Restrictions on Specified Executives. If the Bank (or its delegate) determines that Executive is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) and delayed payment of any amount or commencement of any benefit under this Agreement is required to avoid a prohibited distribution under Code Section 409A(a)(2), then, to such extent as required, deferred compensation payable hereunder in connection with Executive’s termination of employment will be delayed and paid in a single lump sum six months thereafter (or if earlier, the date of Executive’s death). In determining whether Executive is a “specified employee” the Bank (or its delegate) may, but need not, elect in writing, subject to the applicable limitations under Code Section 409A, any of the special elective rules prescribed in Treasury Regulation §1.409A-1(i).
Appears in 4 contracts
Samples: Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)
