Common use of Restriction on Timing of Distribution Clause in Contracts

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive Employee is considered a Specified Employee at Termination of Employment under such procedures as established by the Company Corporation in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in In the event this Section 2.5 4.4 is applicable to the ExecutiveEmployee, any distribution which would otherwise be paid to the Executive Employee within the first six (6) months following the Termination of Employment shall be accumulated and paid to the Executive Employee in a lump sum on the first day of the seventh (7th) month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 2.6 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 4.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a Specified Employee at Termination of Employment under such procedures as established by the Company in accordance with Section 409A of the Code, benefit distributions that are made upon Termination of Employment may not commence earlier than six (6) months after the date of such Termination of Employment. Therefore, in the event this Section 2.5 4.5 is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six months following the Termination of Employment shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Termination of Employment. All subsequent distributions shall be paid in the manner specified.. GREER STATE BANK Amended and Restated Stock Appreciation Rights Agreement

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Executive is considered a “Specified Employee Employee” at Termination the time of Employment his termination of employment under such procedures as established by the Company USB in accordance with Section 409A of the Code409A, benefit distributions that are made upon Termination termination of Employment employment (for reasons other than death) may not commence earlier than six (6) months after the date of such Termination termination of Employmentemployment. Therefore, in the event this Section 2.5 12.9(d) is applicable to the Executive, any distribution which would otherwise be paid to the Executive within the first six (6) months following the Termination termination of Employment employment shall be accumulated and paid to the Executive in a lump sum on the first day of during the seventh month following the Termination termination of Employmentemployment. All Any subsequent distributions shall be paid in the manner specifiedotherwise specified herein.”