Permissible accelerations Clause Samples

Permissible accelerations. Notwithstanding Section 4.03(C), the Employer in its Adoption Agreement may elect to permit any or all of the following accelerations of the time or schedule of payment: (i) a payment to an individual other than the Participant required under a domestic relations order under Code §414(p)(1)(B); (ii) a payment required under a certificate of divestiture under Code §1043(b)(2) relating to conflicts of interest; (iii) a payment from a 457(f) plan to a Participant for the purpose of payment of the Participant’s Federal, state local or foreign income tax due upon a vesting event under the 457(f) plan, provided that the payment does not exceed the income tax withholding the Employer would have remitted if it had paid wages equal to the amount of 457(f) income includible at the time of vesting; (iv) a Plan amendment to permit certain cash-out payments described in Sections 4.03(E) and (F); (v) as it relates to the Deferred Compensation, a payment to pay the FICA tax under Code §§3101, 3121(a) and 3121(v)(2) and to pay income taxes at source on wages under Code §3401 or under corresponding provisions of state, local or foreign tax laws related to payment of the FICA and to pay additional income tax at source on wages attributable to pyramiding Section §3401 wages and taxes, but the total of all such payments may not exceed the aggregate of the FICA amount and the income tax withholding related to the FICA amount; (vi) a payment to any affected Participant at any time that the Plan fails to meet the requirements of Code §409A and the regulations thereunder, provided that such payment may not exceed the amount required to be included in income as a result of such failure; (vii) cancellation of a Participant’s Elective Deferral election on account of a payment based on Unforeseeable Emergency or a hardship distribution under Treas. Reg. §1.401(k)-1(d)(3) provided that the election is fully cancelled and that any subsequent election is subject to Sections 2.02 and 4.03(A); (viii) payment upon Plan termination in accordance with Section 6.03(B); (ix) payment to prevent the occurrence of a “nonallocation year” under Code §409(p) in accordance with Prop. Treas. Reg. §1.409A-3(h)(2)(ix) or other Applicable Guidance; and (x) a decrease in the amounts deferred under the Plan as a result of a formula which links Deferred Compensation under this Plan to benefits paid by or contributions made to a qualified plan of the Employer, including Wraparound Elections, in accordance wi...