Plan Amendment. This Agreement may be amended from time to time in the sole discretion of the Bank, but no such amendment shall reduce the accrued benefit of the Executive as of the date of the amendment. In addition, no amendment shall be effective which shall violate Code Section 409A or cause the Executive to incur an excise tax thereunder.
Appears in 5 contracts
Sources: Supplemental Executive Retirement Agreement (Seneca Bancorp, Inc.), Supplemental Executive Retirement Agreement (Seneca Bancorp, Inc.), Supplemental Executive Retirement Agreement (Seneca Financial Corp.)