NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Executive’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Executive at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The Executive’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Executive’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Executive shall have no ownership rights of any nature with respect thereto. The Executive’s rights are limited to the rights to receive payments as hereinafter provided, and the Executive’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Executive Deferred Compensation Agreement (LINKBANCORP, Inc.), Compensation Agreement (GNB Financial Services Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Executive’s Executive Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Executive at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The Executive’s Executive Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Executive’s Executive Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Executive shall have no ownership rights of any nature with respect thereto. The Executive’s rights are limited to the rights right to receive payments as hereinafter provided, and the Executive’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Executive Deferred Compensation Agreement (Origin Bancorp, Inc.), Executive Deferred Compensation Agreement (Camden National Corp)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The Executive’s Directors Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Executive Director at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreementthese Agreements. The Executive’s Directors Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the Executive’s Directors Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Executive Director shall have no ownership rights of any nature with respect thereto. The ExecutiveDirector’s rights are limited to the rights to receive payments as and hereinafter provided, provided and the ExecutiveDirector’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Directors Deferred Compensation Agreement (Community Financial Shares Inc), Directors Deferred Compensation Agreement (Community Financial Shares Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The ExecutiveDirector’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Executive Director at the times hereinafter specified and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreement. The ExecutiveDirector’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the ExecutiveDirector’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Executive Director shall have no ownership rights of any nature with respect thereto. The ExecutiveDirector’s rights are limited to the rights to receive payments as hereinafter provided, and the ExecutiveDirector’s position with respect thereto is that of a general unsecured creditor of the Bank.
Appears in 2 contracts
Samples: Director Deferred Compensation Agreement (LINKBANCORP, Inc.), Director Deferred Compensation Agreement (GNB Financial Services Inc)
NATURE OF THE DEFERRED COMPENSATION ACCOUNT. The ExecutiveDirector’s Deferred Compensation Account shall be utilized solely as a device for the measurement and determination of the amount of deferred compensation to be paid to the Executive Director at the times hereinafter specified specified, and the Bank shall not segregate any of its assets in order to satisfy any obligations under this Agreementthe plan. The ExecutiveDirector’s Deferred Compensation Account shall not constitute or be treated as a trust fund of any kind. On the contrary, it is understood that all amounts credited to the ExecutiveDirector’s Deferred Compensation Account shall be for the sole purpose of bookkeeping and remain the sole property of the Bank, and that the Executive Director shall have no ownership rights of any nature with respect thereto. The ExecutiveDirector’s rights are limited to the rights to receive payments as hereinafter provided, provided and the ExecutiveDirector’s position with respect thereto is that of a general unsecured creditor of the Bank.. Table of Contents
Appears in 1 contract
Samples: Directors Defined Benefit Plan Agreement (National Bancshares Corp /Oh/)
