Amendments Required by Law. Notwithstanding the provisions of Section 5.1, the Plan may be unilaterally amended by the Bank at any time, retroactively if required, if found necessary, in the opinion of the Bank, in order to ensure that the Plan is characterized as a “top-hat” plan of deferred compensation maintained for a select group of management or highly compensated employees as described under ERISA Sections 201(2), 301(a)(3), and 40l(a)(l), to conform the Plan to the provisions of Section 409A and to conform the Plan to the requirements of any other applicable law (including ERISA, banking regulations, and the Code). No such amendment shall be considered prejudicial to any interest of the Executive or a Beneficiary hereunder.
Appears in 3 contracts
Sources: Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.)