Establishing and Crediting. The Employer shall establish a Deferral Account on its books for the Executive and shall credit to the Deferral Account the following amounts: (a) Any Deferrals or Contributions hereunder; and (b) Interest as follows: on the last day of each month interest shall be credited on the Deferral Account at an annual rate equal to the Crediting Rate, compounded monthly. (c) In the event any Contribution to the Deferral Account is subsequently determined to have been based on inaccurate financial statements or any other inaccurate performance metric criteria, the Deferral Account balance shall be adjusted to reflect the proper amount of such Contribution, including related interest thereon, in accordance with the corrected information. If such determination occurs after the Executive begins to receive distributions under Article 4 hereof, any future installment payments will be adjusted to account for any change in the Deferral Account balance.
Appears in 4 contracts
Sources: Deferred Compensation Agreement (Acnb Corp), Deferred Compensation Agreement (LINKBANCORP, Inc.), Deferred Compensation Agreement (LINKBANCORP, Inc.)