Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts:
Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts:
Establishing and Crediting. The Employer shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts:
(a) Any Contributions hereunder; and
(b) Interest as follows: on the last day of each month interest shall be credited on the Deferral Account at an annual rate equal to the Crediting Rate, compounded monthly.
Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account the following amounts:
(a) Any Deferrals hereunder; and
(b) Interest as follows:
(i) At the end of each Plan Year and immediately prior to the payment of any benefits, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually; and
(ii) At the end of each Plan Year during any applicable installment period, interest shall be credited on the Deferral Account balance at an annual rate determined by the Board of Directors in its sole discretion, compounded annually.
Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Employee and shall credit to the Deferral Account the following amounts:
(a) Any Deferrals hereunder;
(b) Interest, which, on the first day of each month, shall be credited at an annual rate equal to the Crediting Rate, compounded monthly.
Establishing and Crediting. The Bank shall establish a Phantom Stock Appreciation Rights Account on its books for the Director and shall credit to the Phantom Stock Appreciation Rights Account the following amounts:
Establishing and Crediting. The Employer shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts:
(a) Any Deferrals or Contributions hereunder; and
(b) Interest as follows:
(i) on the last day of each month prior to the earliest of Separation from Service, Disability or the Executive’s death, interest shall be credited on the Deferral Account balance at an annual rate equal to the Accumulation Period Crediting Rate, compounded monthly; and
(ii) on the last day of each month following the earliest of Separation from Service, Disability or the Executive’s death, interest shall be credited on the Deferral Account balance at an annual rate equal to the Distribution Period Crediting Rate, compounded monthly.
Establishing and Crediting. The Bank shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts:
(a) A one time contribution on or after the Effective Date in the amount of Thirty Three Thousand Dollars ($33,000).
(b) Any Executive Deferrals hereunder;
(c) With ninety (90) days following the completion of each Plan Year, the Bank shall make a Grant to the Deferral Account if any of the Bank’s performance targets for such Plan Year are met and if all of the qualifiers and conditions (if any) for such Plan Year are also met, as such performance targets, qualifiers, and conditions are set forth on Addendum A and as modified from time to time, provided interest on such Grant shall commence as of the beginning of the Plan Year; and
(d) Interest as follows:
(i) On the last day of each month and immediately prior to the distribution of any benefits, but only until commencement of benefit distributions under this Agreement, interest shall be credited on the Deferral Account at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note determined by taking the average rate of all the rates of the Treasury Note in the month of December of the prior Plan Year, compounded monthly; and
(ii) On the last day of each month during any applicable installment period, interest shall be credited on the unpaid Deferral Account balance at an annual rate equal to one percent (1%), plus the annual rate on a ten-year Treasury Note as determined by taking the average rate of all the rates of the Treasury Note in the month immediately preceding the first installment payment, compounded monthly. This rate shall be used during the entire applicable installment period.
(e) In the event any Grant to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Grant, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.
Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director and shall credit to the Deferral Account -
(a) Previous Deferrals: the balance of the Director’s deferrals and accrued interest,
(b) Future Deferrals: as of the time the Compensation would have otherwise been paid to the Director and until the end of the month preceding the month in which payment shall be made or installment payments shall commence, or for such shorter period as the Director may elect, the portion of the Compensation earned by the Director after the Effective Date of this Agreement but deferred by the Director,
(c) Interest: until the Deferral Account is paid in full to the Director, interest shall be credited quarterly on the Deferral Account balance at an interest rate equal to 120% of the applicable federal long term rate as published by the Internal Revenue Service for the first month of each calendar quarter.
Establishing and Crediting. The Company shall establish a Phantom SAR’s Account on its books for the Director. The value of the Phantom SAR’s Account is determined as follows:
