Deferral Account. The Company shall establish a Deferral Account on its books for the Director. The Deferral Account balance as of any date is determined by (a) taking the cash surrender value of the first simulated investment less the balance of the second simulated investment as of such date, and (b) dividing the net difference by the result of one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 2 contracts
Samples: Deferred Compensation Agreement (Banc Corp), Deferred Compensation Agreement (Banc Corp)
Deferral Account. The Company shall establish a Deferral Account on its books for the Director. The Deferral Account balance as of any date is determined by (a) taking the cash surrender value of the first simulated investment less the balance of the second simulated investment as of such date, and (b) dividing the net difference by the result of one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 1 contract
Samples: Director Deferred Compensation Agreement (First Georgia Community Corp)
Deferral Account. The Company shall establish a Deferral Account on its books for the DirectorExecutive. The Deferral Account balance as of any date is determined by (a) taking the cash surrender value of the first simulated investment less the balance of the second simulated investment as of such date, date and (b) dividing the net difference by the result of one minus the Company's highest marginal tax rate for the previous calendar year, less 3.5%.
Appears in 1 contract
Samples: Compensation Agreement (Banc Corp)
