Common use of Effect of Complete Termination Clause in Contracts

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.

Appears in 10 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc), Supplemental Retirement Agreement (MidWestOne Financial Group, Inc.)

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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.

Appears in 6 contracts

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.), Salary Continuation Agreement (Eagle Bancorp Montana, Inc.), Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

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 Regulation §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.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.35(c), 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 full Normal Retirement Benefit balance to the ExecutiveExecutive in a single lump sum within five (5) business days of such termination. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 3 contracts

Samples: Supplemental Retirement Benefit Agreement, Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.), Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 Deferral Account balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 3 contracts

Samples: Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 terminationtermination under subsection (a) or (b) below, the Employer shall pay the Accrued Benefit balance to Executive the ExecutiveDeferral Account balance. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 3 contracts

Samples: Deferred Compensation Agreement (Orrstown Financial Services Inc), Deferred Compensation Agreement (Orrstown Financial Services Inc), Deferred Compensation Agreement (Orrstown Financial Services Inc)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 Executive the ExecutiveDeferral Account balance. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Penns Woods Bancorp Inc), Supplemental Executive Retirement Plan (Penns Woods Bancorp Inc)

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 Deferral Account balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Community Partners Bancorp), Supplemental Executive Retirement Agreement (Community Partners Bancorp)

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)(ixl.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.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Plan (Eureka Homestead Bancorp, Inc.), Supplemental Executive Retirement Plan (Eureka Homestead Bancorp, Inc.)

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 Present Value of the Retirement Benefit balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (LNB Bancorp Inc)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3herein, and subject to the requirements of Code Section 409A and Treasury Regulations §Regulation Section 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 terminationtermination under subsection (a) or (c) below, or a termination under subsection (b) after benefit payments have commenced hereunder, the Employer shall pay the Accrued Benefit balance to Executive the ExecutiveContribution Account balance. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Deferred Compensation Plan (Peoples Financial Services Corp.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer Company may completely terminate and liquidate the Agreement. In the event of such a complete termination, the Employer Company shall pay the Accrued Benefit balance Accrual Balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Salary Continuation Agreement (Ohio Valley Banc Corp)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.35.3, 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.

Appears in 1 contract

Samples: Salary Continuation Agreement (Valley Commerce Bancorp)

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Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 Executive the ExecutiveDeferral Account balance. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Bank Contribution Deferred Compensation Agreement (Codorus Valley Bancorp Inc)

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.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 Contribution Account balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Deferred Compensation Plan (Peoples Financial Services Corp.)

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 §Regulation Section 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 Executive the Accrued Benefit balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditionsBenefit.

Appears in 1 contract

Samples: Deferred Compensation Agreement (Eagle Bancorp Montana, Inc.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject Subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix1.409A-3j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In in the event of such a complete terminationtermination of the Agreement, 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.

Appears in 1 contract

Samples: Salary Continuation Agreement (Central Valley Community Bancorp)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.2, 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 Deferral Account balance to the Executive. Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Sunshine Bancorp, Inc.)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.38.3, 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 terminationtermination under Subsections (a) and (c) below, the Employer shall pay the Accrued Benefit Deferral Account balance to the Executive. Such In the event of such a complete termination under Subsection (b), the Employer shall pay the Projected Account Balance to the Executive. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Appears in 1 contract

Samples: Performance Driven Retirement Agreement (Community Bankers Trust Corp)

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject 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 in the event of such a complete terminationtermination of the Agreement, 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.

Appears in 1 contract

Samples: Salary Continuation Agreement (Heritage Oaks Bancorp)

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