Common use of Supplemental Plans Clause in Contracts

Supplemental Plans. The Bank shall assume the obligations of Richmond Savings Bank, Inc., SSB (the "Savings Bank") with respect to that Executive Income Plan Deferred Compensation Agreement and Split Dollar Agreement each dated January 1, 1987 and subsequently amended January 1, 1992 (collectively, the "Supplemental Plans") and shall continue the Supplemental Retirement Plans in effect in accordance with the terms thereof; provided, however, that nothing herein shall prohibit the Bank from terminating either or both Supplemental Retirement Plans upon the Employee's voluntary termination of employment or upon a termination for Cause (as defined below).

Appears in 2 contracts

Samples: Agreement and Plan of Merger (FNB Corp/Nc), Employment Agreement (FNB Corp/Nc)

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Supplemental Plans. The Bank shall assume assumed the obligations of Richmond Savings Bank, Inc., SSB (the "Savings Bank"“Richmond Savings”) with respect to that Executive Employee Income Plan Deferred Compensation Agreement and Split Dollar Agreement each dated January 1, 1987 and subsequently amended January 1, 1992 (collectively, the "Supplemental Plans") and shall continue the Supplemental Retirement Plans in effect in accordance with the terms thereof; provided, however, that nothing herein shall prohibit the Bank from terminating either or both Supplemental Retirement Plans upon the Employee's ’s voluntary termination of employment (other than Employee’s termination in connection with a Change in Control pursuant to Section 5(f)(ii)) or upon a termination for Cause (as defined below).

Appears in 1 contract

Samples: Employment Agreement (FNB United Corp.)

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Supplemental Plans. The Bank shall assume the obligations of Richmond ------------------ Savings Bank, Inc., SSB (the "Savings Bank") with respect to that Executive Income Plan Deferred Compensation Agreement and Split Dollar Agreement each dated January 1, 1987 and subsequently amended January 1, 1992 (collectively, the "Supplemental Plans") and shall continue the Supplemental Retirement Plans in effect in accordance with the terms thereof; provided, however, that nothing herein shall prohibit the Bank from terminating either or both Supplemental Retirement Plans upon the Employee's voluntary termination of employment or upon a termination for Cause (as defined below).

Appears in 1 contract

Samples: Agreement and Plan of Merger (Carolina Fincorp Inc)

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