Benefit Account Sample Clauses

Benefit Account. The Bank shall establish a Benefit Account on its books for each Participant, and shall credit to each Participant’s Benefit Account the following amounts at the times specified: (a) The amount of Director’s Fees that the Participant has previously deferred or elects to defer pursuant to Section 3.01 of the Plan, credited as of the date the Participant would otherwise have received the fee compensation. The Bank shall deduct any amounts it is required to withhold under state, federal or local law for taxes or other charges from the Participant’s Director’s Fees. (b) As of the last day of each calendar quarter, an amount equal to the earnings attributable to the Participant’s Benefit Account. For the period of August 1, 2004 through December 31, 2004 the earnings will be an amount equal to the greater of: (1) the product of the Benefit Account balance as of that date multiplied by the Interest Yield for that quarter, with interest credited for the actual days the funds were in the Benefit Account during the quarter or (2) the earnings attributable to the investment performance of assets contributed to a grantor trust as defined in Section 671 of the Code (the “Trust”) established by the Bank on behalf of the Plan with such earnings allocated to each Benefit Account based upon the ratio each Participant’s Benefit Account balance bears to the total balances of all Benefit Accounts held by the Trust that is attributable to this Plan. For the period subsequent to January 1, 2005, Benefit Account earnings will be determined based upon the investment elections made by the Participant described in more detail below. The Participant must make a one-time irrevocable election to have earnings on the portion of his or her Benefit Account attributable to deferrals prior to January 1, 2005 calculated based upon either (i) the Interest Yield or (ii) the investment return attributable to the deemed investments selected by the Participant based upon the benchmark funds provided by the Bank. Once an investment election is made by the Participant, the Participant cannot change his or her election between such investment alternatives. Prior to the commencement of each year (beginning January 1, 2005) for which deferrals of Director’s Fees will be made, the Participant will make an election to have the earnings on all future deferrals calculated based upon the investment return attributable to the deemed investments selected by the Participant based upon the benchmark funds pr...

Benefit Account. 4.1 The Trustee shall continue to hold in the Benefit Account any amounts that were held in the Benefit Account under the Prior Trust, such amounts to be administered and disposed of by the Trustee as provided herein. (a) At any time, the Company and any Affiliate shall have the unlimited right to deliver cash or marketable securities reasonably acceptable to the Trustee to be credited to the Benefit Account. Any such delivery shall be accepted by the Trustee accompanied by a designation of the Plan or Plans under the provisions of which such funds are to be disbursed and if more than one Plan is being funded, the amount being allocated in respect of each Plan. Such delivery shall be credited to a separate sub-account within the Benefit Account for each Plan in respect of which funds are being provided. Any amount (together with the income attributable thereto) may be withdrawn by the Company and any Affiliate at any time prior or subsequent to a Threatened Change in Control Period and prior to a Change in Control. (b) Immediately upon the occurrence of a Threatened Change in Control or a Change in Control, the Company shall contribute sufficient cash to the Benefit Account (i) to pay all payments and benefits to which Participants would be entitled (whether payable currently or on a deferred basis) pursuant to the terms of the Plans as of the date of the Threatened Change in Control or Change in Control and (ii) to pay the additional payments and benefits that would be due Participants under the Plans assuming the Participants' employment was terminated involuntarily by the Company without cause immediately following the date on which the Threatened Change in Control or Change in Control occurred. The amount the Company shall contribute to the Trust pursuant to this subparagraph (b) shall be determined by the Trustee in its discretion. If the Company fails to contribute the amount to the Trust required by this subparagraph (b) within five (5) days of the occurrence of the Threatened Change in Control or Change in Control, the Trustee shall commence legal action as provided in Section 9.5. During a Threatened Change in Control Period or after the occurrence of a Change in Control, if the Trustee determines that the funds in the Benefit Account are insufficient to fully pay all payments and benefits in (b)(i) and (ii) above under the Plans, the Trustee shall make written demand on the Company to provide funds in an amount determined by the Trustee in its di...

Benefit Account with the execution of this Trust, the Company will deliver to the Trustee, to be held in trust hereunder and credited to the Benefit Account, the sum of $5,000 in cash, to be administered and disposed of by the Trustee as provided herein.

Benefit Account. (a) The Company shall establish a Benefit Account on its books for each Participant. A Participant's Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan attributable to the Participant's Stated Deferrals and the Company Contributions related thereto. A Participant's Benefit Account shall not constitute or be treated as a trust fund of any kind for the benefit of the Participant, the Participant's Beneficiary or estate, or to be security for the performance of obligations of the Company but shall be and remain a general, unpledged and unrestricted asset of the Company. All benefits payable under this Plan shall be paid as they become due and payable by the Company out of its general assets. The Company Contributions related to Stated Deferrals will be credited as of the date when a matching contribution otherwise would have been allocated to the Participant's account under the Savings Plan. (b) Each Benefit Account shall be revalued daily to be credited or debited with investment earnings, gains and losses based upon the performance of the investment funds selected by the Participant from time to time pursuant to Section 3.03. (c) Each Benefit Account shall be debited as of the date of distribution by the amount of any distribution made from such Benefit Account.

Benefit Account. As benefits are paid or administrative charges are made, the account balance of each Covered Employee for whom such is made will be reduced by such amount paid or administrative charges and fees made. The value remaining is the value of that covered Employee’s Benefit Account.

Benefit Account. “Benefit Account” means the total value of a Covered Employee’s account expressed in dollars and cents and is the accumulation of Employer contributions, interest earned and credited forfeitures, if any, less administrative expenses, and which consists of the various accounts and sub- accounts described herein.

Benefit Account. A Benefit Account shall be established as a liability reserve account on the books of the Employer for the benefit of the Executive. Prior to the date on which the Executive becomes eligible to receive payments under the Agreement, such Benefit Account shall be increased (or decreased) each Plan Year (including the Plan Year in which the Executive ceases to be employed by the Employer) by an amount equal to the annual earnings or loss for that Plan Year determined by the Index (described in subparagraph c below), less the Opportunity Cost (described in subparagraph d below) for that Plan Year. The Benefit Account shall also be credited with the amount of any accrued account balance payable to or for the benefit of the Executive under any other benefit plan of the Employer in which the Executive participated and which is supplemented or replaced by this Executive Supplemental Compensation Agreement.

Benefit Account. (1) The Company hereby deposits with the Trustee in trust two hundred fifty dollars ($250) in cash, which shall become the principal of the Benefit Account to be held, administered and disposed of by the Trustee as provided in this Trust Agreement.

Benefit Account. 9 Article 5 Payments from the Trust............................10