Common use of Benefits Paid From Accrued Benefit Account Clause in Contracts

Benefits Paid From Accrued Benefit Account. Executive understands and agrees that, following Executive's voluntary or involuntary termination of employment, the Bank's obligation, if any, to make payments to the Executive from the Accrued Benefit Account shall be conditioned on the Executive's forbearance from actively engaging, either directly or indirectly in any business or other activity which is, or may be deemed to be, in any way competitive with or adverse to the best interests of the Bank, unless the Executive has the prior written consent of the Bank. In the event of the Executive's breach of the covenants and agreements contained herein, further payments to the Executive from the Accrued Benefit Account, if any, shall cease and Executive's rights to amounts credited to the Accrued Benefit Account shall be forfeited.