Common use of Ownership Covenant Clause in Contracts

Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one (1.0) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.

Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one (1.01) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank Company shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and one (1) year from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.

Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one two (1.02) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and one (1) year from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.

Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one five (1.05) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank Company shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and one (1) year from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.

Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one three (1.03) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank Company shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and one (1) year from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.