Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank.
Appears in 5 contracts
Samples: Continuation Agreement (New Bancorp, Inc.), Continuation Agreement (BV Financial, Inc.), Continuation Agreement (New Bancorp, Inc.)
Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank; provided, however, the Plan may not be partially terminated following a Change in Control without Executive’s consent.
Appears in 3 contracts
Samples: Continuation Agreement (First Seacoast Bancorp), Continuation Agreement (First Seacoast Bancorp), Community Savings Bancorp, Inc.
Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, tax or other accounting effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank, provided, however, the Plan may not be terminated following a Change in Control unless the Executives consent.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan (Citizens Bancshares Corp /Ga/), Crescent Banking Co
Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan Agreement by freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the PlanAgreement, or potential payments thereunder, would not be in the best interests of the Bank.
Appears in 1 contract
Samples: Executive Deferred Compensation Agreement (Blue Foundry Bancorp)
Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank, provided, however, the Plan may not be partially terminated following a Change in Control unless Executive consents.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (First National Corp /Va/)
Partial Termination. The Board of Directors, at its discretion, may partially terminate the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, tax or other accounting effects of the continuance of the Plan, or potential payments thereunder, would not be in the best interests of the Bank, provided, however, the Plan may not be terminated following a Change in Control unless the Directors consent.
Appears in 1 contract
Samples: Crescent Banking Co
