Benefit Account. A Benefit Account shall be established as a liability reserve account on the books of the Employer for the benefit of the Executive. Prior to the date on which the Executive becomes eligible to receive payments under the Agreement, such Benefit Account shall be increased (or decreased) each Plan Year (including the Plan Year in which the Executive ceases to be employed by the Employer) by an amount equal to the annual earnings or loss for that Plan Year determined by the Index (described in subparagraph c below), less the Opportunity Cost (described in subparagraph d below) for that Plan Year.
Benefit Account. The Bank shall establish a Benefit Account on its books for each Participant, and shall credit to each Participant’s Benefit Account the following amounts at the times specified:
Benefit Account. “Benefit Account” means the total value of a Covered Employee’s account expressed in dollars and cents and is the accumulation of Employer contributions, interest earned and credited forfeitures, if any, less administrative expenses, and which consists of the various accounts and sub- accounts described herein.
Benefit Account. As benefits are paid or administrative charges are made, the account balance of each Covered Employee for whom such is made will be reduced by such amount paid or administrative charges and fees made. The value remaining is the value of that covered Employee’s Benefit Account.
Benefit Account. (1) The Company hereby deposits with the Trustee in trust two hundred fifty dollars ($250) in cash, which shall become the principal of the Benefit Account to be held, administered and disposed of by the Trustee as provided in this Trust Agreement.
Benefit Account. (a) The Company shall establish a Benefit Account on its books for each Participant. A Participant's Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan attributable to the Participant's Stated Deferrals and the Company Contributions related thereto. A Participant's Benefit Account shall not constitute or be treated as a trust fund of any kind for the benefit of the Participant, the Participant's Beneficiary or estate, or to be security for the performance of obligations of the Company but shall be and remain a general, unpledged and unrestricted asset of the Company. All benefits payable under this Plan shall be paid as they become due and payable by the Company out of its general assets. The Company Contributions related to Stated Deferrals will be credited as of the date when a matching contribution otherwise would have been allocated to the Participant's account under the Savings Plan.
Benefit Account. 3 Board................................................................3
Benefit Account. 4.1 Concurrently with the execution of this Trust, the Company will deliver to the Trustee, to be held in trust hereunder and credited to the Benefit Account, the sum of $5,000 in cash, to be administered and disposed of by the Trustee as provided herein.
Benefit Account. 4.1 Immediately upon the occurrence of a Change in Control, the Company shall contribute sufficient cash or marketable securities to the Benefit Account in an amount equal to the difference between the assets transferred to this Trust pursuant to the Transfer and the amount necessary (i) to pay all payments and benefits to which Participants would be entitled (whether payable currently or on a deferred basis) pursuant to the terms of the Transferred Plans as of the date of the Change in Control and (ii) to pay the additional payments and benefits that would be due Participants under the Transferred Plans assuming the Participants' employment were terminated involuntarily by the Company without cause immediately following the date on which the Change in Control occurred. The amount the Company shall contribute to the Trust pursuant to this Section 4.1 shall be determined by the Trustee in its discretion. If the Company fails to contribute the amount to the Trust required by this Section 4.1 within five (5) days of the occurrence of the Change in Control, the Trustee shall commence legal action as provided in Section 9.4. Upon a Change in Control, the Trustee will have possession and control of the assets transferred (together with any other assets) of this Trust and all of the income therefrom to hold, administer and dispose of the same on the terms and conditions set forth herein on behalf of the Participants and their beneficiaries.
Benefit Account. 4.1 The Trustee shall continue to hold in the Benefit Account any amounts that were held in the Benefit Account under the Prior Trust, such amounts to be administered and disposed of by the Trustee as provided herein.
