Common use of Voluntary or Involuntary Termination of Service Other Than for Cause Clause in Contracts

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a) or 5.1(b) below, as applicable.

Appears in 6 contracts

Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)

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Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive's service with the Bank is voluntarily or involuntarily terminated prior to Benefit Retirement Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the DirectorExecutive's pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 3 contracts

Samples: Supplemental Retirement Income Agreement (Raritan Bancorp Inc), Supplemental Retirement Income Agreement (Granite State Bankshares Inc), Supplemental Retirement Income Agreement (Synergy Financial Group Inc)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the DirectorExecutive=s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, reason including a Change in Control, but excluding (i) any termination related to disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1shall be covered in Section VI, (ii) the DirectorExecutive's pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 3 contracts

Samples: Retirement Income Agreement (Magyar Bancorp, Inc.), Retirement Income Agreement (Magyar Bancorp, Inc.), Retirement Income Agreement (Magyar Bancorp, Inc.)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the DirectorExecutive=s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors Executives has approved early payment of benefits pursuant to Subsection 6.1, (ii) the DirectorExecutive's pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 2 contracts

Samples: Deferred Compensation Agreement (First Bancorp of Indiana Inc), Deferred Compensation Agreement (First Bancorp of Indiana Inc)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's ’s pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a) or 5.1(b) below, as applicable.

Appears in 2 contracts

Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's Executive’s pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 2 contracts

Samples: Income Agreement (First Capital Bank Holding Corp), Income Agreement (United Community Bancorp)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive's service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, Retirement Age for any reason, including a Change in Control, but excluding (i1) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.16. 1, (ii) the DirectorExecutive's pre-retirement death, which shall be covered is provided for in Section IV, or (iii) or termination for Cause, which shall be covered is provided for in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (MFS Financial Inc)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's Executive’s pre-retirement death, which shall be covered in Section IVN, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (United Community Bancorp)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the DirectorExecutive's pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Income Agreement (Coastal Banking Co Inc)

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Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive's service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors Executives has approved early payment of benefits pursuant to Subsection 6.1, (ii) the DirectorExecutive's pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Deferred Compensation Agreement (First Bancorp of Indiana Inc)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Retirement Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's Executive’s pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Income Agreement (Pathfinder Bancorp Inc)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s ’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's ’s pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, or (iv) termination following a Change in Control, which shall be covered in Subsection 5.3, the Director (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Director Retirement Plan (West End Indiana Bancshares, Inc.)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Retirement Age, for any reason, reason including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's Executive’s pre-retirement death, which shall be covered in Section IV, or (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a) or 5.1(b) below, as applicable.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Chicopee Bancorp, Inc.)

Voluntary or Involuntary Termination of Service Other Than for Cause. In the event the Director=s Executive’s service with the Bank is voluntarily or involuntarily terminated prior to Benefit Age, for any reason, including a Change in Control, but excluding (i) any disability related termination for which the Board of Directors has approved early payment of benefits pursuant to Subsection 6.1, (ii) the Director's Executive’s pre-retirement death, which shall be covered in Section IV, (iii) or termination for Cause, which shall be covered in Subsection 5.2, the Director Executive (or his Beneficiary) shall be entitled to receive benefits in accordance with this Subsection 5.1. Payments of benefits pursuant to this Subsection 5.1 shall be made in accordance with Subsection 5.1(a5.1 (a) or 5.1(b5.1 (b) below, as applicable.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan (West End Indiana Bancshares, Inc.)

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