Common use of Distributions Upon Income Inclusion Under Section 409A of the Code Clause in Contracts

Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Director prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director may petition the plan administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations hereunder that is required to be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director immediately available funds in an amount equal to the portion of the amount the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement.

Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Director Executive prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director Executive may petition the plan administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations hereunder that is required to be included in the DirectorExecutive’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director Executive immediately available funds in an amount equal to the portion of the amount the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the DirectorExecutive’s petition is granted. Such a distribution shall affect and reduce the DirectorExecutive’s benefits to be paid under this Agreement.

Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Director Officer prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director Officer may petition the plan administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations hereunder that is required to be included in the DirectorOfficer’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director Officer immediately available funds in an amount equal to the portion of the amount the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the DirectorOfficer’s petition is granted. Such a distribution shall affect and reduce the DirectorOfficer’s benefits to be paid under this Agreement.

Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Director prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director may petition the plan administrator Plan Administrator for a distribution of that portion of the amount the Company Bank has accrued with respect to the CompanyBank’s obligations hereunder that is required to be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company Bank shall distribute to the Director immediately available funds in an amount equal to the portion of the amount the Company Bank has accrued with respect to the CompanyBank’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement.

Distributions Upon Income Inclusion Under Section 409A of the Code. If any amount is required to be included in income by the Director prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director may petition the plan administrator Plan Administrator for a distribution of that portion of the amount the Company Bank has accrued with respect to the CompanyBank’s obligations hereunder that is required to be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company Bank shall distribute to the Director immediately available funds in an amount equal to the portion of the amount the Company Bank has accrued with respect to the CompanyBank’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement.

Distributions Upon Income Inclusion Under Section 409A of the Code. If Upon any amount is required to be included in income by the Director prior to receipt due to a failure of this Agreement to meet the requirements of Code Section 409A, the Director may petition the plan administrator Plan Administrator for a distribution of that portion of the amount the Company has accrued with respect to the Company’s obligations hereunder that is required to be included in the Director’s income. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Director immediately available funds in an amount equal to the portion of the amount the Company has accrued with respect to the Company’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Code Section 409A, within ninety (90) days of the date when the Director’s petition is granted. Such a distribution shall affect and reduce the Director’s benefits to be paid under this Agreement.