TERMINATION OR MODIFICATION OF AGREEMENT. BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS; TAX CONSEQUENCES The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue into effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Executive Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change of Control, this paragraph shall become null and void effective immediately upon said Change of Control. Notwithstanding anything herein to the contrary, the Executive may, in the Executive's discretion, waive any or all benefits hereunder to the extent that the amount of such benefit would be or cause an excess parachute payment under Section 280G of the Internal Revenue Code of 1986, as amended.
Appears in 8 contracts
Samples: Executive Supplemental Retirement Plan and Consulting Agreement (Cn Bancorp Inc), Executive Supplemental Retirement Plan (Cn Bancorp Inc), Executive Supplemental Retirement Plan and Consulting Agreement (Cn Bancorp Inc)
