First Northern Replacement Employment Agreements. Pursuant to Section 3.11 of this Agreement, the Bank shall have offered to each of the First Northern Executives who have a First Northern Existing Employment Agreement a First Northern Replacement Employment Agreement, in each case dated as of the Closing Date, except as contemplated by Section 7.2(h).
First Northern Replacement Employment Agreements. Except with respect to First Northern's chief executive officer and up to two additional First Northern Executives, First Northern shall have delivered to Mutual, with respect to each of the First Northern Executives who have First Northern Existing Employment Agreements in effect on the Closing Date, a First Northern Replacement Employment Agreement in each case dated as of the Closing Date and executed on behalf of the Bank by a duly authorized officer and by the appropriate First Northern Executive. The Chief Executive Officer of First Northern shall have delivered to the Bank and Mutual a waiver, reasonably acceptable in form and substance to Mutual, of the provisions of his First Northern Existing Employment Agreement, which would create severance or other accelerated benefits thereunder as a result of the Merger and the transactions relating thereto, and shall have entered into a non-competition agreement with provisions substantially identical to those of Article III of the First Northern Replacement Employment Agreement.
