Breach of Non Competition Clause. In the event of any material breach by the Executive of the agreements and covenants described in Subsection 8.1 occurs all further Contributions to the Retirement Income Trust Fund (or Phantom Contributions recorded in the Accrued Benefit Account) shall immediately cease, and all benefits under this Agreement, other than those which can be paid from previous Contributions to the Retirement Income Trust Fund (and earnings on such Contributions), shall be forfeited. The Executive (or his Beneficiary) shall be entitled to receive a benefit from the Retirement Income Trust Fund in accordance with this Subsection 8.2. The balance of the Executive’s Retirement Income Trust Fund shall be paid to the Executive in a lump sum on his Benefit Eligibility Date. In the event the Executive dies prior to his Benefit Eligibility Date, his Beneficiary shall be entitled to receive the balance of the Executive’s Retirement Income Trust Fund in a lump sum within thirty (30) days of the date the Administrator receives notice of the Executive’s death.
Appears in 4 contracts
Samples: Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (United Community Bancorp), Executive Supplemental Retirement Income Agreement (First Capital Bank Holding Corp)
