Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's benefits distributable under this Agreement.
Appears in 7 contracts
Samples: Director Retirement Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's ’s benefits distributable under this Agreement.
Appears in 6 contracts
Samples: Director Retirement Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's benefits distributable under this Agreement.
Appears in 5 contracts
Samples: New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), New Director Fee Continuation Plan Agreement (Rhinebeck Bancorp, Inc.)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's ’s benefits distributable under this Agreement.
Appears in 4 contracts
Samples: Director Retirement Agreement (Alamogordo Financial Corp), Supplemental Retirement Plan (Ameriana Bancorp), Supplemental Retirement Plan (Ameriana Bancorp)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company die Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's ’s benefits distributable under this Agreement.
Appears in 3 contracts
Samples: Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section 409A. Any such distribution will decrease the Director's benefits distributable under this AgreementDeferral Account balance.
Appears in 2 contracts
Samples: Director Deferred Compensation Agreement (LINKBANCORP, Inc.), Director Deferred Compensation Agreement (LINKBANCORP, Inc.)
Distributions Upon Taxation of Amounts Deferred. If, pursuant to Code Section 409A, the Federal Insurance Contributions Act or other state, local or foreign tax, the Director becomes subject to tax on the amounts deferred hereunder, then the Company Bank may make a limited distribution to the Director in a manner that conforms to the requirements of Code section Section 409A. Any such distribution will decrease the Director's ’s benefits distributable under this Agreement.
Appears in 1 contract
Samples: Salary Continuation Agreement (Appalachian Bancshares Inc)
