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 32 contracts
Samples: Home Bank Salary Continuation Agreement (Home Bancorp, Inc.), Salary Continuation Agreement (Home Bancorp, Inc.), Continuation Agreement by And (Bank of Marin Bancorp)
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
Samples: 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 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
Samples: Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Salary Continuation Agreement (Harvard Illinois Bancorp, Inc.), Salary Continuation Agreement (Mutualfirst Financial 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
Samples: Supplemental Executive Retirement Agreement (SBT Bancorp, Inc.), MFB Financial Salary Continuation Agreement (MFB Corp), Financial Director Fee Continuation Agreement (MFB Corp)
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
Samples: Supplemental Executive Retirement Plan (Acnb Corp), Supplemental Executive Retirement Plan (Acnb Corp)
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
Samples: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, 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 4.3 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
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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
Samples: Executive Deferred Compensation Agreement (CBTX, 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
Samples: Deferred Fee 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 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
Samples: 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 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.
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