Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section 7.2, if this Agreement terminates in accordance with the provisions of Treas. Reg. Section 1.409A-3(j)(4)(ix), the Company will distribute the Executive Benefit Accrual, determined as of the date of the termination of the Agreement, to the Executive in a lump sum, subject to all of the requirements of such regulations.
Appears in 3 contracts
Sources: Executive Supplemental Income Agreement (Peoples Financial Corp /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/)