Common use of Benefits Paid From Retirement Income Trust Fund Clause in Contracts

Benefits Paid From Retirement Income Trust Fund. Director understands and agrees that Director's violation of these provisions following a voluntary or involuntary termination of service, other than a termination of service following a Change in Control, will cause irreparable harm to the Bank. In the event of Director's violation of this Section 8.3 within three (3) years of such voluntary or involuntary termination of service, Director agrees to pay or cause the Retirement Income Trust Fund to pay to the Bank, as liquidated damages an amount equal to 10% of the after-tax contributions, which the Bank has made on Director's behalf to the Retirement Income Trust Fund. Said liquidated damages payment shall be separate from, and in addition to, any amounts forfeited from the Accrued Benefit Account.

Benefits Paid From Retirement Income Trust Fund. Director understands and agrees that Director's ’s violation of these provisions following a voluntary or involuntary termination of serviceemployment, other than a termination of service employment following a Change in Control, will cause irreparable harm to the Bank. In the event of Director's ’s violation of this Section 8.3 within three (3) years of such voluntary or involuntary termination of serviceemployment, Director agrees to pay or cause the Retirement Income Trust Fund to pay to the Bank, as liquidated damages an amount equal to 10% of the after-tax contributions, which the Bank has made on Director's ’s behalf to the Retirement Income Trust Fund. Said liquidated damages payment shall be separate from, and in addition to, any amounts forfeited from the Accrued Benefit Account.