Common use of Restriction on Timing of Distributions Clause in Contracts

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

Restriction on Timing of Distributions. Notwithstanding any provision of the this Agreement to the contrary, if the Director is considered a Specified Employee at Termination of Service under such procedures as established by USB in accordance with Service, the provisions of this Section 409A of the Code, benefit 2.5 shall govern all distributions hereunder. Benefit distributions that are made upon due to a Termination of Service may occurring while the Director 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 Service. Therefore, in the event this Section 2.5 is applicable to the DirectorRather, any distribution which would otherwise be paid to the Director within the first six (6) months following the Termination of Service during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following the Termination of Service. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distributions. Notwithstanding any provision of the this Agreement to the contrary, if the Director is considered a Specified Employee at Termination of Service under such procedures as established by USB the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Service may not commence earlier than six (6) months after the date of such Termination of Service. Therefore, in the event this Section 2.5 4.6 is applicable to the Director, any distribution which would otherwise be paid to the Director within the first six (6) months following the Termination of Service shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following the Termination of Service. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distributions. Notwithstanding any provision of the this Agreement to the contrary, if the Director is considered a Specified Employee at Employee, the provisions of this Article shall govern any distributions hereunder which would otherwise be made to the Director due to a Termination of Service under such procedures as established by USB in accordance with Section 409A of Service. Such distributions shall not be made during the Code, benefit distributions that are made upon Termination of Service may not commence earlier than first six (6) months after following Termination of Service unless the date Director dies prior to the end of such Termination of Servicesix (6) month period. Therefore, in the event this Section 2.5 is applicable to the DirectorRather, any distribution which would otherwise be paid to the Director within the first six (6) months following the Termination of Service during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh (7th) month following the Termination of Service. All subsequent distributions shall be paid in the manner specifiedotherwise specified herein.

Restriction on Timing of Distributions. Notwithstanding any provision of the this Agreement to the contrary, if the Director is considered a Specified Employee at Employee, the provisions of this Subsection 6.2 shall govern all distributions hereunder. If benefit distributions which would otherwise be made to the Director due to a Termination of Service under are limited because the Director is a Specified Employee, then such procedures as established by USB in accordance with Section 409A of distributions shall not be made during the Code, benefit distributions that are made upon Termination of Service may not commence earlier than first six (6) months after the date of such following Termination of Service. Therefore, in the event this Section 2.5 is applicable to the DirectorRather, any distribution which would otherwise be paid to the Director within the first six (6) months following the Termination of Service during such period shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following the Termination of Service. All subsequent distributions shall be paid in the manner specified.

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

Restriction on Timing of Distributions. Notwithstanding any provision of the this Agreement to the contrarycontrary (without regard to Section 5.3), if the Director is considered a Specified Employee at Termination of Service under such procedures as established by USB the Company in accordance with Section 409A of the Code, benefit distributions that are made upon by reason of Termination of Service may not commence earlier than six (6) months after the date of such Termination of Service. Therefore, in the event this Section 2.5 4.6 is applicable to the Director, any distribution which would otherwise be paid to the Director within the first six (6) months following the Termination of Service shall be accumulated and paid to the Director in a lump sum on the first day of the seventh month following the Termination of Service. All subsequent distributions shall be paid in the manner specified.

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