Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive and Employer following a transaction that constitutes a change in the ownership or effective control of Holding Company or in the ownership of a substantial portion of the assets of Holding Company such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 6 contracts
Samples: Employment Agreement (Carter Bankshares, Inc.), Employment Agreement (Carter Bankshares, Inc.), Employment Agreement (Carter Bankshares, Inc.)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive and Employer the Company or the Bank following a transaction that constitutes a change in the ownership or effective control of Holding the Company or the Bank or in the ownership of a substantial portion of the assets of Holding the Company or the Bank such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 5 contracts
Samples: Employment Agreement (Southern National Bancorp of Virginia Inc), Employment Agreement (Southern National Bancorp of Virginia Inc), Employment Agreement (Southern National Bancorp of Virginia Inc)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive Employee and Employer Old Point or a subsidiary following a transaction that constitutes a change in the ownership or effective control of Holding Company Old Point or in the ownership of a substantial portion of the assets of Holding Company Old Point such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 4 contracts
Samples: Change of Control Severance Agreement (Old Point Financial Corp), Change of Control Severance Agreement (Old Point Financial Corp), Change of Control Severance Agreement (Old Point Financial Corp)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive and the Employer following a transaction that constitutes a change in the ownership or effective control of Holding Company the Employer or in the ownership of a substantial portion of the assets of Holding Company the Employer such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 3 contracts
Samples: Employment Agreement (Southern National Bancorp of Virginia Inc), Employment Agreement (Southern National Bancorp of Virginia Inc), Employment Agreement (Southern National Bancorp of Virginia Inc)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive Employee and the Employer following a transaction that constitutes a change in the ownership or effective control of Holding Company the Employer or in the ownership of a substantial portion of the assets of Holding Company the Employer such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 3 contracts
Samples: Change in Control Severance Agreement (Southern National Bancorp of Virginia Inc), Change in Control Severance Agreement (Southern National Bancorp of Virginia Inc), Change in Control Severance Agreement (Southern National Bancorp of Virginia Inc)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive and Employer following a transaction that constitutes a change in the ownership or effective control of Holding Company Employer or in the ownership of a substantial portion of the assets of Holding Company Employer such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 2 contracts
Samples: Employment Agreement (Delmar Bancorp), Employment Agreement (Delmar Bancorp)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive Employee and Employer the Holding Company and/or the Bank or a subsidiary following a transaction that constitutes a change in the ownership or effective control of the Holding Company or in the ownership of a substantial portion of the assets of the Holding Company such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable:
Appears in 2 contracts
Samples: Control Severance Agreement (Carter Bankshares, Inc.), Control Severance Agreement (Carter Bankshares, Inc.)
Modified Cutback of Compensation Deemed to be Contingent on a Change of Control. If any benefits or payments are to be made under the terms of this Agreement or any other agreement between Executive Employee and the Employer following a transaction that constitutes a change in the ownership or effective control of Holding Company the Employer or in the ownership of a substantial portion of the assets of Holding Company the Employer such that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, and any regulations thereunder (“Code Section 280G”) or Section 4999 of the Internal Revenue Code and any regulations thereunder could potentially apply to such compensation, then the following provisions shall be applicable::
Appears in 1 contract
Samples: Control Severance Agreement (Primis Financial Corp.)
