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CVCY » Topics » IX. SPECIFIED EMPLOYEE REQUIREMENTS

These excerpts taken from the CVCY 10-K filed Mar 5, 2008.

VII.         SPECIFIED EMPLOYEE REQUIREMENTS

 

A.            Six-Month Delay.  Notwithstanding anything to the contrary, if Executive is a Specified Employee (defined below) as of the date of Termination of Employment, payments under the Agreement upon Termination of Employment may not be made before the date that is six months after Termination of Employment (or, if earlier than the end of the six-month period, the date of death of the Executive).  Payments to which the Executive would otherwise be entitled during the first six months following Termination of Employment, but for this Six-Month Delay provision, shall be accumulated and paid on the first day of the seventh month following Termination of Employment.

 

B.            Specified Employee.  Executive shall be deemed to be a “Specified Employee” if, as of the date of Executive’s Termination of Employment, Executive is a Key Employee (defined below) of the Bank and the Bank has stock which is publicly traded on an established securities market or otherwise.

 

C.            Key Employee.  If Executive meets each of the requirements of Internal Revenue Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during a twelve month period ending on December 31 (the “Specified Employee Identification Date”), then Executive shall be treated as a Key Employee for the entire twelve month period beginning on the following April 1.  Such April 1 date shall be the “Specified Employee Effective Date” for purposes of Section 409A.

 

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2.             Termination of Employment. The following provision is hereby added to Paragraph One of Section V of the Agreement, entitled “Termination of Employment and Disability.”  This provision shall be effective on January 1, 2009, and shall have no force or effect until such time.

 

Notwithstanding the foregoing, Executive’s employment shall be deemed to have terminated, and Executive shall have suffered an Employment Termination, when the Parties reasonably anticipate that Executive will have a permanent reduction in the level of bona fide services provided to the Bank, to a level of service that is less than fifty percent (50%) of the average level of bona fide services provided by Executive to the Bank in the immediately preceding thirty-six (36) month period.

 

3.             Change In Control.  Paragraph One of Section VI of the Agreement, entitled “Change In Control,” is hereby deleted in its entirety and replaced with the following paragraph.  Paragraph two of Section VI of the Agreement remains unchanged.

 

VIII.        SPECIFIED EMPLOYEE REQUIREMENTS

 

A.          Six-Month Delay.  Notwithstanding anything to the contrary, if Executive is a Specified Employee (defined below) as of the date of Termination of Employment, payments under the Agreement upon Termination of Employment may not be made before the date that is six months after Termination of Employment (or, if earlier than the end of the six-month period, the date of death of the Executive).  Payments to which the Executive would otherwise be entitled during the first six months following Termination of Employment, but for this Six-Month Delay provision, shall be accumulated and paid on the first day of the seventh month following Termination of Employment.

 

B.           Specified Employee.  Executive shall be deemed to be a “Specified Employee” if, as of the date of Executive’s Termination of Employment, Executive is a Key Employee (defined below) of the Bank and the Bank has stock which is publicly traded on an established securities market or otherwise.

 

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C.            Key Employee.  If Executive meets each of the requirements of Internal Revenue Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at any time during a twelve month period ending on December 31 (the “Specified Employee Identification Date”), then Executive shall be treated as a Key Employee for the entire twelve month period beginning on the following April 1.  Such April 1 date shall be the “Specified Employee Effective Date” for purposes of Section 409A.

 

2.             Termination of Employment. The following provision is hereby added to Section I(P) of the Agreement, entitled “Termination of Employment or Employment Terminates.”  This provision shall be effective on January 1, 2009, and shall have no force or effect until such time.

 

Notwithstanding the foregoing, Executive’s employment shall be deemed to have terminated, and Executive shall have suffered an Employment Termination, when the Parties reasonably anticipate that Executive will have a permanent reduction in the level of bona fide services provided to the Bank, to a level of service that is less than fifty percent (50%) of the average level of bona fide services provided by Executive to the Bank in the immediately preceding thirty-six (36) month period.

 

3.             Change In Control.  Section VII of the Agreement, entitled “Change In Control,” is hereby deleted in its entirety and replaced with the following paragraph.

 

VIII.        SPECIFIED EMPLOYEE REQUIREMENTS



 



A.          Six-Month Delay. 
Notwithstanding anything to the contrary, if Executive is a Specified
Employee (defined below) as of the date of Termination of Employment, payments
under the Agreement upon Termination of Employment may not be made before the
date that is six months after Termination of Employment (or, if earlier than
the end of the six-month period, the date of death of the Executive).  Payments to which the Executive would
otherwise be entitled during the first six months following Termination of
Employment, but for this Six-Month Delay provision, shall be accumulated and
paid on the first day of the seventh month following Termination of Employment.



 



B.           Specified Employee. 
Executive shall be deemed to be a “Specified Employee”
if, as of the date of Executive’s Termination of Employment, Executive is a Key
Employee (defined below) of the Bank and the Bank has stock which is publicly
traded on an established securities market or otherwise.



 



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C.            Key
Employee.  If Executive meets each of
the requirements of Internal Revenue Code Section 416(i)(1)(A)(i), (ii),
or (iii) (applied in accordance with the regulations thereunder and
disregarding section 416(i)(5)) at any time during a twelve month period ending
on December 31 (the “Specified Employee
Identification Date”), then Executive shall be treated as a Key
Employee for the entire twelve month period beginning on the following April 1.  Such April 1 date shall be the “Specified Employee Effective Date” for purposes of Section 409A.



 



2.             Termination of
Employment. The following provision is hereby added to Section I(P) of
the Agreement, entitled “Termination of Employment or Employment Terminates.”  This provision shall be effective on January 1,
2009, and shall have no force or effect until such time.



 



Notwithstanding
the foregoing, Executive’s employment shall be deemed to have terminated, and
Executive shall have suffered an Employment Termination, when the Parties
reasonably anticipate that Executive will have a permanent reduction in the
level of bona fide services provided to the Bank, to a level of service that is
less than fifty percent (50%) of the average level of bona fide services
provided by Executive to the Bank in the immediately preceding thirty-six (36)
month period.



 



3.             Change In
Control.  Section VII of the
Agreement, entitled “Change In Control,” is hereby deleted in its entirety and
replaced with the following paragraph.



 



This excerpt taken from the CVCY 10-K filed Mar 29, 2007.

VII.         SPECIFIED EMPLOYEE REQUIREMENTS

Notwithstanding anything to the contrary, benefit payments made under this Agreement shall be delayed so that no payments are made during the first six (6) months following termination of employment, if such delay is required by the Specified Employee requirements of section 409A.

This excerpt taken from the CVCY 10-Q filed Aug 11, 2006.

IX.           SPECIFIED EMPLOYEE REQUIREMENTS

Notwithstanding anything to the contrary, payments made under this Agreement shall be delayed so that no payments are made during the first six (6) months following Termination of Employment, if such delay is required by the Specified Employee requirements of section 409A.

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EXCERPTS ON THIS PAGE:

10-K (3 sections)
Mar 5, 2008
10-K
Mar 29, 2007
10-Q
Aug 11, 2006

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