Voluntary and Involuntary Termination of Service. If the Director exercises 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 termination due to disability of the Director, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such termination of service, no further Phantom Contributions shall be required of the Bank. Interest, at a rate equal to the Interest Factor, shall accrue on such Phantom Contributions until the Director's Benefit Eligibility Date.
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.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
Voluntary and Involuntary Termination of Service. If the Director exercises 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 termination due to disability of the Director, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such termination of service, no further Phantom Contributions shall be required of the Bank. Interest, at a rate equal to the Interest Factor, shall accrue on such Phantom Contributions until the Director's ’s Benefit Eligibility Date.
Appears in 6 contracts
Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)
Voluntary and Involuntary Termination of Service. If the Director exercises 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 termination due to disability of the Director, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such termination of service, no further Phantom Contributions shall be required of the Bank. Interest, at a rate equal to the Interest Factor, shall accrue on such Phantom Contributions until the Director's ’s Benefit Eligibility Date.
Appears in 2 contracts
Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)
