Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination, the Employer shall pay the Accrued Benefit balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 8.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), the Employer may completely terminate and liquidate the Agreement in accordance with subsections (a), (b) or (c) below. In the event of such a complete termination in accordance with subsection (a), the Employer shall pay the Executive the Deferral Account balance. In the event of such a complete termination in accordance with subsection (b) or (c), the Employer shall pay the Executive the Deferral Account balance, plus an additional amount equal to the Contributions remaining to be made in accordance with Article 2 provided, however, that no earnings per share requirement shall apply. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsection (a) or (c) below, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) below, the Employer shall pay the Executive one hundred fifteen percent of the present value, calculated using a four percent discount rate, of the benefit described in Section 2.4 hereof. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsection (a) or (c), the Employer shall pay Accrued Benefit to the Executive. In the event of such a complete termination under subsection (b), the Employer shall pay the present value, calculated using the Discount Rate, of the Change in Control benefit described in Section 2.4. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Bank may completely terminate and liquidate the Agreement. In the event of such a complete termination, the Bank shall pay the Director One Hundred Twenty Thousand Dollars ($120,000). Such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections (a) or (c) below, or under subsection (b) after a Change in Control, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) before a Change in Control, the Employer shall pay the Executive the present value, calculated as of the date of such termination and using a discount rate of five percent (5%), of the benefit described in section 2.4. In any event, complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Upon the complete termination of this Agreement, the liability of the Parties for the further performance of this Agreement shall cease, but the Parties shall not be relieved of the duty to perform their obligations up to the date of termination.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Corporation may completely terminate and liquidate the Agreement. In the event of a complete termination under subsection 8.4.1 or 8.4.3, the Corporation shall pay the Executive the entire amount the Corporation has accrued with respect to the benefits hereunder. In the event of a complete termination under subsection 8.4.2, the Employer shall pay the Executive the present value of the Change in Control benefit described in Section 2.4, calculated using the discount rate and mortality age assumptions utilized by the Employer for determining the accrued benefit under Generally Accepted Accounting Principles as of December 31st of the calendar year preceding the earlier of (i) the date of the Change of Control or (ii) the date of the complete termination. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 8.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination, the Employer shall pay the Deferral Account balance (plus, in the event of Change in Control within one year of such complete termination, any additional amounts due to Executive pursuant to Section 4.4) to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.
Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulation Section 1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of a termination described in subsection (a) or (c) below, the Employer shall pay the Executive the Accrued Benefit. In the event of a termination described in subsection (b), the Employer shall pay the Executive the present value, calculated using an annual interest rate of three percent, compounded monthly, of the benefit described in Section 2.4. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.
