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 Employer is publicly traded at the time of the Executive’s Separation from Service in order for this Agreement to comply with Section 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay. All subsequent distributions shall be paid in the manner specified
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga)
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 Employer 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 of the Code409A: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code409A) at the time of a distribution Separation from Service and to the extent such applicable provisions of Section 409A of the Code and the regulations thereunder require requires a delay of such distributions by a six-month six (6)-month period after the date of such Executive’s Separation from Service with the EmployerService, 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 with the EmployerService, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) on the first business days 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) month delay. All subsequent distributions shall be paid in months after the manner specifieddate of Separation from Service.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Eagle Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Eagle Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Eagle Bancorp Inc)
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 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 section 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay. All subsequent distributions shall be paid in the manner specified.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Sound Financial, Inc.), Supplemental Executive Retirement Plan Agreement (Sound Financial, Inc.)
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 Employer Company is publicly traded at the time of the Executive’s Separation from Service in order for this Agreement to comply with Section 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of a distribution the Executive’s Separation from Service and to the extent such applicable provisions of Section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay. All subsequent distributions shall be paid in , without any interest on the manner specifieddelayed payments.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Sound Financial Bancorp, Inc.)
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 Employer 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 section 409A of the Internal Revenue Code (the “Code: ”): (i) to the extent the Executive is a “specified employee” (as defined under Section section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation separation from Service service with the EmployerCompany, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation separation from Service service with the EmployerCompany, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) six-month delay. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Salary Continuation Plan (Tennessee Commerce Bancorp, Inc.)
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 Employer 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 section 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation separation from Service service with the EmployerCompany, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation separation from Service service with the EmployerCompany, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) six-month delay. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Supplemental Salary Continuation Plan Agreement (Tennessee Commerce Bancorp, Inc.)
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 Employer 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 of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Sound Financial Bancorp, Inc.)
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 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 409A of the Code: (i) to the extent the Executive is a “specified employee” (as defined under Section 409A of the Code) at the time of a distribution and to the extent such applicable provisions of Section 409A of the Code and the regulations thereunder require a delay of such distributions by a six-month period after the date of such Executive’s Separation from Service with the Employer, no such distribution shall be made prior to the date that is six months after the date of the Executive’s Separation from Service with the Employer, and (ii) any such delayed payments shall be paid to the Executive in a single lump sum within five (5) business days after the end of the six (6) month delay. All subsequent distributions shall be paid in the manner specified.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan Agreement (Ohio Valley Banc Corp)