No Accelerations. Notwithstanding anything in this Agreement to the contrary, no change submitted on a Notice of Election to Change Form of Payment shall be accepted by the Plan Sponsor if the change accelerates the time over which distributions shall be made to the Participant (except as otherwise permitted by Section 409A of the Code), and the Plan Sponsor shall deny any change made to an election if the Plan Sponsor determines that the change violates the requirement under Section 409A of the Code. The Plan Sponsor may, however, accelerate certain distributions under the Plan to the extent permitted under Section 409A of the Code as follows:
Appears in 2 contracts
Sources: Executive Deferred Compensation Master Agreement (Oceanfirst Financial Corp), Director Deferred Compensation Master Agreement (Oceanfirst Financial Corp)