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 Participant becomes subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution to the Participant in a manner that conforms to the requirements of Code Section 409A. Any such distribution will decrease the Deferral Account balance.
Appears in 9 contracts
Samples: Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb 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 Participant Employee becomes subject to tax on the amounts deferred hereunder, then the Bank may make a limited distribution to the Participant Employee in a manner that conforms to the requirements of Code Section 409A. Any such distribution will decrease the Deferral Account balance.
Appears in 4 contracts
Samples: Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp)
