Distributions Upon Income Inclusion. Under Section 409A, upon the inclusion of any amount into the Executive’s income as a result of the failure of this Plan to comply with the requirements of Section 409A, to the extent that such tax liability can be covered by the Accrued Liability, a distribution shall be made as soon as is administratively practicable following the discovery of the Plan failure.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Plan (CBM Bancorp, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)
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 Plan to comply with the requirements of Code Section 409A, to the extent that such tax liability can be covered by the Accrued Liability, a distribution shall be made as soon as is administratively practicable following the discovery of the Plan failure.
Appears in 3 contracts
Samples: Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.)
