Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Termination of Employment are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth day of the seventh month following Termination of Employment. All subsequent distributions shall be paid in the manner specified.
Appears in 8 contracts
Samples: Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings), Salary Continuation Agreement (Bank of Commerce Holdings)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.5 4.4 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Termination of Employment are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth first day of the seventh month following Termination of Employment. All subsequent distributions shall be paid in the manner specified.
Appears in 4 contracts
Samples: Executive Deferred Compensation Agreement (Ohio Valley Banc Corp), Executive Deferred Compensation Agreement (Ohio Valley Banc Corp), Executive Deferred Compensation Agreement (Ohio Valley Banc Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified EmployeeEmployee at Termination of Employment, the provisions of this Section 2.5 shall govern all distributions hereunder. If benefit Benefit distributions which would otherwise be that are made to the Executive due to a Termination of Employment are limited because occurring while the Executive is a Specified Employee, then such distributions Employee shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specifiedspecified or provided for in the Plan.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee“specified employee”, within the meaning of Code Section 409A, the provisions of this Section 2.5 2.8 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Termination of Employment are limited because the Executive is a Specified Employee“specified employee”, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth first day of the seventh month following Termination of Employment. 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 Executive is considered a Specified Employee, the provisions of this Section 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Termination of Employment are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth first day of the seventh month following Termination of Employment. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Salary Continuation Agreement (Bank of Commerce Holdings)
Restriction on Commencement of Distributions. Notwithstanding any provision of anything in this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of in this Section 2.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Executive due to Termination of Employment are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Termination of Employment. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on or around the fifteenth first day of the seventh month following Termination of Employment. All subsequent distributions shall be paid in the manner specified.
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