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

Subsequent Changes to Time and Form of Payment. The Company may permit a subsequent change to the time and form of benefit distributions in accordance with the terms described as follows, provided that such change meets the requirements of Section 409A of the Code: (1) the subsequent deferral election may not take effect until at least twelve (12) months after the date on which the election is made; (2) 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 (3) in the case of a payment made at a specified time, the election must be made not less than twelve (12) months before the date the payment is scheduled to be paid.

Subsequent Changes to Time and Form of Payment. The Company Bank may permit a subsequent change to the time and form of benefit distributions in accordance with distributions. Any such change shall be considered made only when it becomes irrevocable under the terms described as follows, provided that such change meets the requirements of Section 409A of the CodeAgreement. Any change will be considered irrevocable not later than thirty (30) days following acceptance of the change by the Bank, subject to the following rules: (1) the subsequent deferral election may not take effect until at least twelve (12) months after the date on which the election is made; (2) 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 (3) in the case of a payment made at a specified time, the election must be made not less than twelve (12) months before the date the payment is scheduled to be paid.