Certain Accelerated Payments. In certain limited circumstances the Company may make an accelerated distribution permissible to the Executive of deferred amounts, solely to the extent that such distribution meets the requirements of Section 1.409A-3(j)(4). In order to make such accelerated payments, both Executive and the Company must sign a written acknowledgement of the specific Section 1.409A-3(j)(4) exemption being relied upon by the Company in making the accelerated payments 11. A new Section 7.12 shall be added as follows:
Appears in 2 contracts
Sources: Salary Continuation Agreement (FNB Bancorp/Ca/), Salary Continuation Agreement (FNB Bancorp/Ca/)