Common use of Permissible Acceleration Provision Clause in Contracts

Permissible Acceleration Provision. Under Code Section 409A(a)(3), a payment of deferred compensation may not be accelerated except as provided in regulations by the Code. Certain permissible payment accelerations include 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 certain de minimis payments related to the Executive’s termination of the Executive’s interest in the plan. Any permissible payment accelerations under this Agreement shall be at the discretion of Bank and shall be consistent with the requirements of Code Section 409A and the regulations and guidance issued thereunder.

Permissible Acceleration Provision. Under Code Section 409A(a)(3), a payment of deferred compensation may not be accelerated except as provided in regulations by the Code. Certain permissible payment accelerations include 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 certain de minimis payments related to the Executive’s termination of the Executive’s interest in the plan. Any permissible payment accelerations under this Agreement shall be at the discretion of Bank Company and shall be consistent with the requirements of Code Section 409A and the regulations and guidance issued thereunder.