Supplemental Retirement Benefits. Bank hereby establishes an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.
Appears in 6 contracts
Samples: Supplemental Executive (Business Bancorp /Ca/), Supplemental Executive (Red River Bancshares Inc), Supplemental Executive (Red River Bancshares Inc)
Supplemental Retirement Benefits. The Bank hereby establishes maintains an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of the Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of the Bank to Executive, payable only as provided herein from the general funds of the Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of the Bank and does not have priority of payment over any other general obligation of the Bank.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Benefits Agreement (Southeastern Bank Financial CORP), Supplemental Executive Retirement Benefits Agreement (Southeastern Bank Financial CORP), Supplemental Executive Retirement Benefits Agreement (Southeastern Bank Financial CORP)
Supplemental Retirement Benefits. Bank hereby establishes an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “"Retirement Account”"). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.
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Supplemental Retirement Benefits. Bank hereby establishes maintains an unfunded retirement plan, the obligations under which shall be reflected on the general ledger of Bank (the “Retirement Account”). The Retirement Account shall be an unsecured liability of Bank to Executive, payable only as provided herein from the general funds of Bank. The Retirement Account is not a deposit or insured by the FDIC and does not constitute a trust account or any other special obligation of Bank and does not have priority of payment over any other general obligation of Bank.
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