Elections to Defer. Participant may elect in the Deferral Election Form to defer a portion of his Director’s Fees earned during a given Deferral Period, and payment of fees due immediately shall be reduced accordingly. As stated previously, Participant must defer a minimum of Three Thousand Six Hundred Dollars ($3,600) each Deferral Period. The specific percentage or amount to be deferred shall be withheld each scheduled pay period in accordance with Participant’s most recent and valid Deferral Election Form.
Appears in 6 contracts
Samples: Deferred Fee Agreement (Santa Lucia Bancorp), Deferred Fee Agreement (Santa Lucia Bancorp), Deferred Fee Agreement (Santa Lucia Bancorp)
