Continued Employment Following Breach. In the event (i) any breach by the Executive of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Executive continues employment at the Bank following such breach, 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 Subpart (1) or (2) below, as applicable.
Appears in 7 contracts
Samples: Supplemental Retirement Income Agreement (United National Bancorp), Supplemental Retirement Income Agreement (Greater Community Bancorp), Supplemental Retirement Income Agreement (Raritan Bancorp Inc)
Continued Employment Following Breach. In the event (i) any material breach by the Executive of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Executive continues employment at the Bank following such breach, 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 Subpart (1) or (2) below, as applicable.
Appears in 2 contracts
Samples: Income Agreement (Pathfinder Bancorp Inc), Supplemental Retirement Income Agreement (Synergy Financial Group Inc)
Continued Employment Following Breach. In the event (i) any breach by the Executive Director of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Executive Director continues employment at the Bank following such breach, 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 Director (or his Beneficiary) shall be entitled to receive a benefit from the Retirement Income Trust Fund in accordance with Subpart (1) or (2) below, as applicable.
Appears in 1 contract
Samples: Director Retirement Plan (West End Indiana Bancshares, Inc.)
