Distributions Upon Income Inclusion Under Code Section 409A. Upon the inclusion of any amount into the Executive’s or Beneficiary’s income as a result of the failure of this Agreement to comply with the requirements of Code Section 409A, a distribution shall be made in an amount equal to the lesser of the amount required to be included in income as a result of such failure or the Accrual Balance.
Appears in 4 contracts
Samples: Salary Continuation Plan Agreement (Charter Financial Corp/Ga), Salary Continuation Plan (Charter Financial Corp/Ga), Salary Continuation Plan (Charter Financial Corp)
Distributions Upon Income Inclusion Under Code Section 409A. Upon the inclusion of any amount into the Executive’s or Beneficiary’s income as a result of the failure of this Agreement to comply with the requirements of Code Section 409A, a distribution shall be made in an amount equal to the lesser of the amount required to be included in income as a result of such failure or the Accrual Account Balance.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp/Ga)
Distributions Upon Income Inclusion Under Code Section 409A. Upon the inclusion of any amount into the Executive’s or Beneficiarythe Executive’s beneficiary’s income as a result of the failure of this Agreement Plan to comply with the requirements of Code Section 409A409A of the Code, a distribution shall be made in an amount equal to the lesser of the amount required to be included in income as a result of such failure or the Accrual Account Balance.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Charter Financial Corp), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp), Supplemental Executive Retirement Plan Agreement (Charter Financial Corp)
