Common use of Plan Termination Generally Clause in Contracts

Plan Termination Generally. The Bank and Executive may terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder as of the date the Agreement is terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination, benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 6 contracts

Samples: Retirement Plan Agreement (Capital Bancorp Inc), Capital Bancorp Inc, Capital Bancorp Inc

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Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder Account Value as of the date the Agreement is terminated. Except as provided in Section 7.38.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 2 contracts

Samples: Continuation Agreement (Broadway Financial Corp \De\), Salary Continuation Agreement (Broadway Financial Corp \De\)

Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder Account Value as of the date the Agreement is terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (Habersham Bancorp)

Plan Termination Generally. The Except as provided herein, this Agreement may be terminated only by written agreement signed by the Bank and Executive may terminate this Agreement at any timethe Executive. The Upon such Plan termination, the benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s 's obligations hereunder as of the date the Agreement is terminated. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Continuation Agreement (Dimeco Inc)

Plan Termination Generally. The Bank and the Executive may terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder as of the date the Agreement is terminatedhereunder. Except as provided in Section 7.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Retirement Plan Agreement (Home Federal Bancorp)

Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder Account Value as of the date the this Agreement is terminated. Except as provided in Section 7.38.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Salary Continuation Agreement (Eagle Bancorp Montana, Inc.)

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Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount which the Bank has accrued with respect to the Bank’s obligations hereunder under Article 2 as of the date the Agreement is terminated. Except as provided in Section 7.38.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Salary Continuation Agreement (County Bancorp, Inc.)

Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount the Bank has accrued with respect to the Bank’s obligations hereunder as of the date the Agreement is terminated. Except as provided in Section 7.38.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement. Rather, after upon such termination, termination benefit distributions will be made at the earliest distribution event permitted under Article 2 or Article 3.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Home Federal Bancorp)

Plan Termination Generally. The Bank and Executive may unilaterally terminate this Agreement at any time. The benefit payable hereunder shall be the amount accrued by the Bank has accrued with respect to the Bank’s obligations hereunder as of the date the Agreement is terminatedhereunder. Except as provided in Section 7.38.3, upon the termination of this Agreement Agreement, the Bank shall not cause a distribution of distribute such benefits owed under this Agreement. Rather, Agreement to the Executive in a lump sum within thirty (30) days after such termination, benefit distributions will be made at . (italics added to highlight added language) All other provisions of the earliest distribution event permitted under Article 2 or Article 3Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Retirement Agreement (SCBT Financial Corp)

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