Common use of Salary Deferral Clause in Contracts

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 6% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve such request, the Executive will shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate determined each year by the Board of 6% per annumDirectors of the Bank. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will shall not be funded, and neither Main the Company nor the Bank will shall be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities of Main the Company and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main the Company or of the Bank. Main The Company and the Bank will shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank SBI before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve SBI approves such request, the Executive will shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate determined each year by the Board of 6% per annumDirectors of SBI. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main and of the Bank SBI established in the name of the Executive. However, this account will shall not be funded, and neither Main nor the Bank will SBI shall not be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities of Main and the Bank SBI to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank SBI which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main or of the BankSBI. Main and the Bank will SBI shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board Boards of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 6% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and Trustees of the Bank approve such request, the Executive will shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate determined each year by the Board of 6% per annumTrustees of the Bank. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will shall not be funded, and neither Main the Company nor the Bank will shall be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities of Main the Company and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main the Company or of the Bank. Main The Company and the Bank will shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 68% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this AgreementAgreement and Executive's status with respect to his deferred compensation shall be that of a general unsecured creditor of Main. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main Sovereign and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board Boards of Directors of Main Sovereign and of the Bank approve such request, the Executive will shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate determined each year by the Board of 6% per annumDirectors of Sovereign. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main Sovereign and of the Bank established in the name of the Executive. However, this account will shall not be funded, and neither Main Sovereign nor the Bank will shall be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities of Main Sovereign and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main Sovereign and the Bank which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main Sovereign or of the Bank. Main Sovereign and the Bank will shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main Sovereign and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "“Deferral Period"”). If the Board Boards of Directors of Main Sovereign and of the Bank approve such request, the Executive will shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate determined each year by the Board of 6% per annumDirectors of Sovereign. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main Sovereign and of the Bank established in the name of the Executive. However, this account will shall not be funded, and neither Main Sovereign nor the Bank will shall be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities of Main Sovereign and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main Sovereign and the Bank which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main Sovereign or of the Bank. Main Sovereign and the Bank will shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of --------------- any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 68% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this AgreementAgreement and Executive's status with respect to his deferred compensation shall be that of a general unsecured creditor of Main. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "“Deferral Period"”). If the Board of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate to be determined each year by the Board of 6% per annumDirectors of the Bank. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will not be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this AgreementAgreement and Executive’s status with respect to his deferred compensation shall be that of a general unsecured creditor of the Bank. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main the Bank or of the Bank. Main and the The Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank Boardwalk before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve Boardwalk approves such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 6% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank Boardwalk established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank Boardwalk will not be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities liability of Main and the Bank Boardwalk to the Executive hereunder are those will be that of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities liability of Main and the Bank Boardwalk which arise arises under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the BankBoardwalk. Main and the Bank Boardwalk will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve approves such request, the Executive will shall be entitled to receive, at such time as is specified following the end close of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest, which interest at a compounded shall be computed by reference to an annual interest rate of 6% per annumdetermined each year by the Board. Any salary and/or bonus which is deferred as described herein will shall be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will shall not be funded, and neither Main nor the Bank will shall not be deemed to be a trustee for the Executive with respect to any deferred amountsalary. The liabilities liability of Main and the Bank to the Executive hereunder are those will be that of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank liability which arise under this subsection will Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the The Bank will shall not be required to segregate any funds representing such deferred amountssalary, and nothing herein will shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board Boards of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 6% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.