Common use of Restriction on Timing of Distributions Clause in Contracts

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.4 shall govern all distributions under this Article 2. If benefit distributions which would otherwise be made to the Executive due to a Separation of Service are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation of Service. 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 the first day of the seventh month following the Separation of Service. All subsequent distributions shall be paid in the manner specified in the appropriate subsection.

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.4 2.7 shall govern all distributions under this Article 2hereunder. If benefit distributions which would otherwise be made to the Executive due to a Separation Termination of Service Employment are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation Termination of ServiceEmployment. 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 the first day of the seventh month following the Separation Termination of ServiceEmployment. All subsequent distributions shall be paid in the manner specified in the appropriate subsectionspecified.

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified EmployeeEmployee at Separation from Service, the provisions of this Section 2.4 2.5 shall govern all distributions under this Article 2hereunder. If benefit Benefit distributions which would otherwise be that are made to the Executive due to a Separation of from Service 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 Separation of from Service. Rather, 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 the first day of the seventh month following the Separation of from Service. All subsequent distributions shall be paid in the manner specified in specified. The following Sections 2.6 and 2.7 shall be added to the appropriate subsection.Agreement immediately following Section 2.5:

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive Director is considered a Specified EmployeeEmployee at Separation from Service, the provisions of this Section 2.4 4.6 shall govern all distributions under this Article 2hereunder. If benefit Benefit distributions which would otherwise be that are made to the Executive due to a Separation of from Service are limited because occurring while the Executive Director is a Specified Employee, then such distributions Employee shall not be made during the first six (6) months following Separation of from Service. Rather, any distribution which would otherwise be paid to the Executive Director during such period shall be accumulated and paid to the Executive Director in a lump sum on the first day of the seventh month following the Separation of from Service. All subsequent distributions shall be paid in the manner specified in specified. The following Section 4.7 shall be added to the appropriate subsection.Agreement immediately following Section 4.6:

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified EmployeeEmployee at Separation from Service under such procedures as established by the Bank in accordance with Section 409A of the Code, the provisions of this Section 2.4 shall govern all distributions under this Article 2. If benefit distributions which would otherwise be that are made to the Executive due to a upon Separation of from Service are limited because the Executive is a Specified Employee, then such distributions shall may not be made during the first commence earlier than six (6) months following after the date of such Separation of from Service. RatherTherefore, in the event this Section 2.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive during such period within the first six months following the Separation from Service shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Separation of from Service. All subsequent distributions shall be paid in the manner specified in specified. The following Sections 2.6 and 2.7 shall be added to the appropriate subsection.Agreement immediately following Section 2.5:

Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee, the provisions of this Section 2.4 2.5 shall govern all distributions under this Article 2hereunder. If benefit distributions which would otherwise be made to the Executive due to a Separation of from Service are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation of from Service. 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 the first day of the seventh month following the Separation of from Service. All subsequent distributions shall be paid in the manner specified in the appropriate subsectionspecified.