Common use of Voluntary or Involuntary Termination of Service Clause in Contracts

Voluntary or Involuntary Termination of Service. If the Director does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Director's service with the Bank is voluntarily or involuntarily terminated for any reason, including a termination due to disability of the Director but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, no further Contribution(s), as defined in Subsection 1.14, to the Retirement Income Trust Fund shall be required of the Bank, and if not yet made, no Contribution shall be required for the Plan Year in which such termination occurs. Notwithstanding the above, the Bank will be required to make annual payments to Director’s Retirement Income Trust Fund determined as follows: 1. Determine what the accrued liability would have been as of the Director’s date of termination, had no secular trust been implemented. 2. Determine the benefit payable, beginning at the Benefit Age, for 180 months which that accrued liability would support had interest been added to that liability on an annual basis using the Accrued Benefit Interest Factor set forth in Exhibit A. 3. The Bank shall make payments to the Director’s Retirement Income Trust Fund on an annual basis in amounts equal to the accrued interest expense which would have been recorded absent the secular trust arrangement.

Voluntary or Involuntary Termination of Service. If the Director does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Director's ’s service with the Bank is voluntarily or involuntarily terminated for any reason, including a termination due to disability of the Director but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, no further Contribution(s), as defined in Subsection 1.14, to the Retirement Income Trust Fund shall be required of the Bank, and if not yet made, no Contribution shall be required for the Plan Year in which such termination occurs. Notwithstanding the above, the Bank will be required to make annual payments to Director’s Retirement Income Trust Fund determined as follows: 1. Determine what the accrued liability would have been as of the Director’s date of termination, had no secular trust been implemented. 2. Determine the benefit payable, beginning at the Benefit Age, for 180 months which that accrued liability would support had interest been added to that liability on an annual basis using the Accrued Benefit Interest Factor set forth in Exhibit A. 3. The Bank shall make payments to the Director’s Retirement Income Trust Fund on an annual basis in amounts equal to the accrued interest expense which would have been recorded absent the secular trust arrangement.

Voluntary or Involuntary Termination of Service. If the Director Executive does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Director's Executive’s service with the Bank is voluntarily or involuntarily terminated for any reason, including a termination due to disability of the Director Executive but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, no further Contribution(s), as defined in Subsection 1.14, ) to the Retirement Income Trust Fund shall be required of the Bank, and if not yet made, no Contribution shall be required for the Plan Year in which such termination occurs. Notwithstanding the above, the Bank will be required to make annual payments to Director’s Retirement Income Trust Fund determined as follows: 1. Determine what the accrued liability would have been as of the Director’s date of termination, had no secular trust been implemented. 2. Determine the benefit payable, beginning at the Benefit Agebenefit age, for 180 120 months which that accrued liability would support had interest been added to that liability on an annual basis using the Accrued Benefit Interest Factor set forth in Exhibit A. 3. The Bank shall make payments to the Director’s Retirement Income Trust Fund on an annual basis in amounts equal to the accrued interest expense which would have been recorded absent the secular trust arrangement.