Common use of NATURE OF THE DEFERRED COMPENSATION ACCOUNT Clause in Contracts

NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The 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 Participant at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Plan. The 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 Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Company, and that Participant shall have no ownership rights of any nature with respect thereto. Participant’s rights are limited to the rights to receive payments as hereinafter provided and Participant’s position with respect thereto is that of a general unsecured creditor of the Company.

NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The 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 Participant at the times hereinafter specified specified, and the Bank Company shall not segregate any of its assets in order to satisfy any obligations under this PlanAgreement. The 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 Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Company, and that the Participant shall have no ownership rights of any nature with respect thereto. The Participant’s rights are limited to the rights to receive payments as hereinafter provided and the Participant’s position with respect thereto is that of a general unsecured creditor of the Company.