Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Participant is a Specified Employee, the provisions of this Section 3.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Participant due to Separation from Service are limited because the Participant is a Specified Employee, then such distributions shall not be United Labor Bank, F.S.B. Performance Driven Plan made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Participant during such period shall be accumulated and paid to the Participant in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 4 contracts
Samples: Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Participant Employee is considered a Specified Employee, the provisions of this Section 3.5 4.7 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Participant Employee due to Separation from Service are limited because the Participant Employee is a Specified Employee, then such distributions shall not be United Labor Bank, F.S.B. Performance Driven Plan made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Participant Employee during such period shall be accumulated and paid to the Participant Employee in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 3 contracts
Samples: Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp), Deferred Bonus Agreement (Cascade Bancorp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Participant Employee is considered a Specified Employee, the provisions of this Section 3.5 4.6 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Participant Employee due to Separation from Service are limited because the Participant Employee is a Specified Employee, then such distributions shall not be United Labor Bank, F.S.B. Performance Driven Plan made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Participant Employee during such period shall be accumulated and paid to the Participant Employee in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Cascades Deferred Compensation Agreement (Cascade Bancorp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Participant is a Specified Employee, the provisions of this Section 3.5 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Participant due to Separation from Service are limited United Labor Bank, F.S.B. Performance Driven Plan because the Participant is a Specified Employee, then such distributions shall not be United Labor Bank, F.S.B. Performance Driven Plan made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Participant during such period shall be accumulated and paid to the Participant in a lump sum on the first day of the seventh month following Separation from Service. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
