Amendment or Revocation. Subject to Section XVI, it is agreed by and between the parties hereto that, during the lifetime of the Director, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Director and the Bank. Any such amendment shall not be effective to decrease or restrict any Director’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Director, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder to be included in the gross income of the Director under Code Section 409A(c)(1)(A), or cause the Agreement to violate Code Section 409A. In the event this Agreement is terminated, such termination shall not cause a distribution of benefits, except under limited circumstances as permitted under Code Section 409A (i.e., 30 days before or 12 months after a Change in Control event, upon termination of all arrangements of the same type, or upon corporate dissolution or bankruptcy).
Appears in 4 contracts
Sources: Director Fee Continuation Agreement (First Colebrook Bancorp, Inc.), Director Fee Continuation Agreement (First Colebrook Bancorp, Inc.), Director Fee Continuation Agreement (First Colebrook Bancorp, Inc.)
Amendment or Revocation. Subject to Section XVI, it is agreed by and between the parties hereto that, during the lifetime of the DirectorExecutive, this Agreement may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Director Executive and the Bank. Any such amendment shall not be effective to decrease or restrict any DirectorExecutive’s accrued benefit under this Agreement, determined as of the date of amendment, unless agreed to in writing by the DirectorExecutive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder to be included in the gross income of the Director Executive under Code Section 409A(c)(1)(A), or cause the Agreement to violate Code Section 409A. In the event this Agreement is terminated, such termination shall not cause a distribution of benefits, except under limited circumstances as permitted under Code Section 409A (i.e., 30 days before or 12 months after a Change in Control event, upon termination of all arrangements of the same type, or upon corporate dissolution or bankruptcy).
Appears in 3 contracts
Sources: Executive Salary Continuation Agreement (First Colebrook Bancorp, Inc.), Executive Salary Continuation Agreement (First Colebrook Bancorp, Inc.), Executive Salary Continuation Agreement (First Colebrook Bancorp, Inc.)