Bank Contributions Clause Samples
The 'Bank Contributions' clause defines the obligations and procedures for financial contributions made by a bank within the context of an agreement. Typically, this clause outlines the amount, timing, and method of payment the bank is required to provide, and may specify the purpose of the contributions, such as funding a project, supporting a joint venture, or meeting regulatory requirements. By clearly delineating these responsibilities, the clause ensures that all parties understand the bank's financial commitments, thereby reducing the risk of disputes and ensuring the smooth execution of the agreement.
Bank Contributions. This is a non-elective, account balance deferred compensation agreement. Provided this Agreement is not earlier terminated under the terms and conditions herein and the Executive remains employed with the Bank, the Bank will credit the Executive’s Deferral Account with a total of twenty-four (24) Bank Contributions, each in an amount equal to no less than Sixty-Six Thousand Two Hundred Thirty-Two Dollars ($66,232.00), for a total Bank Contribution of One Million Five Hundred Eighty-Nine Thousand Five Hundred Sixty-Eight Dollars ($1,589,568.00.00). The first such contribution shall be made within 30 days following the Effective Date. Subsequent contributions will be made in January of each year from 2024 through 2046 in an amount to be determined by the Bank in its discretion after review of the Executive’s compensation and other information deemed pertinent by the Bank, but, unless and until this Agreement is amended, shall be no less than $66,232.00. The Bank may, in its sole discretion, credit additional contributions to the Executive’s Deferral Account at any time and for any reason. All Bank Contributions, except for interest, will cease immediately upon an event described under either Table A or B, or upon termination of the Agreement pursuant to Section 4.2 or Article 7. Interest continues to be credited until the Deferral Account balance reaches zero.
Bank Contributions. Prior to Separation from Service, the Bank may, in its sole and absolute discretion, make contributions to the Deferral Account.
Bank Contributions. In addition to any Deferrals, the Bank may, at any time, make a Bank Contribution to the Deferral Account. Any Bank Contribution may, at the election of the Bank, be subject to a vesting schedule or such other provisions as the Bank may provide.
Section 3.1 (a) of the Agreement shall be deleted and replaced with the following:
(a) Any Deferrals and Bank Contributions hereunder;
Bank Contributions. In addition to any Deferrals, the Bank may, at any time, make a Bank Contribution to the Deferral Account.
Bank Contributions. The Bank may make contributions to the Director’s Deferral Account in it sole and absolute discretion.
Bank Contributions. Bonuses shall be earned for each Plan Year pursuant to the performance requirements of Exhibit A, which shall be set no later than March 1 of the each Plan Year. If the Exhibit A performance requirements are met and if the Executive is actively employed by the Bank on the Contribution Date of the following Plan Year, the Bank shall make a Bank Contribution to the Executive’s Holdback Account equal to the percentage of the Bonus payable through this Agreement, as determined by the Board no later than the preceding December 31st. The remaining portion of the Bonus shall be paid to the Executive between January 1 and March 15 of the year immediately following the Plan Year in which it was earned, provided however that for the Bonus relating to the 2011 Plan Year, the Executive must be actively employed on the payment date or the full Bonus will be forfeited (both the portion otherwise payable and the Bank Contribution for 2011).
Bank Contributions. The Bank may make matching or other contributions to this Benefit Plan for the benefit of the Participant from time to time at the discretion of the Bank. The Participant shall be one hundred percent (100%) vested in the Bank’s contributions hereunder.