Common use of Delay in Severance Payments Clause in Contracts

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the severance pay shall be payable as follows. No payments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicable. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 for 2015), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the 18 monthly installments of severance pay described in Sections 8.5(b) and 9 shall be payable as follows. No payments of the monthly installments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicableinstallments. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee he is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee he is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 215,000 for 20152023), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee he is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the severance pay shall be payable as follows. No payments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicable. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 for 20152016), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the 18 monthly installments of severance pay described in Sections 8.5(b) and 9 shall be payable as follows. No payments of the monthly installments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicableinstallments. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee he is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee he is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 220,000 for 20152024), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee he is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the severance pay shall be payable as follows. No payments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicable. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 230,000 for 20152025), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.

Delay in Severance Payments. If the Employee is a Specified Employee (as hereinafter defined) on the date of termination of employment, and if the severance payments set forth in Section 10.5(b) or 10.6(b) are "deferred compensation" under Code Section 409A, then the 18 monthly installments of severance pay described in Sections 8.5(b) and 9 shall be payable as follows. No payments of the monthly installments shall be made within six months after the Employee's termination of employment. On the first business day of the seventh month after the date on which termination of employment occurs, the Bank shall pay to the Employee an amount equal to the sum of seven (7) equal monthly installments payable under Section 10.5(b) or the lump sum payment payable under Section 10.6(b), as applicableinstallments. The remaining monthly installments payable under Section 10.5(b) shall be paid on the first business day of each month thereafter. The Employee is a "Specified Employee" if the Employee she is a "key employee" (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) and the stock of the Bank or the Company is publicly traded on an established securities market or otherwise on the date of termination of employment. The Employee is a "key employee" during the period described below if the Employee she is one of the following during the 12-month period ending on any December 31 (the "identification date"): (a) an officer of the Bank or the Company with annual compensation greater than $130,000 (as indexed pursuant to Code Section 416(i)(1) -- $170,000 175,000 for 20152018), provided, that no more than 50 employees (or, if less, the greater of 3 employees or 10% of the employees) shall be treated as officers; (b) a five percent (5%) owner of the Bank or the Company; or (c) a one percent (1%) owner of the Bank or the Company with annual compensation of more than $150,000. If the Employee is a "key employee" as of an identification date, the Employee she is treated as a Specified Employee for the 12-month period beginning on the first day of the fourth month following the identification date.