Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, benefit distributions that are made to a Specified Employee 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.
Appears in 4 contracts
Samples: Salary Continuation Plan (Charter Financial Corp), Salary Continuation Plan (Charter Financial Corp), Salary Continuation Plan (Charter Financial Corp/Ga)
Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement to the contrary, benefit distributions that are made to a Specified Employee 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 2.7 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.
Appears in 2 contracts
Samples: Salary Continuation Plan (Charter Financial Corp), Salary Continuation Plan (Charter Financial Corp/Ga)
Restriction on Timing of Distributions. Notwithstanding any provision of this Agreement Plan to the contrary, benefit distributions that are made to a Specified Employee 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.
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (ConnectOne Bancorp, Inc.)
