Common use of Plan Termination Generally Clause in Contracts

Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and Director. However, the Company may unilaterally terminate this Agreement to conform with written directives to the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated there under. In the event the Company unilaterally terminates this Agreement, the Director shall be entitled to receive from the Company an amount equal to the Accrual Balance as of the date the Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause any early distribution of benefits under this Agreement. Rather, upon such termination, benefit distributions will be made in accordance with the distribution schedules set forth under Article 2 or Article 3, as applicable.

Plan Termination Generally. This Agreement may be terminated only by a written agreement signed by the Company and Directorthe Executive. However, the Company may unilaterally terminate amend this Agreement to conform with written directives to the Company from its auditors or banking regulators or to comply with legislative or tax law, including without limitation Section 409A of the Code and any and all regulations and guidance promulgated there underthereunder. In the event the Company unilaterally terminates this Agreement, the Director The benefit shall be entitled to receive from the Company an amount equal to the Accrual Balance frozen as of the date the Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause any early a distribution of benefits under this Agreement. Rather, upon such termination, termination benefit distributions will be made in accordance with at the earliest distribution schedules set forth event permitted under Article 2 or Article 3, as applicable.