Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's creditors in the event of the Bank's "Insolvency" (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 21 contracts
Samples: Executive Supplemental Retirement Income Agreement, Deferred Compensation Agreement (First Bancorp of Indiana Inc), Deferred Compensation Agreement (First Bancorp of Indiana Inc)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's creditors in the event of the Bank's "Insolvency" (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive Director and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 14 contracts
Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's ’s creditors in the event of the Bank's "’s “Insolvency" ” (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 4 contracts
Samples: Executive Supplemental Retirement Income Agreement (United Community Bancorp), Supplemental Executive Retirement Plan (West End Indiana Bancshares, Inc.), Executive Supplemental Retirement Income Agreement (Pathfinder Bancorp Inc)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's creditors in the event of the Bank's "Insolvency" (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive Participant and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 3 contracts
Samples: Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc), Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc), Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's ’s creditors in the event of the Bank's "’s “Insolvency" ” (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive Director and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 3 contracts
Samples: Director Retirement Plan (West End Indiana Bancshares, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall Rabbi Trust and contribute assets which to the Rabbi Trust sufficient to pay the Executive’s Deferred Compensation Account. The assets held in the Rabbi Trust shall be held therein, subject to the claims of the Bank's ’s creditors only in the event of the Bank's "Insolvency" (as defined ’s insolvency or bankruptcy. The Executive shall not have any right, title or interest in such rabbi trust agreement), until the contributed assets are paid and to the Executive and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention assets of the Bank that Rabbi Trust, except for rights to benefit payments in accordance with the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities terms of this Agreement.
Appears in 1 contract
Samples: Deferred Compensation Agreement (Hampton Roads Bankshares Inc)
Establishment of a Rabbi Trust. The Bank shall may establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's ’s creditors in the event of the Bank's "’s “Insolvency" ” (as defined in such rabbi trust agreement), until the contributed assets are paid to the Executive Director and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust trust, if any, shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.
Appears in 1 contract
Samples: Director Shareholder Benefit Program Agreement (Mutualfirst Financial Inc)
Establishment of a Rabbi Trust. The Bank shall establish a rabbi trust into which the Bank shall contribute assets which shall be held therein, subject to the claims of the Bank's creditors in the event of the Bank's "Insolvency" (as defined in such rabbi trust agreement), until the contributed assets are 28 paid to the Executive and/or his Beneficiary in such manner and at such times as specified in this Agreement. It is the intention of the Bank that the contribution or contributions to the rabbi trust shall provide the Bank with a source of funds to assist it in meeting the liabilities of this Agreement.. SECTION XII AMENDMENT/PLAN TERMINATION
Appears in 1 contract
