Common use of Permissible Acceleration Provision Clause in Contracts

Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows all permissible payment accelerations under 1.409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted by statute or regulation.

Appears in 14 contracts

Samples: Executive Salary Continuation Agreement (Lyons Bancorp Inc), Executive Salary Continuation Agreement (Lyons Bancorp Inc), Director Fee Continuation Agreement (First Seacoast Bancorp)

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Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows all permissible payment accelerations under 1.409A-3(j)(4409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted by statute or regulation.

Appears in 4 contracts

Samples: Director Deferred Compensation Agreement (First Farmers & Merchants Corp), Director Deferred Compensation Agreement (First Farmers & Merchants Corp), Director Deferred Compensation Agreement (First Farmers & Merchants Corp)

Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows all ail permissible payment accelerations under 1.409A-3(j)(4l,409A-3(j)(4) that include includes but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, taxes and other permissible payments are allowed as permitted by statute or regulation.

Appears in 3 contracts

Samples: Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc)

Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows all permissible payment accelerations under 1.409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted by statute statue or regulation.

Appears in 1 contract

Samples: Executive Salary Continuation Agreement (Hampden Bancorp, Inc.)

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Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4l.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement Plan allows all permissible payment accelerations under 1.409A-3(j)(4l.409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted by statute or regulation.

Appears in 1 contract

Samples: Executive Salary Continuation Plan (Origin Bancorp, Inc.)

Permissible Acceleration Provision. Under Treasury Regulation Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement Plan allows all permissible payment accelerations under 1.409A-3(j)(4) that include but are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are as allowed as permitted by statute or regulation.

Appears in 1 contract

Samples: Salary Continuation Plan (Bank of Granite Corp)

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