CONTINUED SERVICE FOLLOWING BREACH. In the event (i) any breach by the Director of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Director continues service 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 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 8 contracts
Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
