Annual Contribution. The Bank shall establish an Account Balance on its books. Within three months after the end of each Plan Year the Bank shall credit the Annual Contribution to the Account Balance provided the Performance Goals were achieved for the Plan Year. Contributions to the Account Balance by the Executive are prohibited. Discretionary contributions by the Bank are likewise prohibited. However, if the Performance Goals are achieved for the Plan Year in which the Executive has a Separation from Service or dies, the Bank shall make a final contribution in an amount equal to the Annual Contribution multiplied by a percentage. The percentage shall equal the number of days in the Plan Year before the Executive’s Separation from Service or death divided by 365.
Appears in 6 contracts
Samples: Compensation Agreement, Compensation Agreement, Executive Variable Benefit Deferred Compensation Agreement (Middlefield Banc Corp)
