Common use of Executive's Right to Payment Following Plan Termination Clause in Contracts

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 "Change in Control," such balance(s) shall be measured as of the date the lump sum Contribution (or Phantom Contribution) is made (or recorded) pursuant to Subsection 2.1 (b)(3) (or 2.1(c)(3)). 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. 14.1 This Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Grantor Trust Agreement set forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Grantor Trust Agreement. 14.2 This Agreement shall be executed in triplicate, each copy of which, when so executed and delivered, shall be an original, but all three copies shall together constitute one and the same instrument.

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 "Change in Control," such balance(s) shall be measured as of the date the lump sum Contribution (or Phantom Contribution) is made (or recorded) pursuant to Subsection 2.1 (b)(32.1(b)(3) (or 2.1(c)(3)). 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. 14.1 This Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Xxxxxxxxx Grantor Trust Agreement set forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Xxxxxxxxx Grantor Trust Agreement. 14.2 This Agreement shall be executed in triplicate, each copy of which, when so executed and delivered, shall be an original, but all three copies shall together constitute one and the same instrument.

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 "Change in Control," such balance(s) shall be measured as of the date the lump sum final Contribution (or Phantom Contribution) is made (or recorded) pursuant to Subsection 2.1 (b)(32.1(b)(2) (or 2.1(c)(32.1(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 accountAccount, if applicable) shall be made in a lump sum within thirty (30) days of the date of termination of the Agreement. 14.1 This Agreement and the Xxxxxxx Xxxxxxxxx X. Xxxxxxx, Xx. Xxxxx Grantor Trust Agreement agreement set forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement and the Xxxxxxx Xxxxxxxxx X. Xxxxxxx, Xx. Xxxxx Grantor Trust Agreementagreement. 14.2 This Agreement shall be executed in triplicate, each copy of which, when so executed and delivered, shall be an original, but all three copies shall together constitute one and the same instrument.

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 "Change AChange in Control," Control,@ such balance(s) shall be measured as of the date the lump sum final Contribution (or Phantom Contribution) is made (or recorded) pursuant to Subsection 2.1 (b)(32.1(b)(2) (or 2.1(c)(32.1(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 accountAccount, 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. 14.1 13.1 This Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Xxx Xxxxxx Grantor Trust Agreement agreement set forth the entire understanding of the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between the parties hereto regarding the subject matter hereof are merged into and superseded by this Agreement and the Xxxxxxx X. Xxxxxxx, Xx. Xxx Xxxxxx Grantor Trust Agreementagreement. 14.2 13.2 This Agreement shall be executed in triplicate, each copy of which, when so executed and delivered, shall be an original, but all three copies shall together constitute one and the same instrument.