Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation shall determine, but in no event commencing later than age seventy (70).
Termination of Agreement by Reason of Changes in Law. The Bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Bank shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amounts as he would have been entitled to under Article 3 hereof. The payment of said amount shall be made upon such terms and conditions and, at such time as the Bank shall determine, but in no event commencing no later than age sixty-five (65).
Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain tax laws will continue in effect in substantially their current form. In the event of any changes in federal law relating to and allowing the tax-free accumulation of earnings within a life insurance policy, the income tax-free payment of proceeds from life insurance policies or the deduction from income of interest payments on certificates of deposit issued by banking institutions, the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation shall determine, but in no event commencing later than age sixty- five (65).
Termination of Agreement by Reason of Changes in Law. The bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in their current form. If there are any changes in Federal law affecting the tax-free accumulation of earnings within a life insurance policy, the income tax-free payment of proceeds from life insurance policies or the deduction from income or interest payments on certificates of deposit issued by banking institutions, the Bank shall have the option to terminate and modify this Agreement. Provided, however, that the Executive shall be entitled to receive at least the Executive’s Deferred Compensation Account including interest earned.
Termination of Agreement by Reason of Changes in Law. Employer is entering into this Agreement upon the assumption that certain existing tax laws will continue In effect in substantially their current form. In the event of any changes in such federal laws, the Employer shall have the option to terminate or modify this Agreement, provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Paragraph 3.5 of this Agreement relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Employer shall determine, but In no event commencing later than January 1, 2004, or the date of termination of the Executive's employment with Employer.
Termination of Agreement by Reason of Changes in Law. Employer is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Employer shall have the option to terminate or modify this Agreement, provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Paragraph 4.2 of this Agreement relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Employer shall determine, but in no event commencing later than the age of sixty-five (65) years, one (1) month, or the date of termination of the Executive's employment with Employer.
Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in federal law relating to and allowing the tax-free accumulation of earnings within a life insurance policy, the income tax-free payment of proceeds from life insurance policies or the deduction from income of interest payments on certificates of deposit issued by banking institutions, or other change which in the sole discretion of the Board of Directors has a material adverse tax impact on the Corporation, the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to the same amount and under the same terms as he would have been entitled to under Sections 2.2, 4.1, 4.2 and 5.2. The payment of said amount shall be made under the same terms and conditions set forth in Sections 2.2, 4.1, 4.2, and 5.2.
Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Corporation shall have an option to terminate or modify this Agreement, provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation -shall determine, but in no event commencing later than age Sixty (60) or the date of termination.
Termination of Agreement by Reason of Changes in Law. Employer is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Employer shall have the option to terminate or modify this Agreement, provided, however, that the Officer shall be entitled to at least the same amount as he/she would have been entitled to under Paragraph 4.2 of this Agreement relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Employer shall determine, but in no event commencing later than the age of sixty-five (65) years, or the date of termination of the Officer's employment with Employer.
Termination of Agreement by Reason of Changes in Law. The Bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in substantially their current form for the term of this Agreement. In the event any changes in Federal Law relating to the tax free accumulation of earnings within a life insurance policy, the income tax free payment of proceeds from life insurance policies or the deduction from income of interest payments on certificates of deposit issued by banking institutions shall be adopted and such change or changes shall have the effect of substantially and adversely impacting the economic assumptions upon which this Agreement and the funding mechanism utilized by the Bank were based, the Bank shall have the option unilaterally to terminate this Agreement. Upon such termination by the Bank of this Agreement, Executive shall be 100% vested in the amount set forth in Schedule "A" for the particular year in which such termination occurs. Such amount shall be paid to Executive in a lump sum within three (3) months of such termination of this Agreement.
