Common use of Executive's Responsibilities Clause in Contracts

Executive's Responsibilities. 3.1 During the term of this Contract, Executive shall devote (his) (her) full time and energy to the business and affairs of Credit Union, and shall use (his) (her) best efforts to promote the interests of the Credit Union, except as otherwise agreed to by Executive and the Board of Directors. 3.2 The Executive shall have the responsibility and authority to supervise and direct the management and administration of all facets of the operation of the Credit Union, except as specifically denoted in other parts of this Contract, within prescribed policy limits, the Charter, the Bylaws, the Credit Union's policies, rules and regulations, and applicable Federal or state laws and regulations. The Executive shall, within the foregoing limits, formulate, approve, supervise and direct the methods of keeping the records of the Credit Union, statistical or otherwise, and shall prepare all such reports as are required by law or regulation, including, but not limited to, statements and reports of the Board of Directors and shall, from time to time, and at any time upon request, make reports to the Credit Union's Board of Directors concerning the affairs and financial condition of the Credit Union, and such other matters as the Board may direct. Additionally, the Executive shall perform those duties specifically set forth in the Credit Union's Bylaws. This shall not be deemed to limit the powers of the Board of Directors and/or the Supervisory Committee of the Credit Union. 3.3 The Executive shall not be responsible for the supervision or activities of the Credit Union's internal audit activity. 3.4 The Executive shall be Chairperson of the Asset/Liability Committee. 3.5 The Executive shall supervise the Credit Union's daily investment activities in accordance with the policies, procedures, and goals established by the Board of Directors. 3.6 The Executive will not be allowed to be a member of the Credit Union's Board of Directors. (If the Executive is permitted to become a director, the Executive shall not be eligible for election as an officer of the Board.) If the Executive is not a member of the Board of Directors, the Executive will be allowed to attend Board meetings, except those meetings or parts of meetings which directly affect performance of the Executive's official duties, compensation, or terms of employment, as the Board decides in its sole discretion. (In the event that the Executive is elected to the Board, the Executive will be subject to the Board's procedural rules and customary practices for excusal of members.) Discontinuance for any reason of the Executive's status as (Manager) (President) is hereby agreed to constitute resignation of the Executive from the Board of Directors effective immediately if the Executive is a member of the Board. This resignation is agreed to be automatic without further action on the part of either the Executive or the Board and further constitutes such "cause" as may be required for termination from credit union boards by National Credit Union Administration regulations. 3.7 The Executive will participate in such professional and community activities, which are beneficial to, and serve the interests of the Credit Union. 3.8 The Executive's duties shall include, but not be limited to, the authority to hire, compensate, and terminate the Credit Union's staff within budgetary limitations, with the exception of any Vice President notwithstanding the Credit Union's Bylaws. The Vice President shall be hired and terminated by the Executive in each case with the advice and consent of the Board. The Executive shall have the authority to set the compensation for each executive team member. 3.9 The number of days and time spent by the Executive outside of the office for any purpose except vacation shall be subject to review of the Board unless the number of such days annually is less than 12.

Executive's Responsibilities. 3.1 During the original and any renewed term of this ContractAgreement, and except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote (his) (her) his full time and energy to the business and affairs of Credit Unionthe Bank, and shall use (his) (her) his best efforts to promote the interests of the Credit UnionBank, except as otherwise agreed to by the Executive and the Board of DirectorsBoard. 3.2 The Executive shall have the responsibility and authority to supervise and direct the management and administration of all facets of the operation of the Credit UnionBank, except as specifically denoted in other parts of this ContractAgreement, within prescribed policy limits, the Charter, the Bylaws, the Credit Union's Bank’s policies, rules and regulations, and applicable Federal or state State laws and regulations. The Executive shall, within the foregoing limits, formulate, approve, supervise supervise, and direct the methods of keeping the records of the Credit UnionBank, statistical or and otherwise, and shall prepare all such reports as are required by law or regulation, including, but not limited to, statements and reports of the Board of Directors Board, and shall, from time to time, and at any time upon request, make reports to the Credit Union's Board of Directors concerning the affairs and financial condition of the Credit UnionBank, and such other matters as the Board may direct. Additionally, the Executive shall perform those duties specifically set forth in the Credit Union's Bank’s Bylaws, which are incorporated herein by reference. This shall not be deemed to limit the powers of the Board of Directors and/or the Supervisory Committee of the Credit UnionBoard. 3.3 The Executive shall not be responsible for the supervision or activities of the Credit Union's Bank’s internal audit activity. 3.4 The Executive shall be Chairperson of the Asset/Liability Finance Committee. 3.5 The Executive shall supervise and carry out the Credit Union's Bank’s daily investment activities in accordance with the policies, procedures, and goals established by the Board of DirectorsBoard. 3.6 The Executive will not be allowed to may be a member of the Credit Union's Board of Directors. (If the Executive is permitted to become a director, but the Executive shall not be eligible for election as an officer of the Board.) If . In the event that the Executive is not a member of elected to the Board of DirectorsBoard, the Executive will be allowed to attend Board meetings, except those meetings or parts of meetings which directly affect performance of the Executive's ’s official duties, compensation, or terms terns of employment, as the Board decides in its sole discretion. (In the event that the Executive is elected to the Board, the Executive will be subject to the Board's ’s procedural rules and customary practices for excusal recusal of members.) . The Executive shall not receive the compensation and benefits provided to Board members. Discontinuance for any reason of the Executive's ’s status as (Manager) (President) President of the Bank is hereby agreed to constitute resignation of by the Executive from the Board of Directors effective immediately if the Executive is a member of the Boardimmediately. This resignation is agreed to be automatic without further action on the part of either the Executive or the Board and further constitutes such "cause" as may be required for termination from credit union boards by National Credit Union Administration regulationsBoard. 3.7 The Executive will participate in such professional and community activities, activities which are beneficial to, and serve the interests of, the Bank. Executive may serve as a member of the Credit Unionboard of directors of business, community and charitable organizations subject to the approval of the Board, provided that in each case such service shall not materially interfere with the performance of his duties under this Agreement or present any conflict of interest. Such service to and participation in outside organizations shall be presumed for these purposes to be for the benefit of the Bank, and the Bank shall reimburse Executive his reasonable expenses associated therewith, excluding personal donations. 3.8 The Executive's ’s duties shall include, but not be limited to, the authority to hire, compensate, and terminate the Credit Union's Bank’s staff within budgetary limitations, with the exception of any Vice President notwithstanding the Credit Union's Bylaws. The Vice President shall be hired and terminated by the Executive in each case with the advice and consent of the Board. The Executive shall have the authority to set the compensation for each executive team member. 3.9 The number of days and time spent by the Executive outside of the office for any purpose except vacation shall be subject to review of the Board unless the number of such days annually is less than 12.