Hardship Distribution. Upon the Bank’s determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 3 contracts
Samples: Deferred Fee Agreement (Plumas Bancorp), Deferred Fee Agreement (Plumas Bancorp), Deferred Fee Agreement (Plumas Bancorp)
Hardship Distribution. Upon the Bank’s 's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 2 contracts
Samples: Deferred Fee Agreement (Plumas Bancorp), Deferred Fee Agreement (Plumas Bancorp)
Hardship Distribution. Upon the Bank’s Board of Director's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank Company shall distribute to the Director all or a portion of the Deferral Account balance as determined by the BankCompany, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 2 contracts
Samples: Director Deferred Fee Agreement (Valley National Corp /De/), Director Deferred Fee Agreement (Valley National Corp /De/)
Hardship Distribution. Upon the BankBoard of Director’s determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 2 contracts
Samples: Director Deferred Fee Agreement (SI Financial Group, Inc.), Director Deferred Fee Agreement (SI Financial Group, Inc.)
Hardship Distribution. Upon the Bank’s Board of Director's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank Company shall distribute to the Director all or a portion of the Deferral Account balance as determined by the BankCompany, but in no event shall the distribution be greater than is necessary to relieve the financial hardship. Any such distributions will be reflected as a reduction of the Deferral Account in an amount equal to the distribution.
Appears in 1 contract
Samples: Director Deferred Fee Agreement (Tib Financial Corp)
Hardship Distribution. Upon the Bank’s 's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 1 contract
Samples: Deferred Compensation Agreement (Capital Corp of the West)
Hardship Distribution. Upon the Bank’s 's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardshiphardship as determined in by majority vote of the Board of Directors of the Bank in its good faith discretion, with the Director abstaining.
Appears in 1 contract
Samples: Director Fee Deferral Agreement (Sandy Spring Bancorp Inc)
Hardship Distribution. Upon the Bank’s Board of Director's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank Company shall distribute to the Director all or a portion of the Deferral Account balance as determined by the BankCompany, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.. 4
Appears in 1 contract
Samples: Director Deferred Fee Agreement (Southern Michigan Bancorp Inc)
Hardship Distribution. Upon the Bank’s determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardshiphardship as determined in by majority vote of the Board of Directors of the Bank in its good faith discretion, with the Director abstaining.
Appears in 1 contract
Samples: Directors’ Fee Deferral Agreement (Sandy Spring Bancorp Inc)
Hardship Distribution. Upon the Bank’s 's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, . the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
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Hardship Distribution. Upon the Bank’s 's determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2., the Bank shall distribute to the Director all or a portion of the Deferral Account balance as determined by the Bank, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.
Appears in 1 contract
