Common use of Payments to Key Employees Clause in Contracts

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a), the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 29 contracts

Samples: Employment Agreement (Western New England Bancorp, Inc.), Employment Agreement (Western New England Bancorp, Inc.), Employment Agreement (Western New England Bancorp, Inc.)

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Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a)9.1, the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 8 contracts

Samples: Employment Agreement (Viewcast Com Inc), Employment Agreement (Viewcast Com Inc), Employment Agreement (Viewcast Com Inc)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a)I, the payment shall be paid into a rabbi trust for the benefit of the Executive Employee as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive Employee as soon as permissible under Section 409A.

Appears in 3 contracts

Samples: Change of Control Agreement (Rome Bancorp Inc), Change of Control Agreement (Rome Bancorp Inc), Change of Control Agreement (Rome Bancorp Inc)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a), the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.<PAGE>

Appears in 3 contracts

Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six the first day of the seventh (67th) months month after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(asection 1(b), the payment shall be paid into a rabbi trust for the benefit of the Executive Officer as if the six (6)-month required delay was not imposed with such amounts then being distributed to the Executive Officer as soon as permissible under Section 409A.

Appears in 3 contracts

Samples: Merger Agreement (New Hampshire Thrift Bancshares Inc), Change of Control Agreement (New Hampshire Thrift Bancshares Inc), Change of Control Agreement (New Hampshire Thrift Bancshares Inc)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(asection 1(b), the payment shall be paid into a rabbi trust for the benefit of the Executive Officer as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive Officer as soon as permissible under Section 409A.

Appears in 3 contracts

Samples: Change of Control Agreement (Lake Shore Bancorp, Inc.), Change of Control Agreement (Lake Shore Bancorp, Inc.), Change of Control Agreement (Westfield Financial Inc)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of in Control as defined in Section 12(a1.1(e), the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 2 contracts

Samples: Employment Agreement (Coffee Holding Co Inc), Employment Agreement (Coffee Holding Co Inc)

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Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key specified employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a11(a), the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 2 contracts

Samples: Employment Agreement (CMS Bancorp, Inc.), Employment Agreement (CMS Bancorp, Inc.)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(asection 15(a), the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 2 contracts

Samples: Employment Agreement (Lake Shore Bancorp, Inc.), Employment Agreement (Lake Shore Bancorp, Inc.)

Payments to Key Employees. Notwithstanding anything in this Agreement to the contrary, to the extent required under Section 409A, no payment to be made to a key employee (within the meaning of Section 409A) shall be made sooner than six (6) months after such termination of employment; provided, however, that to the extent such six (6)-month delay is imposed by Section 409A as a result of a Change of Control as defined in Section 12(a), 11(a) the payment shall be paid into a rabbi trust for the benefit of the Executive as if the six (6)-month delay was not imposed with such amounts then being distributed to the Executive as soon as permissible under Section 409A.

Appears in 2 contracts

Samples: Employment Agreement (Wake Forest Bancshares Inc), Employment Agreement (Wake Forest Bancshares Inc)

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