Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account as of any date shall be determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the "adjustment rate. " For purposes of this Section 2.2 the term "adjustment rate" shall mean the figure equal to one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 8 contracts
Samples: Retirement Agreement (First Community Financial Corp), Retirement Agreement (First Community Financial Corp), Retirement Agreement (First Community Financial Corp)
Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account as of any date shall be determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the "adjustment rate. " "For purposes of this Section 2.2 the term "adjustment rate" shall mean the figure equal to one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 1 contract
Samples: Retirement Agreement (First Community Financial Corp)
Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account as of any date shall be determined by subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and dividing the difference by the "adjustment rate. ." For purposes of this Section 2.2 the term "adjustment rate" shall mean the figure equal to one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 1 contract
Retirement Account. The Company shall establish a Retirement Account on its books for the Director. The Retirement Account as of any date shall be determined by by: (1) subtracting the value of Simulated Investment Number Two from the value of Simulated Investment Number One and One, (2) dividing the difference by the "adjustment rate", and (3) subtracting the sum of all previous distributions. " For purposes of this Section 2.2 the term "adjustment rate" shall mean the figure equal to one minus the Company's highest marginal tax rate for the previous calendar year.
Appears in 1 contract
Samples: Neutral Retirement Agreement (Orrstown Financial Services Inc)
