Director Deferred Fee Clause Samples

Director Deferred Fee. Agreements Prior to the Effective Time, ICB shall provide ONB with all financial, enrollment, investment, deferral election and other information related to each director fee deferral agreement (collectively, the “ICB Deferred Fee Agreements”) to assist ONB in the subsequent administration of the provisions of such agreements. From and after the Effective Time, no further deferrals shall be permitted under the ICB Deferred Fee Agreements. Immediately following the Effective Time, and subject to any consents required from the directors who are parties to such agreements, the Directors Deferred Compensation Plan sponsored by ONB (the “ONB Directors’ Plan”) will be amended to integrate the ICB Deferred Agreements consistent with the requirements of Section 409A of the Code and in a manner that preserves the grandfathered status of any deferred amounts that are not subject to Section 409A of the Code. The ICB Deferred Fee Agreements will become subject to all provisions of the ONB Directors’ Plan, with the exception that benefits attributable to the ICB Deferred Fee Agreements shall only be distributed in accordance with the distribution provisions in place under the ICB Deferred Fee Agreements prior to the Effective Time.