Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account - (a) Previous Deferrals: the balance of the Director’s deferrals and accrued interest, (b) Future Deferrals: as of the time the Compensation would have otherwise been paid to the Director and until the end of the month preceding the month in which payment shall be made or installment payments shall commence, or for such shorter period as the Director may elect, the portion of the Compensation earned by the Director after the Effective Date of this Agreement but deferred by the Director, (c) Interest: until the Deferral Account is paid in full to the Director, interest shall be credited quarterly on the Deferral Account balance at an interest rate equal to 120% of the applicable federal long term rate as published by the Internal Revenue Service for the first month of each calendar quarter.
Appears in 5 contracts
Samples: Director Elective Income Deferral Agreement (Capital Corp of the West), Director Elective Income Deferral Agreement (Capital Corp of the West), Director Elective Income Deferral Agreement (Capital Corp of the West)
