Executive's Right to Payment Following Plan Termination. In the event of a termination of the Agreement, the Executive shall be entitled to the balance, if any, of his Retirement Income Trust Fund (and Accrued Benefit Account, if applicable), measured as of the date of plan termination. However, if such termination is done in anticipation of or pursuant to a AChange in Control,@ such balance(s) shall be measured as of the date the final Contribution (or Phantom Contribution) is made (or recorded) pursuant to Subsection 2.1(b)(2) (or 2.1(c)(2)). Payment of the balance(s) of the Executive's Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) shall not be dependent upon his continuation of employment with the Bank following the termination date of the Agreement. Payment of the balance(s) of the Executive's Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) shall be made in a lump sum within thirty (30) days of the date of termination of the Agreement, provided, however, to the extent that Code Section 409A is applicable to a Separation from Service following a Change in Control and payments are made to the Retirement Income Trust Fund on account of a Separation from Service, distributions shall not be made until the first day of the seventh (7th) month after Separation from Service.
Appears in 4 contracts
Samples: Executive Supplemental Retirement Income Agreement, Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.), Executive Supplemental Retirement Income Agreement (Magyar Bancorp, Inc.)
