Restrictions on Time of Payment. Solely to the extent necessary to avoid penalties under Section 409A, payments to be made as a result of a Separation from Service under this Article III may not commence earlier than six (6) months after the Executive’s Separation from Service if, pursuant to Section 409A, the Executive is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)
Restrictions on Time of Payment. Solely to the extent necessary to avoid penalties under Code Section 409A, payments to be made as a result of a Separation from Service under this Article III II may not commence earlier than six (6) months after the Executive’s Separation from Service if, pursuant to Code Section 409A, the Executive is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraphprovision, the originally scheduled payment shall be delayed for six (6) months, and shall benefit payments will commence instead on the first day of the seventh month following the Executive’s Separation from ServiceService (with any delay payments aggregated and paid on that date).
Appears in 3 contracts
Samples: Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.)
Restrictions on Time of Payment. Solely to the extent necessary to avoid penalties under Section 409A, payments to be made as a result of a Separation from Service (other than for death) under this Article III may not commence earlier than six (6) months after the Executive’s 's Separation from Service if, pursuant to Section 409A, the Executive is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan (DNB Financial Corp /Pa/), Supplemental Executive Retirement Plan (DNB Financial Corp /Pa/)
Restrictions on Time of Payment. Solely to the extent necessary to avoid penalties under Section 409A, payments to be made as a result of a Separation from Service under this Article III may not commence earlier than six (6) months after the Executive’s Separation from Service if, pursuant to Section 409A, the Executive is considered a Specified Employee. In the event a distribution is delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months, months and shall commence instead on the first day of the seventh month following Separation from Service.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (CBM Bancorp, Inc.)
