Common use of Restriction on Timing of Distribution Clause in Contracts

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive Employee is considered a Specified Employee at Termination of Employment under such procedures as established by the Company Corporation in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in In the event this Section 2.5 4.4 is applicable to the ExecutiveEmployee, any distribution which would otherwise be paid to the Executive Employee within the first six (6) months following the Termination of Employment shall be accumulated and paid to the Executive Employee in a lump sum on the first day of the seventh (7th) month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by Employment, the Company in accordance with provisions of this Section 409A of the Code, benefit 2.6 shall govern all distributions hereunder. Benefit distributions that are made upon due to a Termination of Employment may occurring while the Executive is a Specified Employee shall not commence earlier than be made during the first six (6) months after the date of such following Termination of Employment. Therefore, in the event this Section 2.5 is applicable to the ExecutiveRather, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 4.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 2.6 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a “Specified Employee Employee” at Termination the time of Employment his termination of employment under such procedures as established by the Company USB in accordance with Section 409A of the Code409A, benefit distributions that are made upon Termination termination of Employment employment (for reasons other than death) may not commence earlier than six (6) months after the date of such Termination termination of Employmentemployment. Therefore, in the event this Section 2.5 12.9(d) is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six (6) months following the Termination termination of Employment employment shall be accumulated and paid to the Executive in a lump sum on the first day of during the seventh month following the Termination termination of Employmentemployment. All Any subsequent distributions shall be paid in the manner specifiedotherwise specified herein.”

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 4.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.. GREER STATE BANK Amended and Restated Stock Appreciation Rights Agreement

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination termination of Employment employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination termination of Employment employment may not commence earlier than six (6) months after the date of such Termination termination of Employmentemployment. Therefore, in the event this paragraph under Section 2.5 23 is applicable to the Executive, who is a Specified Employee in accordance with Section 409A of the Code at that time, any distribution which would otherwise be paid to the Executive within the first six (6) months following the Termination termination of Employment employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination termination of Employment. All Any subsequent distributions shall be paid in the manner specified.