Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts: (a) Any Deferrals hereunder; and (b) Interest as follows: (i) At the end of each Plan Year and immediately prior to the payment of any benefits, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually; and (ii) At the end of each Plan Year during any applicable installment period, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually.
Appears in 5 contracts
Samples: Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp)
Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director Executive and shall credit to the Deferral Account the following amounts:
(a) Any Deferrals hereunder; and
(b) Interest as follows:
(i) At the end of each Plan Year and immediately prior to the payment of any benefits, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually; and
(ii) At the end of each Plan Year during any applicable installment period, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually.
Appears in 2 contracts
Samples: Executive Deferred Compensation Agreement (Ohio Valley Banc Corp), Executive Deferred Compensation Agreement (Ohio Valley Banc Corp)
Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director Executive and shall credit to the Deferral Account the following amounts:
(a) Any Deferrals hereunder; and
(b) Interest as follows:
: (i) At the end of each Plan Year and immediately prior to the payment of any benefits, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually; and
and (ii) At the end of each Plan Year during any applicable installment period, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually.
Appears in 1 contract
Samples: Executive Deferred Compensation Agreement (Ohio Valley Banc Corp)
