Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee at Termination of Service, the provisions of this Section 2.5 shall govern all distributions hereunder. Benefit distributions that are made due to a Termination of Service occurring while the Director is a Specified Employee shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director 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.
Appears in 8 contracts
Samples: Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc), Director Retirement Agreement (Orrstown Financial Services Inc)
Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee at Termination of Service, the provisions of this Section 2.5 4.5 shall govern all distributions hereunder. Benefit distributions that are made due to a Termination of Service occurring while the Director is a Specified Employee shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director 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.
Appears in 5 contracts
Samples: Director Deferred Fee Agreement (Madison County Financial, Inc.), Director Deferred Fee Agreement (Madison County Financial, Inc.), Director Deferred Fee Agreement (Madison County Financial, Inc.)
Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Director is considered a Specified Employee at Termination of ServiceEmployee, the provisions of this Section 2.5 4.6 shall govern all distributions hereunder. Benefit If benefit distributions that are which would otherwise be made to the Director due to a Termination of Service occurring while are limited because the Director is a Specified Employee Employee, then such distributions shall not be made during the first six (6) months following Termination of Service. Rather, any distribution which would otherwise be paid to the Director 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.
Appears in 1 contract
Samples: Deferred Fee Agreement (Harvard Illinois Bancorp, Inc.)
