Common use of Plan Terminations Under Section 409A Clause in Contracts

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or (b) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 8 contracts

Samples: Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp), Salary Continuation Agreement (Acnb Corp)

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Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.28.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s 's arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive's gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the vested amount accrued by the Bank with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 7 contracts

Samples: Supplemental Executive Retirement Agreement (SCBT Financial Corp), Supplemental Executive Retirement Agreement (SCBT Financial Corp), Supplemental Executive Retirement Agreement (SCBT Financial Corp)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank has accrued with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 6 contracts

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

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Company’s and the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; orsuch terminations; (b) Upon the Company’s and the Bank’s dissolution or with the approval of a bankruptcy court, provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (c) Upon the Company’s and the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company and the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company and the Bank does do not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Company and the Bank takes take all necessary action to irrevocably terminate and liquidate the Agreement; the Company and the Bank may distribute the amount accrued by present value (determined as of the Bank with respect to date of distribution, based on the Bank’s obligations hereunder, Applicable PBGC Rate) of the Early Termination Benefit (determined as of the date of the termination of the Agreement, ) to the Executive in a lump sum subject to on the above termsfirst date permitted by Treasury Regulations Section 1.409A-3(j)(4)(ix).

Appears in 4 contracts

Samples: Supplemental Executive Retirement Plan Agreement (1st United Bancorp, Inc.), Supplemental Executive Retirement Plan Agreement (1st United Bancorp, Inc.), Supplemental Executive Retirement Plan Agreement (1st United Bancorp, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.28.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after after, a change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12l 2) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderAccrued Benefit, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.), Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.), Salary Continuation Agreement (Ottawa Savings Bancorp, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) 7.3.1 Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the BankCompany’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred accrued under the terminated arrangements within twelve (12) months of the termination of the arrangements; 7.3.2 Upon the Company’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (b) 7.3.3 Upon the BankCompany’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), ; provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank Company does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank Company may distribute the amount the Company has accrued by the Bank with respect to the BankCompany’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 3 contracts

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

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.27.1, if this Agreement terminates in any acceleration of the payment of benefits due to Plan termination shall comply with the following circumstances: (a) Within thirty (30) days beforesubparagraphs, or twelve (12) months after a change but only as permitted in accordance with Section 409A and Treasury Regulation §1.409A-3(j)(4)(ix). The Bank may distribute the ownership or effective control Accrued Liability, determined as of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months date of the termination of the arrangements; orPlan, to the Executive in a lump sum subject to the terms below: (ba) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement Plan, pursuant to Treasury Regulations Section Regulation §1.409A-1(c) ), if the Executive participated in such arrangements (“Similar Arrangements”), provided that that: (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, ; (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, ; and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to Plan. (b) Upon the Bank’s obligations hereunderdissolution taxed under Code Section 331, determined as or with approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the date of amounts deferred under the termination of Plan are included in the Agreement, to Executive’s gross income in the Executive latest of: (i) the calendar year on which the Plan terminates; (ii) the calendar year in a lump sum which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the above terms.first calendar year in which the payment is administratively practicable; or

Appears in 3 contracts

Samples: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.29.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the this Agreement and further provided that all the Bank’s arrangements which are substantially similar to the this Agreement are terminated so the Executive Participant and all participants in the similar arrangements are United Labor Bank, F.S.B. Performance Driven Plan required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under this Agreement are included in the Participant’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive Participant participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereundervested Deferral Account balance, determined as of the date of the termination of the this Agreement, to the Executive Participant in a lump sum subject to the above terms.

Appears in 3 contracts

Samples: Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.29.3, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all of the BankCompany’s arrangements which are substantially similar to the Agreement are terminated so that the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the such terminations; (b) The Company’s termination of the arrangementsAgreement within twelve (12) months of a corporate dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of the following years: (i) the calendar year in which the Agreement terminates; (ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the BankCompany’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the BankCompany, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank Company does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank Company takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank Company may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, benefits to the Executive in a lump sum subject to the above terms.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Midwest Banc Holdings Inc), Supplemental Executive Retirement Agreement (Midwest Banc Holdings Inc)

Plan Terminations Under Section 409A. Notwithstanding anything Subject to Section 8.12, the contrary in Section 7.2, if this Agreement terminates Bank may make distributions in the following circumstances, in accordance with Section 409A of the Code or the regulations thereunder: (a) Within thirty (30) days before, or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above termssuch termination.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Canyon Bancorp), Salary Continuation Agreement (Canyon Bancorp)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.29.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the this Agreement and further provided that all the Bank’s arrangements which are substantially similar to the this Agreement are United Labor Bank, F.S.B. Performance Driven Plan terminated so the Executive Participant and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under this Agreement are included in the Participant’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive Participant participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereundervested Deferral Account balance, determined as of the date of the termination of the this Agreement, to the Executive Participant in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Performance Driven Plan (First Ulb Corp.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.29.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions distribution of benefits are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar would be aggregated with this Agreement pursuant to the Agreement Treasury Regulations Section 1.409A-1(c) are terminated so the Executive Trustee and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such terminations; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under the Agreement are included in the Trustee’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive Trustee participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement arrangements that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunder, appropriate benefit as provided for within this Agreement and determined as of the date of the termination of the Agreement, to the Executive Trustee in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Plumas Bancorp)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the BankCompany’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or; (b) Upon the BankCompany’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (c) Upon the Company’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank Company does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank Company may distribute the amount the Company has accrued by the Bank with respect to the BankCompany’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.. LAKELAND BANK Supplemental Executive Retirement Plan Agreement The following Section 8.18 shall be added to the Agreement immediately following Section 8.17:

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Lakeland Bancorp Inc)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.210.2, if the Bank terminates this Agreement terminates in the following circumstances:: Bank of the Cascades Deferred Bonus Agreement Beneficiary Designation Form (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the this Agreement and further provided that all the Bank’s 's arrangements which are substantially similar to the this Agreement are terminated so the Executive Employee and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under this Agreement are included in the Employee's gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive Employee participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderDeferral Account balance, determined as of the date of the termination of the this Agreement, to the Executive Employee in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Deferred Bonus Agreement (Cascade Bancorp)

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Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.210.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive Director and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements arrangement within twelve (12) months of the termination such terminations; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under the Agreement are included in the Director’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderDeferral Account balance, determined as of the date of the termination of the Agreement, to the Executive Director in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Director Deferred Compensation Agreement (Newnan Coweta Bancshares Inc)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if the Company and the Bank terminate this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Company and the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or; (b) Upon the Company or the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (c) Upon the Company and the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company and the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date of such termination; the Bank takes all necessary action to irrevocably terminate Company and liquidate the Agreement; the Bank may distribute the amount accrued by actuarial equivalent of the Bank with respect to present value of the Bank’s obligations hereunderEarly Termination Benefit, determined as of the date of the termination Administration of the Agreement, to the Executive Agreement in a lump sum subject to the above termssum.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (1st United Bancorp, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change in the ownership or effective control Change of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank has accrued with respect to the Bank’s obligations hereunder, determined as of the date of the termination of the Agreement, to the Executive in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Salary Continuation Agreement (Guaranty Bancshares Inc /Tx/)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.28.2, if this Agreement terminates the Bank may make distributions in the following circumstances, in accordance with Section 409A of the Code or the regulations thereunder: (a) Within thirty (30) days before, or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s 's arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or; (b) Upon the Bank’s 's dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive's gross income in the latest of: (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practical; or (c) Upon the Bank's termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non- account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderDeferral Account balance, determined as of the date of the termination of the Agreement, Agreement to the Executive Executive, in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Salary Continuation Agreement (Regional Bankshares Inc)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.28.2, if this Agreement terminates the Bank may make distributions in the following circumstances, in accordance with Section 409A of the Code or the regulations thereunder: (a) Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control as defined in Section 409A of the Corporation or Bank, or in Code and the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Coderegulations thereunder, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; (b) Upon the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of: (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderAccrual Balance, determined as of the date of the termination of the Agreement, Agreement to the Executive Executive, in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Salary Continuation Agreement (First Community Corp /Sc/)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the this Agreement and further provided that all the Bank’s 's arrangements which are substantially similar to the this Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under this Agreement are included in the Executive's gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with plans which are substantially similar to this Agreement pursuant to Treasury Regulations (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement plans which are substantially similar to this Agreement for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate of such termination; HOME FEDERAL BANK Third Amended and liquidate the Agreement; Restated Salary Continuation Agreement the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderAccrual Balance, determined as of the date of the termination of the this Agreement, to the Executive in a lump sum subject to the above terms.. This Section 7.3 shall be administered and interpreted in a manner consistent with Section 409A.

Appears in 1 contract

Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.210.2, if the Corporation terminates this Agreement terminates Plan in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control of the Corporation or BankCorporation, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the Code, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement Plan and further provided that all the Bank’s Corporation's arrangements which are substantially similar to the Agreement Plan are terminated so the Executive Participant and all participants in the similar arrangements VALLEY RIDGE BANK AMENDED & RESTATED DIRECTOR DEFERRED COMPENSATION PLAN are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or; (b) Upon the Bank’s Corporation's dissolution or with the approval of a Bankruptcy court provided that the amounts deferred under the Plan are included in the Participant's gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (c) Upon the Corporation's termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank Corporation does not adopt any new arrangement that would be a Similar Arrangement account balance plans for a minimum of three five (35) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreementof such termination; the Bank Corporation may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereunderDeferral Account balance, determined as of the date of the termination of the AgreementPlan, to the Executive Participant in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Director Deferred Compensation Plan (Choiceone Financial Services Inc)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if the Company and the Bank terminate this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, or twelve (12) months after a change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeChange in. Control, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Company and the Bank’s arrangements which are substantially similar to the Agreement are terminated so the Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the termination of the arrangements; or; (b) Upon the Company or the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in the Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or 1st United Bancorp/1st United Bank Supplemental Executive Retirement Plan Agreement (c) Upon the Company and the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations non-account balance plans (as referenced in Section 1.409A-1(c) if 409A of the Executive participated in such arrangements (“Similar Arrangements”Code or the regulations thereunder), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Company and the Bank does not adopt any new arrangement that would be a Similar Arrangement non-account balance plans for a minimum of three five (35) years following the date of such termination; the Bank takes all necessary action to irrevocably terminate Company and liquidate the Agreement; the Bank may distribute the amount accrued by actuarial equivalent of the Bank with respect to present value of the Bank’s obligations hereunderEarly Termination Benefit, determined as of the date of the termination Administration of the Agreement, to the Executive Agreement in a lump sum subject to the above termssum.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (1st United Bancorp, Inc.)

Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.29.2, if the Bank terminates this Agreement terminates in the following circumstances: (a) Within thirty (30) days before, before or twelve (12) months after a change Change in the ownership or effective control of the Corporation or Bank, or in the ownership of a substantial portion of the assets of the Corporation or Bank as described in Section 409A(2)(A)(v) of the CodeControl, provided that all distributions are made no later than twelve (12) months following such termination of the this Agreement and further provided that all the Bank’s arrangements which are substantially similar to the this Agreement are terminated so the Executive Participant and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such termination; (b) Upon the termination Bank’s dissolution or with the approval of a bankruptcy court provided that the arrangementsamounts deferred under this Agreement are included in the Participant’s gross income in the latest of (i) the calendar year in which this Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or (bc) Upon the Bank’s termination of this and all other arrangements that would be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if the Executive Participant participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur United Labor Bank, F.S.B. Performance Driven Plan proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangement that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement; the Bank may distribute the amount accrued by the Bank with respect to the Bank’s obligations hereundervested Deferral Account balance, determined as of the date of the termination of the this Agreement, to the Executive Participant in a lump sum subject to the above terms.

Appears in 1 contract

Samples: Performance Driven Plan (First Ulb Corp.)

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