Plan Termination Generally. Prior to a Change in Control, this Agreement may be terminated by the Bank with written notice to the Director. After a Change in Control, this Agreement may be terminated by a written agreement signed by the Bank and the Director. The benefit shall be the Accrual Balance as of the date this Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.
Appears in 3 contracts
Samples: Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc), Director Retirement Agreement (Berkshire Hills Bancorp Inc)
Plan Termination Generally. Prior to a Change in Control, Control the Bank may unilaterally terminate this Agreement may be terminated by the Bank with written notice to the Directorat any time. After a Change in Control, this Agreement may be terminated only by a written agreement signed by the Bank and the DirectorExecutive. The In either event, the amount of the benefit shall be the Accrual Balance frozen as of the date this the Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.
Appears in 2 contracts
Samples: Salary Continuation Agreement (Luther Burbank Corp), Salary Continuation Agreement (Luther Burbank Corp)
Plan Termination Generally. Prior to a Change in Control, Control the Bank may unilaterally tem1inate this Agreement may be terminated by the Bank with written notice to the Directorat any time. After a Change in Control, this Agreement may be terminated only by a written agreement signed by the Bank and the DirectorExecutive. The In either event, the amount of the benefit shall be the Accrual Balance frozen as of the date this the Agreement is terminated. Except as provided in Section 8.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, upon such termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.
Appears in 1 contract
Samples: Salary Continuation Agreement (Luther Burbank Corp)
