Plan Termination Generally. The Bank may terminate this Agreement unilaterally by written action. The benefit hereunder shall be the amount accrued under GAAP as of the date the Agreement is terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.
Appears in 4 contracts
Samples: Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.), Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.), Supplemental Executive Retirement Agreement (LaPorte Bancorp, Inc.)
