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 Director is considered a Specified Employee at Separation from Service, benefit distributions that are payable upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.5 is applicable to the Director, any distribution or series of distributions to be made due to a Separation from Service shall commence no earlier that the first day of the seventh month following the Separation from Service.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Director Executive is considered a Specified Employee at Separation from ServiceService under such procedures as established by the Bank in accordance with Section 409A of the Code, benefit distributions that are payable made upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.5 2.5 is applicable to the DirectorExecutive, any distribution or series of distributions to be made due to a Separation from Service shall commence no earlier that the first day of the seventh month following the Separation from Service.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Director Executive is considered a Specified Employee at Separation from ServiceService under such procedures as established by the Corporation in accordance with Section 409A of the Code, benefit distributions that are payable made upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.5 2.5 is applicable to the DirectorExecutive, any distribution or series of distributions to be made due to a Separation from Service shall commence no earlier that the first day of the seventh month following the Separation from Service.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Director Executive is considered a Specified Employee at Separation from ServiceService under such procedures as established by the Bank in accordance with Section 409A of the Code, benefit distributions that are payable made upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.5 2.4 is applicable to the DirectorExecutive, any distribution or series of distributions to be made due to a Separation from Service shall commence no earlier that the first day of the seventh month following the Separation from Service.

Restriction on Timing of Distribution. Notwithstanding any provision of this Agreement to the contrary, if the Director Executive is considered a Specified Employee at Separation from ServiceService under such procedures as established by the Bank in accordance with Section 409A of the Code, benefit distributions that are payable made upon Separation from Service may not commence earlier than six (6) months after the date of such Separation from Service. Therefore, in the event this Section 4.5 2.4 is applicable to the DirectorExecutive, any distribution or series of distributions to be made due to a Separation from Service shall commence no earlier that than the first day of the seventh month following the Separation from Service.