Deferred Payments. If following a termination of the Employee, the aggregate payments to be made by the Savings Bank under this Agreement and all other plans or arrangements maintained by the Company or any of the Consolidated Subsidiaries would exceed the limitation on deductible compensation contained in Section 162(m) of the Code in any calendar year, any such amounts in excess of such limitation shall be mandatorily deferred with interest thereon at 8.0% per annum to a calendar year such that the amount to be paid to the Employee in such calendar year, including deferred amounts, does not exceed such limitation.
Appears in 4 contracts
Samples: Severance Agreement (Rainier Pacific Financial Group Inc), Change in Control Severance Agreement (Home Federal Bancorp Inc), Change in Control Severance Agreement (Home Federal Bancorp Inc)
Deferred Payments. If following a termination of the Employee, the aggregate payments to be made by the Savings Bank under this Agreement and all other plans or arrangements maintained by the Company or any of the Consolidated Subsidiaries would exceed the limitation on deductible compensation contained in Section 162(m) of the Code in any calendar year, any such amounts in excess of such limitation shall be mandatorily deferred with interest thereon at 8.04.0% per annum to a calendar year such that the amount to be paid to the Employee in such calendar year, including deferred amounts, does not exceed such limitation., provided, however, that such deferral shall not extend past when the deferred amount must be paid pursuant to Section 409A.
Appears in 3 contracts
Samples: Change in Control Severance Agreement (First Financial Northwest, Inc.), Change in Control Severance Agreement (First Financial Northwest, Inc.), Change in Control Severance Agreement (First Financial Northwest, Inc.)
Deferred Payments. If following a termination of the Employee, the aggregate payments to be made by the Savings Bank under this Agreement and all other plans or arrangements maintained by the Company or any of the Consolidated Subsidiaries would exceed the limitation on deductible compensation contained in Section 162(m) of the Code in any calendar year, any such amounts in excess of such limitation shall be mandatorily deferred with interest thereon at 8.04.0% per annum to a calendar year such that the amount to be paid to the Employee in such calendar year, including deferred amounts, does not exceed such limitation., provided, however, that such deferral shall not extend past when the deferred amount must be paid pursuant to Section 409A.
Appears in 3 contracts
Samples: Change in Control Severance Agreement (First Financial Northwest, Inc.), Involuntary Termination Agreement (First Financial Northwest, Inc.), Change in Control Severance Agreement (First Financial Northwest, Inc.)
Deferred Payments. If following a termination of the Employee, the aggregate payments to be made by the Savings Bank under this Agreement and all other plans or arrangements maintained by the Company or any of the Consolidated Subsidiaries would exceed the limitation on deductible compensation contained in Section 162(m) of the Code in any calendar year, any such amounts in excess of such limitation shall be mandatorily deferred with interest thereon at 8.0% per annum to a calendar year such that the amount to be paid to the Employee in such calendar year, including deferred amounts, does not exceed such limitation.
Appears in 1 contract
Samples: Severance Agreement (Alaska Pacific Bancshares Inc)
