Limited Cashout. Notwithstanding any provision of this Agreement to the contrary, if at the time benefits become distributable to the Employee hereunder, the Deferral Account balance is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), the Bank shall pay the entire Deferral Account balance to the Employee in a lump sum within thirty (30) days following the event which caused benefits to become payable hereunder, provided that such payment must result in the termination and liquidation of the entirety of the Employee’s interest under the Agreement and under any other arrangements which are treated as if they were a single plan under Treasury Regulations Section 1.409a-1(c)(2).
Appears in 4 contracts
Samples: Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp)
