Hardship Distribution. Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Subsection 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 4 contracts
Samples: Deferred Compensation Agreement (Team Financial Inc /Ks), Deferred Compensation Agreement (Team Financial Inc /Ks), Employment Agreement (Team Financial Inc /Ks)
Hardship Distribution. Upon the Board of DirectorCompany's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Subsection Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 4 contracts
Samples: Deferred Compensation Agreement (Lawrence Financial Holdings Inc), Deferred Compensation Agreement (Southern Michigan Bancorp Inc), Executive Deferred Compensation Agreement (Mid Penn Bancorp Inc)
