Common use of Deferred Compensation Payments Clause in Contracts

Deferred Compensation Payments. During the Executive’s period of employment with the Company following execution of this Agreement, the Company shall make an annual payment to a separate account maintained for the Executive. The annual payment to Executive shall be Ten Thousand Dollars ($10,000) (the “Payment”). The Payment shall be invested in the common stock of the Holding Company. If a dividend is paid on the shares credited to the Executive’s separate account, the Executive’s separate account shall be credited with such dividend (the “Dividend”, which together with the Payment, shall hereinafter be referred to as the “Benefit”), which dividend shall be reinvested in the common stock of the Holding Company, except that no fractional shares shall be credited to the Executive’s separate account. The price per share for all shares of the Holding Company purchased by the Company for the benefit of Executive shall be the average of the daily closing price of the stock for each day within the past quarter. The closing price on Fridays will be used to determine the closing price for Saturdays and Sundays and the closing price on the last business day before a holiday that results in the closure of the financial markets will be used to determine the closing price for that holiday.

Deferred Compensation Payments. During the Executive’s 's period of employment with the Company following execution of this Agreement, the Company shall make an annual payment to a separate account maintained for the Executive. The annual payment to Executive shall be Ten Thousand Dollars ($10,000) (the “"Payment”"). The Payment shall be invested in the common stock of the Holding Company. If a dividend is paid on the shares credited to the Executive’s 's separate account, the Executive’s 's separate account shall be credited with such dividend (the “"Dividend”", which together with the Payment, shall hereinafter be referred to as the “"Benefit”"), which dividend shall be reinvested in the common stock of the Holding Company, except that no fractional shares shall be credited to the Executive’s 's separate account. The price per share for all shares of the Holding Company purchased by the Company for the benefit of Executive shall be the average of the daily closing price of the stock for each day within the past quarter. The closing price on Fridays will be used to determine the closing price for Saturdays and Sundays and the closing price on the last business day before a holiday that results in the closure of the financial markets will be used to determine the closing price for that holiday.