Directors Deferred Compensation Plan Sample Clauses

Directors Deferred Compensation Plan. By consummation of the acquisition contemplated by the Plan, the Holding Company shall have approved its adoption of the existing Deferred Compensation Plan for Directors of Ipswich Savings Bank and shall have agreed to issue Holding Company Stock in lieu of Bank Common Stock in payment of stock units allocated to a Director's account pursuant to the Deferred Compensation Plan (each such stock unit, as allocated, a "Stock Unit). At the Effective Time, each Stock Unit shall represent one share of Holding Company Stock.
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Directors Deferred Compensation Plan. Subject to the ------------------------------------ limitations and restrictions set forth at 6.9 herein, the Directors Deferral Plan and related Trust Agreement shall be terminated by Community Bank at and immediately prior to the Effective Time and Community Bank shall make payments to plan participants in amounts not to exceed the amounts set forth at Schedule 5.16, less applicable tax withholding.
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Directors Deferred Compensation Plan. Purpose of the Plan - Effective Date Purpose. The purpose of this Plan is to provide each eligible Director of FIRST XXXXXXXX XXXXX, INC. with the opportunity to receive deferred compensation and to provide for the payment of survivor benefits in the event of his death before the date on which deferred compensation payments are scheduled to commence under the Plan. An additional purpose is to establish a method of paying Director’s compensation that will aid FIRST XXXXXXXX XXXXX, INC. in continuing to attract and retain as members of their Board of Directors persons whose abilities, experience and judgment can contribute to the continued progress of FIRST XXXXXXXX XXXXX, INC. Effective Date. This Plan shall be effective December 21, 1983. Definitions
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Directors Deferred Compensation Plan. For a period of two (2) years after the Effective Time, NCBC shall cause the Savings Bank Subsidiary to maintain the current Director's Deferred Compensation Plan and to permit continued deferral of directors' retainers and fees by advisory and emeritus directors. After the end of such period, no additional contributions shall be made to such plan, and accrued balances (plus any earnings thereon) shall be paid in accordance with the terms of such plan.
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Directors Deferred Compensation Plan. At the Effective Time, each unit outstanding in the Deferred Stock Compensation Plan for directors of the Company and its Subsidiaries shall be converted to either the Per Share Cash Consideration or the Per Share Stock Consideration, at the election of each holder of such units. At least 5 Business Days prior to the Effective Time, each such holder of units shall notify Parent of their election, which Parent shall honor as best as reasonably practicable; PROVIDED, HOWEVER, that the provisions of Section 3.03(j) with respect to potential adjustments to the Per Share Stock Consideration shall be applicable if an aggregate number of shares of Parent Common Stock in excess of the Maximum Share Amount would be otherwise required to be issued pursuant to the transactions contemplated by this Agreement.
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Directors Deferred Compensation Plan. Subject to any required regulatory approval and any limitation imposed by the U.S. Department of Treasury Troubled Asset Relief Program, Capital Purchase Program or satisfaction of a condition in any Regulatory Approval, immediately on or prior to the Effective Time, CBT shall, in cooperation with BHLB, subject to the occurrence of the Effective Time, terminate The Connecticut Bank and Trust Company Non-Qualified Deferred Compensation Plan for Non-Employee Directors and the amounts due thereunder shall be paid in a lump sum to the participants therein, on or prior to the Effective Time in accordance with Section 409A of the Code. Prior to the Effective Time, CBT shall take such actions as necessary to give effect to the transaction contemplated by this Section 7.6.8, including, without limitation, the provision of any notices or release agreements and the adoption of any necessary amendments to such plans.
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Directors Deferred Compensation Plan 
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Related to Directors Deferred Compensation Plan

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Plans Borrower has no pension, profit sharing or other compensatory or similar plan (herein called a “Plan”) providing for a program of deferred compensation for any employee or officer. No fact or situation, including but not limited to, any “Reportable Event,” as that term is defined in Section 4043 of the Employee Retirement Income Security Act of 1974 as the same may be amended from time to time (“Pension Reform Act”), exists or will exist in connection with any Plan of Borrower which might constitute grounds for termination of any Plan by the Pension Benefit Guaranty Corporation or cause the appointment by the appropriate United States District Court of a Trustee to administer any such Plan. No “Prohibited Transaction” within the meaning of Section 406 of the Pension Reform Act exists or will exist upon the execution and delivery of the Agreement or the performance by the parties hereto of their respective duties and obligations hereunder. Borrower will (1) at all times make prompt payment of contributions required to meet the minimum funding standards set forth in Sections 302 through 305 of the Pension Reform Act with respect to each of its Plans; (2) promptly, after the filing thereof, furnish to Agent copies of each annual report required to be filed pursuant to Section 103 of the Pension Reform Act in connection with each Plan for each Plan Year, including any certified financial statements or actuarial statements required pursuant to said Section 103; (3) notify Agent immediately of any fact, including, but not limited to, any Reportable Event arising in connection with any Plan which might constitute grounds for termination thereof by the Pension Benefit Guaranty Corporation or for the appointment by the appropriate United States District Court of a Trustee to administer the Plan; and (4) notify Agent of any “Prohibited Transaction” as that term is defined in Section 406 of the Pension Reform Act. Borrower will not (a) engage in any Prohibited Transaction or (b) terminate any such Plan in a manner which could result in the imposition of a Lien on the Property of Borrower pursuant to Section 4068 of the Pension Reform Act.

  • Nonqualified Deferred Compensation Plans Effective on or before the Distribution Date, Columbia shall adopt, establish and maintain nonqualified deferred compensation plans for the benefit of employees of the Columbia Parties (the “Columbia Deferred Compensation Plans”) and shall establish one or more grantor trusts to be a source of providing benefits thereunder (the “Columbia Rabbi Trusts”) that in each case shall be substantially similar to the NiSource Deferred Compensation Plans and the grantor trusts maintained by NiSource with respect to the NiSource Deferred Compensation Plans (the “NiSource Rabbi Trusts”). As of the Distribution Date, the Columbia Parties shall assume and thereafter be solely responsible for all existing and future liabilities relating to Business Employees’ (and Deceased Business Employee survivors’ and beneficiaries’) (a) benefits accrued under the NiSource Deferred Compensation Plans prior to the Distribution Date and (b) benefits that accrue under the Columbia Deferred Compensation Plans on and after the Distribution Date. All beneficiary designations made by Business Employees and by survivors and beneficiaries of Deceased Business Employees under the NiSource Deferred Compensation Plans shall, to the extent applicable, be transferred to, and be in full force and effect under, the Columbia Deferred Compensation Plans until such beneficiary designations are replaced or revoked by the Business Employee (or the survivor or beneficiary of the Deceased Business Employee) who made the beneficiary designation. Following the Distribution Date, the NiSource Parties shall have no liability or obligation with respect to the benefits accrued by such Business Employees or by such survivors or beneficiaries of Deceased Business Employees under any of the NiSource Deferred Compensation Plans or with respect to any benefits accrued under the Columbia Deferred Compensation Plans. As soon as administratively practicable after the Distribution Date, NiSource shall cause the NiSource Rabbi Trusts to transfer to the Columbia Rabbi Trusts cash, life insurance policies or other assets having an aggregate fair market value equal to (i) the aggregate fair market value of all assets held in the NiSource Rabbi Trusts as of the Distribution Date multiplied by (ii) a percentage, the numerator of which shall be the lump sum present value of the benefits assumed by the Columbia Deferred Compensation Plans pursuant to this Section 3.03 and the denominator of which shall be the lump sum present value of all benefits accrued under the NiSource Deferred Compensation Plans immediately prior to the Distribution Date.

  • Incentive Compensation Plans The occurrence of any of the following: (i) a material reduction by the Corporation in the Executive’s (A) annual incentive compensation target or maximum opportunity, or (B) long-term incentive compensation target or maximum opportunity (measured based on grant date fair value of any equity-based awards), in each case, as in effect immediately prior to the Change in Control, or (ii) a change in the performance conditions, vesting, or other material terms and conditions applicable to annual and/or long-term incentive compensation awards granted to Executive after the Change in Control which would have the effect of materially reducing the Executive’s aggregate potential incentive compensation from the level in effect immediately prior to the Change in Control; or

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance.

  • Executive Compensation Plans Executive shall be entitled during the Term to participate, without discrimination or duplication, in executive compensation plans and programs intended for general participation by senior executives of the Bank, as presently in effect or as they may be modified or added to by the Bank from time to time, subject to the eligibility and other requirements of such plans and programs, including without limitation any stock option plans, plans under which restricted stock/restricted stock units, performance-based restricted stock/restricted stock units or performance-accelerated restricted stock/restricted stock units (collectively, “stock plans”) may be awarded, other annual and long-term cash and/or equity incentive plans, and deferred compensation plans. The Bank makes no commitment under this Section 5(a) to provide participation opportunities to Executive in all plans and programs or at levels equal to (or otherwise comparable to) the participation opportunity of any other executive.

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • Payment of Deferred Compensation Any compensation that has been earned by the Executive but is unpaid as of the Termination Date, including any compensation that has been earned but deferred pursuant to the Company's Deferred Compensation Plan or otherwise, shall be paid in full to the Executive on the Termination Date.

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