Common use of Subsequent Changes to Time and Form of Payment Clause in Contracts

Subsequent Changes to Time and Form of Payment. The Bank may permit a subsequent change to the time and form of benefit distributions. Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than 30 days following acceptance of the change by the Plan Administrator, subject to the following rules intended to comply with Treasury Regulation 1.409A: (a) the subsequent deferral election may not take effect until at least 12 months after the date on which the election is made (i.e. If a distribution event occurs in the interim, the original distribution method must be followed); (b) the payment (except in the case of death, disability, or unforeseeable emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five years from the date such payment would otherwise have been paid; and (c) in the case of a payment made at a specified time, the election must be made not less than 12 months before the date the payment is scheduled to be paid. XXXXX XXXXXXXX XXXX XX XXXXXXXX XXXXXXXXXX AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL COMPENSATION AGREEMENT

Subsequent Changes to Time and Form of Payment. The Bank Subject to the restriction set forth below, the Company may permit a subsequent change to the time and form of benefit distributions. Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than 30 thirty (30) days following acceptance of the change by the Plan Administrator, subject to the following rules intended to comply with Treasury Regulation 1.409Arules: (a1) the subsequent deferral election may not take effect until at least 12 twelve (12) months after the date on which the election is made (i.e. If a distribution event occurs in the interim, the original distribution method must be followed); (b2) the payment (except in the case of death, disability, or unforeseeable emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and (c3) in the case of a payment made at a specified time, the election must be made not less than 12 twelve (12) months before the date the payment is scheduled to be paid. XXXXX XXXXXXXX XXXX XX XXXXXXXX XXXXXXXXXX AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL COMPENSATION AGREEMENT.

Subsequent Changes to Time and Form of Payment. The Bank may permit a subsequent change to the time and form of benefit distributions. Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any change will be considered irrevocable not later than 30 days following acceptance of the change by the Plan Administrator, subject to the following rules intended to comply with Treasury Regulation 1.409A: (a) the subsequent deferral election may not take effect until at least 12 months after the date on which the election is made (i.e. If a distribution event occurs in the interim, the original distribution method must be followed); (b) the payment (except in the case of death, disability, or unforeseeable emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five years from the date such payment would otherwise have been paid; and (c) in the case of a payment made at a specified time, the election must be made not less than 12 months before the date the payment is scheduled to be paid. XXXXX XXXXXXXX XXXX XX XXXXXXXX XXXXXXXXXX AMENDED AND RESTATED EXECUTIVE SUPPLEMENTAL COMPENSATION AGREEMENT.