Election changes/Irrevocability Sample Clauses

Election changes/Irrevocability. A Participant who makes an initial payment election which the Employer has accepted (complete (a) and (b)): (a) Initial payment elections. (choose one of (i), (ii) or (iii)): (i) May change. May change the initial payment election as to the Deferred Compensation to which the election applies, until the applicable election deadline under 4.02(A)(2)(a). Any change to an initial payment election made after the initial payment election becomes irrevocable is a change payment election. ¨ (ii) May not change. May not change the initial election as to the Deferred Compensation to which the election applies.

Election changes/Irrevocability. The selected options in Section 4.06 of the Adoption Agreement are amended as follows:

Election changes/Irrevocability. The Employer in its Adoption Agreement will elect whether a Participant’s Elective Deferral election made prior to the Section 2.02(B) deadline becomes irrevocable as to a Taxable Year: (i) following the last day on which a Participant may make an election under Section 2.02(B) for such Taxable Year; or (ii) if earlier, when the Participant makes the election for a Taxable Year. For this purpose, a Participant’s Elective Deferral election is considered made when the Employer accepts the election. If the Employer elects to permit changes to an election up to the Section 2.02(B) election deadline, a Participant may make any number of changes to his/her Elective Deferral election during the period prior to the election becoming irrevocable. If the Employer elects in its Adoption Agreement and under Section 2.02(D) that a Participant’s election is continuing, the Participant is deemed to have made an irrevocable election as to each Taxable Year on the last day that the Participant could have made an election under Section 2.02(B). As such, the Participant may revoke or modify a continuing election for a Taxable Year up to the date that such election is deemed made and irrevocable for that Taxable Year. A change payment election under Section 4.02(B) or a permissible acceleration under Section 4.02(C)(3) does not render an Elective Deferral election and an accompanying initial payment election under Section 4.02(A) revocable within the meaning of this Section 2.02(C).

Election changes/Irrevocability. A Participant who makes a change payment election which the Employer has accepted: (a) Change payment elections. (choose one of (i), (ii) or (iii)): (i) May change. May change the change payment election as to the Deferred Compensation to which the election applies. Where the payment event is a Specified Time or a Fixed Schedule, the Participant may change the election until the applicable deadline under Section 4.02(B)(1)(a). Where the change payment election relates to any other payment event (not a Specified Time or a Fixed Schedule), the Participant must make the change within 30 days following the Participant’s making of the change payment election which the Participant seeks to change. Any change to a change payment election made after the change payment election becomes irrevocable is a new change payment election. (ii) May not change. May not change the change payment election as to the Deferred Compensation to which the election applies. (iii) Not applicable. As elected above, a Participant may not make a change payment election. The Employer hereby agrees to the provisions of this Plan, and in witness of its agreement, the Employer, by its duly authorized officer, has executed this Adoption Agreement on March 6, 2008. Name of Employer: City Bank Texas Signed: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ CEO and President [Name/Title] The Participant hereby agrees to the provisions of this Plan and in witness of its agreement, the Participant has executed this Adoption Agreement on March 6, 2008. Name of Participant: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Signed: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ This Amendment is made and adopted this 19th day of December, 2014 to be effective January 1, 2015, by CITY BANK, TEXAS (“Employer”) to the ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ DEFERRED COMPENSATION PLAN (the “Plan”).

Election changes/Irrevocability. A Participant who makes a change payment election which the Employer has accepted: (a) Change payment elections. (choose one of (i), (ii) or (iii)): ☐ (i) May change. May change the change payment election as to the Deferred Compensation to which the election applies. Where the payment event is a Specified Time or a Fixed Schedule, the Participant may change the election until the applicable deadline under Section 4.02(B)(1)(a). Where the change payment election relates to any other payment event (not a Specified Time or a Fixed Schedule), the Participant must make the change within 30 days following the Participant’s making of the change payment election which the Participant seeks to change. Any change to a change payment election made after the change payment election becomes irrevocable is a new change payment election. ☐ (ii) May not change. May not change the change payment election as to the Deferred Compensation to which the election applies. ☒