Common use of Credits to Deferred Compensation Account Clause in Contracts

Credits to Deferred Compensation Account. As discussed in Section 1.10, the Bank shall establish a bookkeeping account for Director, known as the Deferred Compensation Account. This Deferred Compensation Account shall be credited on the dates such Director’s Fees would otherwise have been paid with the percentage (dollar amount) that the Participant has notified the Bank (in writing and pursuant to the terms of Section 4), that he elected to have deferred. The Deferred Compensation Account shall be equal to the sum of (i) all amounts deferred in each Deferral Period under this Agreement, including all amounts deferred previously under the Original Agreement and (ii) interest thereon credited in accordance with the applicable interest crediting provisions, net of all distributions from such account. Amounts deferred pursuant to the Original Agreement and this Agreement shall be credited to the Deferred Compensation Account, along with the specified interest thereon. In addition to the forgoing, the Deferred Compensation Account shall include those amounts previously deferred under the Director’s Santa Lucia Bank Director Retirement Agreement (effective as of February 1, 1997 and thereafter amended by virtue of the January 10, 2001 Amendment thereto), as amended and superseded by the First Amended and Restated Santa Lucia National Bank Director Retirement Agreement