Benefits Paid From Retirement Income Trust Fund. Executive understands and agrees that Executive's violation of these provisions following a voluntary or involuntary termination of employment, other than a termination of employment following a Change in Control, will cause irreparable harm to the Bank. In the event of Executive's violation of this Section 8.3 within three (3) years of such voluntary or involuntary termination of employment, Executive 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 Executive'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.
Appears in 6 contracts
Samples: Supplemental Retirement Income Agreement (United National Bancorp), Supplemental Retirement Income Agreement (Greater Community Bancorp), Supplemental Retirement Income Agreement (United National Bancorp)
