Common use of Voluntary or Involuntary Termination (Not For Cause) Prior to Benefit Age Clause in Contracts

Voluntary or Involuntary Termination (Not For Cause) Prior to Benefit Age. If the Executive (i) exercises his withdrawal rights pursuant to Subsection 2.2 and (ii) voluntarily or involuntarily terminates his service with the Bank pursuant to Subsection 5.1 and such termination is not for Cause, disability, or related to a Change in Control, all annual Supplemental Retirement Income Benefit Contributions set forth in Exhibit A for all Plan Years preceding and including such exercise of withdrawal rights shall be required of the Bank. Such Supplemental Retirement Income Benefit Contributions to the Retirement Income Trust Fund shall commence in the Plan Year in which the Retirement Income Trust Fund is established and shall continue through the Plan Year in which the Executive first exercises his withdrawal rights. Thereafter, Supplemental Retirement Income Benefit Phantom Contributions shall be recorded annually, pursuant to Exhibit A, in the Executive’s Accrued Benefit Account. Supplemental Retirement Income Benefit Phantom Contributions shall be recorded for the Plan Year following the Plan Year in which the Executive first exercises his withdrawal rights and shall continue through the Plan Year in which the Executive is terminated. No additional Supplemental Retirement Income Benefit Phantom Contributions shall be required to be recorded in the Accrued Benefit Account for Plan Years subsequent to the Plan Year in which termination occurs.

Appears in 4 contracts

Samples: Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)

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