Common use of Effect and Modification Clause in Contracts

Effect and Modification. (a) This Agreement comprises the entire agreement between the parties with respect to the subject matter hereof and supersedes all earlier agreements relating to the subject matter hereof. No statement or promise, except as herein set forth, has been made with respect to the subject matter of this Agreement. The headings of the individual sections herein are for convenience only and shall not be deemed to be a substantive part of this Agreement. No modification or amendment hereof shall be effective unless in writing and signed by Executive and the Company. (b) This Agreement does not provide a guarantee of continued employment nor does it create an express or implied contract of employment and the Executive acknowledges that no employment relationship is created in any manner by this Agreement and that he may be terminated at any time. This Agreement is not intended to and shall not be deemed to be in lieu of any rights, benefits and privileges to which Executive may be entitled as an executive of the Company under any retirement, pension, profit sharing, stock ownership, stock option, insurance or hospital plan or other plans, benefits, programs and policies which may now be in effect or which may hereafter be adopted. It is understood that Executive shall have the same rights and privileges to participate in such plans, benefits, programs and policies as any other Executive during his period of employment. (c) No payment shall be made pursuant to this Agreement if such payment would be in violation of any federal or state law or regulation of any federal or state regulatory authority having jurisdiction over the Company or the Savings Bank or be considered an unsafe or unsound practice by any federal or state regulatory authority having jurisdiction over the Company or the Savings Bank.