Common use of Salary Deferral Clause in Contracts

Salary Deferral. The Executive may request that the payment of any portion of his base salary for any year be deferred. Such request must be made in writing to 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 SBI approves such request, the Executive shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBI. Any salary which is deferred as described herein shall be credited to an account on the books of SBI established in the name of the Executive. However, this account shall not be funded, and SBI shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities of SBI to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of SBI which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBI. SBI shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary for any year be deferred. Such request must be made in writing to SBI 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 SBI approves Sovereign and of the Bank approve such request, the Executive shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBISovereign. Any salary which is deferred as described herein shall be credited to an account on the books of SBI Sovereign and of the Bank established in the name of the Executive. However, this account shall not be funded, and SBI neither Sovereign nor the Bank shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities of SBI 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 SBI Sovereign and the Bank which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBISovereign or of the Bank. SBI Sovereign and the Bank shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary for any calendar year be deferred. Such request must be made in writing to SBI Peoples 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 SBI Peoples approves such request, the Executive shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBIPeoples. Any salary which is deferred as described herein shall be credited to an account on the books of SBI Peoples established in the name of the Executive. However, this account shall need not be funded, and SBI Peoples shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities of SBI Peoples to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of SBI Peoples which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBIPeoples. SBI Peoples shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary for any year be deferred. Such request must be made in writing to SBI 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 SBI approves such request, the Executive 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 plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBIBoard. Any salary which is deferred as described herein shall be credited to an account on the books of SBI the Bank established in the name of the Executive. However, this account shall not be funded, and SBI the Bank shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities liability of SBI 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 SBI liability which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBIthe Bank. SBI The Bank shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.

Salary Deferral. The Executive may request that the payment of any portion of his base salary for any year be deferred. Such request must be made in writing to SBI 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 SBI approves Sovereign and of the Bank approve such request, the Executive shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBISovereign. Any salary which is deferred as described herein shall be credited to an account on the books of SBI Sovereign and of the Bank established in the name of the Executive. However, this account shall not be funded, and SBI neither Sovereign nor the Bank shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities of SBI 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 SBI Sovereign and the Bank which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBISovereign or of the Bank. SBI Sovereign and the Bank shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.