Common use of Supplemental ESOP Benefit Clause in Contracts

Supplemental ESOP Benefit. The annual Supplemental ESOP Benefit Contributions (or Supplemental ESOP Benefit Phantom Contributions) required to be made by the Bank to the Retirement Income Trust Fund of the Xxxx X. Xxxxxxxx Grantor Trust (or recorded by the Bank in the Accrued Benefit Account) are calculated as of December 31 of each Plan Year. Such calculation shall be performed by the Bank in accordance with Subsection 1.23 of this Agreement, within thirty (30) days after the end of each Plan Year. Supplemental ESOP Benefit Contributions shall be made by the Bank to the Retirement Income Trust Fund within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall be recorded in the Accrued Benefit Account within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, up to and throughout the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Supplemental ESOP Benefit Phantom Contribution shall commence on the date such Supplemental ESOP Benefit Phantom Contribution is initially recorded in the Executive’s Accrued Benefit Account. If the Executive is eligible to receive a benefit under the terms of the ESOP for any Plan Year, and a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23, a Supplemental ESOP Benefit Contribution (or a Supplemental ESOP Benefit Phantom Contribution) shall be required of the Bank for such Plan Year. If the Executive has not exercised any withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Contribution to the Retirement Income Trust Fund for such Plan Year shall be required of the Bank. If the Executive has exercised the withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Phantom Contribution shall be recorded in the Executive’s Accrued Benefit Account. Thereafter, the Executive will only be eligible to receive Supplemental ESOP Benefit Phantom Contributions. The Supplemental ESOP Benefit Contributions to the Retirement Income Trust Fund (or the Supplemental ESOP Benefit Phantom Contributions recorded in the Executive’s Accrued Benefit Account) shall commence in the Plan Year in which the ESOP is established, and shall continue through each successive Plan Year in which (i) the Executive is eligible to receive a benefit under the terms of the ESOP and (ii) a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23.

Supplemental ESOP Benefit. The annual Supplemental ESOP Benefit Contributions (or Supplemental ESOP Benefit Phantom Contributions) required to be made by the Bank to the Retirement Income Trust Fund of the Xxxx Xxxxxxx X. Xxxxxxxx Xxxxxxxxxxx Grantor Trust (or recorded by the Bank in the Accrued Benefit Account) are calculated as of December 31 of each Plan Year. Such calculation shall be performed by the Bank in accordance with Subsection 1.23 of this Agreement, within thirty (30) days after the end of each Plan Year. Supplemental ESOP Benefit Contributions shall be made by the Bank to the Retirement Income Trust Fund within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall be recorded in the Accrued Benefit Account within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, up to and throughout the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Supplemental ESOP Benefit Phantom Contribution shall commence on the date such Supplemental ESOP Benefit Phantom Contribution is initially recorded in the Executive’s Accrued Benefit Account. If the Executive is eligible to receive a benefit under the terms of the ESOP for any Plan Year, and a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23, a Supplemental ESOP Benefit Contribution (or a Supplemental ESOP Benefit Phantom Contribution) shall be required of the Bank for such Plan Year. If the Executive has not exercised any withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Contribution to the Retirement Income Trust Fund for such Plan Year shall be required of the Bank. If the Executive has exercised the withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Phantom Contribution shall be recorded in the Executive’s Accrued Benefit Account. Thereafter, the Executive will only be eligible to receive Supplemental ESOP Benefit Phantom Contributions. The Supplemental ESOP Benefit Contributions to the Retirement Income Trust Fund (or the Supplemental ESOP Benefit Phantom Contributions recorded in the Executive’s Accrued Benefit Account) shall commence in the Plan Year in which the ESOP is established, and shall continue through each successive Plan Year in which (i) the Executive is eligible to receive a benefit under the terms of the ESOP and (ii) a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23.

Supplemental ESOP Benefit. The annual Supplemental ESOP Benefit Contributions (or Supplemental ESOP Benefit Phantom Contributions) required to be made by the Bank to the Retirement Income Trust Fund of the Xxxx X. Xxxxxxxx Xxxxxxxxx Grantor Trust (or recorded by the Bank in the Accrued Benefit Account) are calculated as of December 31 of each Plan Year. Such calculation shall be performed by the Bank in accordance with Subsection 1.23 of this Agreement, within thirty (30) days after the end of each Plan Year. Supplemental ESOP Benefit Contributions shall be made by the Bank to the Retirement Income Trust Fund within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall be recorded in the Accrued Benefit Account within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, up to and throughout the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Supplemental ESOP Benefit Phantom Contribution shall commence on the date such Supplemental ESOP Benefit Phantom Contribution is initially recorded in the Executive’s Accrued Benefit Account. If the Executive is eligible to receive a benefit under the terms of the ESOP for any Plan Year, and a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23, a Supplemental ESOP Benefit Contribution (or a Supplemental ESOP Benefit Phantom Contribution) shall be required of the Bank for such Plan Year. If the Executive has not exercised any withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Contribution to the Retirement Income Trust Fund for such Plan Year shall be required of the Bank. If the Executive has exercised the withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Phantom Contribution shall be recorded in the Executive’s Accrued Benefit Account. Thereafter, the Executive will only be eligible to receive Supplemental ESOP Benefit Phantom Contributions. The Supplemental ESOP Benefit Contributions to the Retirement Income Trust Fund (or the Supplemental ESOP Benefit Phantom Contributions recorded in the Executive’s Accrued Benefit Account) shall commence in the Plan Year in which the ESOP is established, and shall continue through each successive Plan Year in which (i) the Executive is eligible to receive a benefit under the terms of the ESOP and (ii) a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23.

Supplemental ESOP Benefit. The annual Supplemental ESOP Benefit Contributions (or Supplemental ESOP Benefit Phantom Contributions) required to be made by the Bank to the Retirement Income Trust Fund of the Xxxx X. Xxxxxxxx Xxxxx Grantor Trust (or recorded by the Bank in the Accrued Benefit Account) are calculated as of December 31 of each Plan Year. Such calculation shall be performed by the Bank in accordance with Subsection 1.23 of this Agreement, within thirty (30) days after the end of each Plan Year. Supplemental ESOP Benefit Contributions shall be made by the Bank to the Retirement Income Trust Fund within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall be recorded in the Accrued Benefit Account within sixty (60) days after the end of each Plan Year, unless this Section expressly provides otherwise. Supplemental ESOP Benefit Phantom Contributions shall accrue interest at a rate equal to the Interest Factor, up to and throughout the Payout Period, until the balance of the Accrued Benefit Account has been fully distributed. Interest on any Supplemental ESOP Benefit Phantom Contribution shall commence on the date such Supplemental ESOP Benefit Phantom Contribution is initially recorded in the Executive’s Accrued Benefit Account. If the Executive is eligible to receive a benefit under the terms of the ESOP for any Plan Year, and a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23, a Supplemental ESOP Benefit Contribution (or a Supplemental ESOP Benefit Phantom Contribution) shall be required of the Bank for such Plan Year. If the Executive has not exercised any withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Contribution to the Retirement Income Trust Fund for such Plan Year shall be required of the Bank. If the Executive has exercised the withdrawal rights described in Subsection 2.2 as of December 31 of any Plan Year, a Supplemental ESOP Benefit Phantom Contribution shall be recorded in the Executive’s Accrued Benefit Account. Thereafter, the Executive will only be eligible to receive Supplemental ESOP Benefit Phantom Contributions. The Supplemental ESOP Benefit Contributions to the Retirement Income Trust Fund (or the Supplemental ESOP Benefit Phantom Contributions recorded in the Executive’s Accrued Benefit Account) shall commence in the Plan Year in which the ESOP is established, and shall continue through each successive Plan Year in which (i) the Executive is eligible to receive a benefit under the terms of the ESOP and (ii) a Supplemental ESOP Benefit is due for such Plan Year pursuant to Subsection 1.23.