Common use of Accounting Device Only Clause in Contracts

Accounting Device Only. The Phantom Stock Appreciation Rights Account is solely a device for measuring amounts that may be paid under this Agreement. No Bank stock will be purchased, sold, registered or issued in connection with this Agreement. The Phantom Stock Appreciation Rights Account is not a trust fund of any kind. The Director is a general unsecured creditor of the Bank for purposes of the distribution of benefits under this Agreement. The benefits represent the mere Bank promise to distribute such benefits. The Director’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s creditors. Only cash will be paid as a benefit and no stock or any other property is to be paid to the Director.

Accounting Device Only. The Phantom Stock Appreciation Rights Account is solely a device for measuring amounts that may be paid under this Agreement. No Bank stock will be purchased, sold, registered or issued in connection with this Agreement. The Phantom Stock Appreciation Rights Account is not a trust fund of any kind. The Director is a general unsecured creditor of the Bank for purposes of the distribution of benefits under this Agreement. , The benefits represent the mere Bank promise to distribute such benefits. The Director’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director’s creditors. Only cash will be paid as a benefit and no stock or any other property is to be paid to the Director.