Common use of Establishing and Crediting Clause in Contracts

Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) A one time contribution on or after the Effective Date in the amount of Thirty Three Thousand Dollars ($33,000). (b) Any Executive Deferrals hereunder; (c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and (d) Interest as follows: (i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and (ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period. (e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.

Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) A one time contribution on or after the Effective Date in the amount of Thirty Three Twenty Four Thousand Dollars ($33,00024,000). (b) Any Executive Deferrals hereunder; (c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and (d) Interest as follows: (i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and (ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period. (e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.

Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) A one time contribution on or after the Effective Date in the amount of Thirty Three Twenty Five Thousand Two Hundred Dollars ($33,00025,200). (b) Any Executive Deferrals hereunder; (c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and (d) Interest as follows: (i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and (ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period. (e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.

Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) A one time contribution on or after the Effective Date in the amount of Thirty Three Twenty Eight Thousand Two Hundred Dollars ($33,00028,200). (b) Any Executive Deferrals hereunder; (c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and (d) Interest as follows: (i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and (ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period. (e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.

Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) A one time contribution on or after the Effective Date in the amount of Thirty Three Fifty Two Thousand Two Hundred Dollars ($33,00052,200). (b) Any Executive Deferrals hereunder; (c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and (d) Interest as follows: (i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and (ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period. (e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.