TERMINATION OF SERVICE FOLLOWING BREACH. In the event (i) any breach by the Director of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Director's service with the Bank is terminated due to such breach, such termination shall be deemed to be for Cause and the benefits payable to the Director shall be paid in accordance with Subsection 5.2 of this Agreement.
Appears in 8 contracts
Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
TERMINATION OF SERVICE FOLLOWING BREACH. In the event (i) any material breach by the Director of the agreements and covenants described in Subsection 8.1 occurs, and (ii) the Director's ’s service with the Bank is terminated due to such breach, such termination shall be deemed to be for Cause and the benefits payable to the Director shall be paid in accordance with Subsection 5.2 of this Agreement.
Appears in 1 contract
Samples: Director Shareholder Benefit Program Agreement (Mutualfirst Financial Inc)
