Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.1, any acceleration of the payment of benefits due to Plan termination shall comply with the following subparagraphs, but only as permitted in accordance with Section 409A and Treasury Regulation §1.409A-3(j)(4)(ix). The Bank may distribute the Accrued Liability, determined as of the date of the termination of the Plan, to the Executive in a lump sum subject to the terms below:
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)
Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.16.2, any acceleration of the payment of benefits due to termination of the Plan termination shall comply with the following subparagraphs, but only as permitted in accordance with Section 409A and Treasury Regulation §1.409A-3(j)(4)(ixI.409A-3(j)(4)(ix). The Bank may distribute the Accrued Liability, determined as of the date of the termination of the Plan, to the Executive in a lump sum subject to the terms below:
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (CBM Bancorp, Inc.)
