Continued Employment Following Breach. In the event (i) any breach by the Executive of the agreements and covenants described in Subsection 7.1 occurs, and (ii) the Executive continues employment at the Bank following such breach, all further Supplemental Retirement Income Benefit Contributions and Supplemental ESOP Benefit Contributions by the Bank to the Retirement Income Trust Fund (or Supplemental Retirement Income Benefit Phantom Contributions and Supplemental ESOP Benefit Phantom Contribution recorded in the Accrued Benefit Account) shall immediately cease, and all benefits under this Agreement, other than those which can be paid from previous Supplemental Retirement Income Benefit Contributions and Supplemental ESOP Benefit Contributions to the Retirement Income Trust Fund (and earnings on such Supplemental Retirement Income Benefit Contributions and Supplemental ESOP Benefit 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 4 contracts
Samples: Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Executive Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)
