Time of Payout. No later than two and one half (2 ½) months after the close of the Plan Year, the Award will be paid to the Participant in a cash lump sum. Awards under the Plan are intended to be exempt from Section 409A of the Internal Revenue Code under the “short term deferral rule” set forth in Treasury Regulations Section 1.409A-1(b)(4).
Appears in 2 contracts
Sources: Executive Compensation Clawback Agreement (FSB Community Bankshares Inc), Executive Compensation Clawback Agreement (FSB Community Bankshares Inc)