deduction Limitation on Benefit Payments. If the Bank Company reasonably anticipates that the BankCompany’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m)) of the Code, then to the extent deemed necessary by the Bank Company to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Company 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 beneficiary in the event of the Executive’s death) at the earliest date the Bank Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m)) of the Code.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Agreement (Midwest Banc Holdings Inc), Supplemental Executive Retirement Agreement (Midwest Banc Holdings Inc)
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 's death) at the earliest date the Bank reasonably anticipates anticipates, should reasonably anticipate, that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 2 contracts
Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.)
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 Director (or the Beneficiary in the event of the Executive’s 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).
Appears in 2 contracts
Samples: Deferred Compensation Agreement (LINKBANCORP, Inc.), Director Deferred Compensation Agreement (LINKBANCORP, Inc.)
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s 's deduction with respect to any distribution under from 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 from this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s '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).
Appears in 1 contract
Samples: Continuation Agreement (Dimeco Inc)
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s '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 Director (or the Beneficiary in the event of the Executive’s Director's death) at the earliest date the Bank reasonably anticipates anticipates, or should reasonably anticipate, that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 1 contract
Samples: Home Federal Bancorp, Inc.
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. Agreement but only as permissible under Code Section 409A. 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).
Appears in 1 contract
Samples: Executive Deferred Compensation Agreement (CBTX, Inc.)
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 Director (or the Beneficiary in the event of the ExecutiveDirector’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).. BANK’34 Director Retirement Agreement
Appears in 1 contract
Samples: Director Retirement Agreement (Alamogordo Financial Corp)
Deduction Limitation on Benefit Payments. If the Bank Corporation reasonably anticipates that the BankCorporation’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 Corporation to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Corporation 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 Corporation reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Habersham Bancorp)
Deduction Limitation on Benefit Payments. If Subject to the requirements of Code Section 409A, 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(ml62(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).
Appears in 1 contract
Samples: Executive Supplemental Compensation Agreement (Five Star Bancorp)
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 Employee (or the Beneficiary in the event of the ExecutiveEmployee’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).. ******** 15
Appears in 1 contract
Samples: Cascades Deferred Compensation Agreement (Cascade Bancorp)
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s '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 '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) and subject to the requirements of Treas. Reg.§ I .409A-2(b)(7)(i).
Appears in 1 contract
Samples: Cambridge Trust Company Supplemental Executive Retirement Agreement (Cambridge Bancorp)
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).. PLUMAS BANK SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Plumas Bancorp)
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).. AMERIANA BANK, SB Salary Continuation Plan
Appears in 1 contract
Samples: Ameriana Bancorp
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 Avenue Bank Supplemental Executive Retirement Plan Agreement 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).
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Avenue Financial Holdings, Inc.)
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 Director (or the Beneficiary in the event of the ExecutiveDirector’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).eliminated
Appears in 1 contract
Samples: Stock Appreciation Rights Agreement (Kinderhook Bank Corp)
Deduction Limitation on Benefit Payments. If the Bank Company reasonably anticipates that the Bank’s Company'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 Company to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Company 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 Executive’s beneficiary in the event of the Executive’s 's death) at the earliest date the Bank Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 1 contract
Samples: Salary Continuation Agreement (Fidelity Federal Bancorp)
Deduction Limitation on Benefit Payments. If the Bank reasonably anticipates that the Bank’s '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 '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) and subject to the requirements of Treas. Reg. § 1.409A-2(b)(7)(i).
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Cambridge Bancorp)
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(m162 (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).
Appears in 1 contract
Samples: Deferred Compensation Agreement (Alamogordo Financial Corp)
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) and subject to the requirements of Treas. Reg.§ 1.409A-2(b)(7)(i).
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Cambridge Bancorp)
Deduction Limitation on Benefit Payments. If the Bank Corporation reasonably anticipates that the BankCorporation’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 Corporation to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank Corporation 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 's death) at the earliest date the Bank Corporation reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Habersham Bancorp)
