Common use of Initial Allocation Clause in Contracts

Initial Allocation. A Plan Share Award shall be allocated to each Non-employee Director as of the hour and day on which Common Stock is initially sold in the Offering. Specifically, each Non-employee Director shall receive a Plan Share Award for the number of whole shares of Common Stock determined by multiplying the number of shares of Common Stock which may be issued pursuant to this Plan by 90% and dividing such product by the number of Non-employee Directors at such time.

Initial Allocation. A Plan Share Award shall be allocated to each Non-employee Employee Director as of the hour and day on which Common Stock is the Plan was initially sold in approved by stockholders of the OfferingCorporation. Specifically, each Non-employee Employee Director shall receive a an initial Plan Share Award for the number of whole 1,088 shares of Common Stock determined by multiplying (except that each Non-Employee Director who has served as a director of the number Bank for more than 30 years shall receive an initial Plan Share Award of 2,176 shares of Common Stock which may be issued pursuant to this Plan by 90% and dividing such product by the number of Non-employee Directors at such timeStock).

Initial Allocation. A Plan Share Award shall be allocated to each Non-employee Employee Director as of the hour and day on which Common Stock the Plan is initially sold in approved by stockholders of the OfferingCorporation or, if a Non-Employee Director begins his service on the Board following stockholder approval of the Plan, the day such Non-Employee Director begins his service on the Board. Specifically, each Non-employee Employee Director on such dates shall receive a an initial Plan Share Award for the number of whole 6,216 shares of Common Stock determined by multiplying the number of shares of Common Stock which may be issued pursuant to this Plan by 90% and dividing such product by the number of Non-employee Directors at such timeStock.

Initial Allocation. A Plan Share Award shall be allocated to each Non-employee NonEmployee Director as of the hour and day on which Common Stock the Plan is initially sold in approved by stockholders of the OfferingCorporation. Specifically, each Non-employee Employee Director shall receive a an initial Plan Share Award for the number of whole 3,236 shares of Common Stock determined by multiplying the number of shares of Common Stock which may be issued pursuant to this Plan by 90% and dividing such product by the number of Non-employee Directors at such timeStock.