Distributions Upon Income Inclusion Under Code Section 409A. Upon the inclusion of any amount into the Executive's income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive's Accrual Balance, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.
Appears in 3 contracts
Samples: Provident Community Bancshares, Inc., Provident Community Bancshares, Inc., Provident Community Bancshares, Inc.
Distributions Upon Income Inclusion Under Code Section 409A. Upon the inclusion of any amount into the Executive's ’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive's Accrual Balance’s accrual account balance, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.
Appears in 2 contracts
Samples: Salary Continuation Agreement (First Keystone Corp), Salary Continuation Agreement (First Keystone Corp)
