Hardship Distribution. If the Director suffers an Unforeseeable Emergency and petitions for a hardship distribution, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as necessary solely to satisfy the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but only to the extent the emergency is not relieved through reimbursement or compensated for by insurance or liquidation of the Director’s assets.
Appears in 10 contracts
Samples: Income Deferral Agreement (Bank of Wilmington CORP), Income Deferral Agreement (Bank of Wilmington CORP), Director Deferred Compensation Agreement (Newmil Bancorp Inc)
Hardship Distribution. If the Director suffers an Unforeseeable Emergency and petitions for a hardship distribution, the Bank Company shall distribute to the Director all or a portion of the Deferral Account balance as necessary solely to satisfy the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but only to the extent the emergency is not relieved through reimbursement or compensated for by insurance or liquidation of the Director’s assets.
Appears in 5 contracts
Samples: Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West)
Hardship Distribution. If the Director suffers an Unforeseeable Emergency and petitions for a hardship distribution, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as necessary solely to satisfy the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but only solely to the extent the emergency is not relieved through reimbursement or compensated for by insurance or liquidation of the Director’s assetsassets (provided that liquidation of the Director’s assets would not itself cause a severe financial hardship).
Appears in 5 contracts
Samples: Income Deferral Agreement (Cape Fear Bank CORP), Income Deferral Agreement (Cape Fear Bank CORP), Income Deferral Agreement (Cape Fear Bank CORP)
Hardship Distribution. If Upon the Board of Director’s determination (following petition by the Director) that the Director suffers has suffered an Unforeseeable Emergency and petitions for a hardship distributionunforeseeable financial emergency, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as necessary solely to satisfy determined by the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but only to the extent the emergency is not relieved through reimbursement or compensated for by insurance or liquidation of the Director’s assetsBank.
Appears in 4 contracts
Samples: Director Deferred Compensation Agreement (Newmil Bancorp Inc), Director Deferred Compensation Agreement (Newmil Bancorp Inc), Director Deferred Compensation Agreement (Newmil Bancorp Inc)
Hardship Distribution. If the Director suffers an Unforeseeable Emergency and petitions for a hardship distribution, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as necessary solely to satisfy the emergency (plus additional amounts necessary to pay taxes anticipated as a result of the emergency), but only to the extent the emergency is not relieved through reimbursement or compensated for by insurance or liquidation of the Director’s 's assets.
Appears in 1 contract
Samples: Income Deferral Agreement (Capital Corp of the West)
