Common use of Restriction on Timing of Distributions Clause in Contracts

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp is publicly traded at the time of the Executive’s Separation from Service in order for this Agreement to comply with Section 409A: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A) at the time of Separation from Service and to the extent Section 409A requires a delay of distributions by a six (6)-month period after the date of such Executive’s Separation from Service, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from Service, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first business day after the end of the six (6)-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Service.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Employer is publicly traded at the time of the Executive’s Separation from Service in order for this Agreement to comply with Section 409A409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A409A of the Code) at the time of Separation from Service a distribution and to the extent such applicable provisions of Section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation from ServiceService with the Employer, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from ServiceService with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five (5) business day days after the end of the six (6)-month 6) month delay. Any deferral of payments pursuant to the foregoing sentence All subsequent distributions shall have no effect on any payments that are scheduled to be paid more than six (6) months after in the date of Separation from Service.manner specified

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Employer is publicly traded at the time of the Executive’s Separation from Service termination of employment in order for this Agreement to comply with Section 409Asection 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409Asection 409A of the Code) at the time of Separation from Service a distribution and to the extent Section such applicable provisions of section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation from ServiceService with the Employer, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from ServiceService with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five (5) business day days after the end of the six (6)-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Servicemonth delay.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Company is publicly traded at the time of the Executive’s Separation from Service termination of employment in order for this Agreement to comply with Section 409Asection 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409Asection 409A of the Code) at the time of Separation from Service a distribution and to the extent Section such applicable provisions of section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation separation from Serviceservice with the Company, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation separation from Serviceservice with the Company, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five business day days after the end of the six (6)-month six-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Service.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Company is publicly traded at the time of the Executive’s Separation from Service termination of employment in order for this Agreement to comply with Section 409A409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A409A of the Code) at the time of Separation from Service a distribution and to the extent such applicable provisions of Section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation from ServiceService with the Employer, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from ServiceService with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five (5) business day days after the end of the six (6)-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Servicemonth delay.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Company is publicly traded at the time of the Executive’s Separation from Service termination of employment in order for this Agreement to comply with Section 409A: section 409A of the Internal Revenue Code (the “Code”): (i) to the extent the Executive is a “specified employee” (as defined under Section 409Asection 409A of the Code) at the time of Separation from Service a distribution and to the extent Section such applicable provisions of section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation separation from Serviceservice with the Company, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation separation from Serviceservice with the Company, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five business day days after the end of the six (6)-month six-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Service.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Company is publicly traded at the time of the Executive’s Separation from Service in order for this Agreement to comply with Section 409A409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A409A of the Code) at the time of the Executive’s Separation from Service and to the extent such applicable provisions of Section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation from ServiceService with the Employer, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from ServiceService with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five (5) business day days after the end of the six (6)-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after month delay, without any interest on the date of Separation from Servicedelayed payments.

Restriction on Timing of Distributions. Notwithstanding the applicable provisions of this Agreement regarding timing of payments, the following special rules shall apply if the stock of the Bank or Bancorp Employer is publicly traded at the time of the Executive’s Separation from Service termination of employment in order for this Agreement to comply with Section 409A409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A409A of the Code) at the time of Separation from Service a distribution and to the extent such applicable provisions of Section 409A requires of the Code and the regulations thereunder require a delay of such distributions by a six (6)-month six-month period after the date of such Executive’s Separation from ServiceService with the Employer, no such distribution shall be made prior to the date that is six (6) months after the date of the Executive’s Separation from ServiceService with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum on the first within five (5) business day days after the end of the six (6)-month delay. Any deferral of payments pursuant to the foregoing sentence shall have no effect on any payments that are scheduled to be paid more than six (6) months after the date of Separation from Servicemonth delay.