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 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.

Appears in 5 contracts

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

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