NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Director’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Director at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The Director’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Director’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Director shall have no ownership rights of any nature with respect thereto. The Director’s rights are limited to the rights to receive payments as hereinafter provided, and the Director’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Director Deferred Compensation Agreement (LINKBANCORP, Inc.), Director Deferred Compensation Agreement (GNB Financial Services Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Director’s Executive Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Director Executive at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The Director’s Executive Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Director’s Executive Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Director Executive shall have no ownership rights of any nature with respect thereto. The DirectorExecutive’s rights are limited to the rights right to receive payments as hereinafter provided, and the DirectorExecutive’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Executive Deferred Compensation Agreement (Origin Bancorp, Inc.), Executive Deferred Compensation Agreement (Camden National Corp)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The DirectorExecutive’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Director Executive at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The DirectorExecutive’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the DirectorExecutive’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Director Executive shall have no ownership rights of any nature with respect thereto. The DirectorExecutive’s rights are limited to the rights to receive payments as hereinafter provided, and the DirectorExecutive’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Executive Deferred Compensation Agreement (LINKBANCORP, Inc.), Executive Deferred Compensation Agreement (GNB Financial Services Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Director’s Directors Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Director at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreementthese Agreements. The Director’s Directors Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Director’s Directors Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Director shall have no ownership rights of any nature with respect thereto. The Director’s rights are limited to the rights to receive payments as and hereinafter provided, provided and the Director’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Directors Deferred Compensation Agreement (Community Financial Shares Inc), Directors Deferred Compensation Agreement (Community Financial Shares Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Director’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Director at the times hereinafter specified specified, and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreementthe plan. The Director’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Director’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Director shall have no ownership rights of any nature with respect thereto. The Director’s rights are limited to the rights to receive payments as hereinafter provided, provided and the Director’s position with respect thereto is that of a general unsecured creditor of the Bank.. Table of Contents
Appears in 1 contract
Samples: Directors Defined Benefit Plan Agreement (National Bancshares Corp /Oh/)
