Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Service. All subsequent distributions shall be paid in the manner specified.
Appears in 7 contracts
Samples: Director Retirement Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 4.4 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Service. All subsequent distributions shall be paid in the manner specified.
Appears in 6 contracts
Samples: Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Separation from Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Separation from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 5 contracts
Samples: Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), Continuation Plan Agreement (Rhinebeck Bancorp, Inc.), Continuation Plan Agreement (Rhinebeck Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Separation from Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Separation from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Separation from Service. All subsequent distributions shall be paid in the manner specified.,
Appears in 3 contracts
Samples: Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 2.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Separation from Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Separation from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Director Retirement Agreement (Alamogordo Financial Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 4.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Deferred Fee Agreement (Harvard Illinois Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee“specified employee”, within the meaning of Code Section 409A, the provisions of this Section 2.3 2.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Service are limited because the Director is a Specified Employee“specified employee”, then such distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Continuation Agreement (Appalachian Bancshares Inc)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee, the provisions of this Section 2.3 4.3 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to Termination of Separation from Service are limited because the Director is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Separation from Service. Rather, any distribution which would otherwise be paid to the Director during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following Termination of Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Director Deferred Compensation Agreement (LINKBANCORP, Inc.)
