Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 36 contracts
Sources: Salary Continuation Agreement (Home Bancorp, Inc.), Salary Continuation Agreement (Home Bancorp, Inc.), Salary Continuation Agreement (Home Bancorp, Inc.)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 3.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 9 contracts
Sources: Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.), Performance Driven Plan (First Ulb Corp.)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409Aany distribution(s), if any benefit payment made, under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280GG of the Code, the Bank shall reduce such benefit payment or delay the distribution(s) to the extent necessary to avoid treating such benefit payment as it would not be an excess parachute payment.
Appears in 8 contracts
Sources: Salary Continuation Agreement (Orrstown Financial Services Inc), Salary Continuation Agreement (Orrstown Financial Services Inc), Salary Continuation Agreement (Orrstown Financial Services Inc)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 would be treated as an “"excess parachute payment” " under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 4 contracts
Sources: Supplemental Executive Retirement Agreement (SBT Bancorp, Inc.), Director Fee Continuation Agreement (MFB Corp), Salary Continuation Agreement (MFB Corp)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 2.5 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 4 contracts
Sources: Salary Continuation Agreement (Mutualfirst Financial Inc), Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.)
Parachute Payments. Notwithstanding any provision of this Agreement Plan to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 5.3 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 2 contracts
Sources: Supplemental Executive Retirement Plan (Acnb Corp), Supplemental Executive Retirement Plan (Acnb Corp)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 4.3 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.. Nara Bank Long Term Incentive Agreement
Appears in 2 contracts
Sources: Long Term Incentive Agreement, Long Term Incentive Agreement (Nara Bancorp Inc)
Parachute Payments. Notwithstanding any provision of this Agreement Plan to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 3.3 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 2 contracts
Sources: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)
Parachute Payments. Notwithstanding any provision of this Agreement Plan to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank Company shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 1 contract
Sources: Supplemental Executive Retirement Plan (CBM Bancorp, Inc.)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 4.4 would be treated as an “excess parachute payment” under Code Section 280G, the Bank Company shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 1 contract
Sources: Deferred Fee Agreement (Harvard Illinois Bancorp, Inc.)
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 2.3 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 1 contract
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, and to the extent allowed by Code Section 409A, if any benefit payment under this Section 2.4 4.2 would be treated as an “excess parachute payment” under Code Section 280G, the Bank shall reduce such benefit payment to the extent necessary to avoid treating such benefit payment as an excess parachute payment.
Appears in 1 contract
Sources: Executive Deferred Compensation Agreement (CBTX, Inc.)