Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 75 contracts
Samples: Deferred Compensation Agreement (Peapack Gladstone Financial Corp), Supplemental Executive Retirement Plan Agreement (Sunshine Bancorp, Inc.), 2016 Salary Continuation Agreement (Oak Valley Bancorp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s 's death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 10 contracts
Samples: Salary Continuation Agreement (Norwood Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp), Supplemental Executive Retirement Plan Agreement (Emclaire Financial Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid (without interest) to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 3 contracts
Samples: Salary Continuation Agreement (West End Indiana Bancshares, Inc.), Salary Continuation Agreement (West End Indiana Bancshares, Inc.), Salary Continuation Agreement (West End Indiana Bancshares, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive Director is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive Director due to Separation from Service shall not be made make during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive Director during such period shall be accumulated and paid to the Executive Director in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s Director's death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 3 contracts
Samples: Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive Director is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive Director due to Separation from Service shall not be made make during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive Director during such period shall be accumulated and paid to the Executive Director in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the ExecutiveDirector’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 2 contracts
Samples: Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 2 contracts
Samples: Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.), Supplemental Retirement Benefit Agreement (Midland States Bancorp, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Sunshine Bancorp, Inc.), Continuation Agreement (Central Valley Community Bancorp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive Director is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive Director due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive Director during such period shall be accumulated and paid to the Executive Director in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the ExecutiveDirector’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 2 contracts
Samples: Director Deferred Fee Agreement (Riverview Financial Corp), Director Deferred Fee Agreement (Riverview Financial Corp)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.. 119
Appears in 1 contract
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) ] months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s 's death. All subsequent distributions shall be paid as they would have had this Section not applied. .
Appears in 1 contract
Samples: 2014 Supplemental Retirement Agreement (MidWestOne Financial Group, Inc.)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of his Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (LNB Bancorp Inc)
Restriction on Commencement of Distributions. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at the time of Separation from Service, the provisions of this Section shall govern all distributions hereunder. Distributions which would otherwise be made to the Executive due to Separation from Service shall not be made during the first six (6) months following Separation from Service. Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in In a lump sum on the first day of the seventh month following Separation from Service, or if earlier, upon the Executive’s death. All subsequent distributions shall be paid as they would have had this Section not applied.
Appears in 1 contract
Samples: 2022 Supplemental Executive Retirement Plan (CCFNB Bancorp Inc)
