Other Regulatory Requirements. 3.6.1. If Employee is removed and/or permanently prohibited from participating in the conduct of Employer's affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, all obligations of Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the Employer and Employee shall not be affected. If Employer is in default, as defined in Section (3)(x)(1) of the Federal Deposit Insurance Act, all obligations under this Agreement shall terminate as of the date of such default. Further, all obligations under this Agreement shall be terminated, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of Employer:
Appears in 3 contracts
Samples: Executive Employment Agreement (Midstate Bancorp, Inc.), Executive Employment Agreement (Midstate Bancorp, Inc.), Executive Employment Agreement (Midstate Bancorp, Inc.)
Other Regulatory Requirements. 3.6.1. If Employee is removed and/or permanently prohibited from participating in the conduct of Employer's ’s affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, all obligations of Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the Employer and Employee shall not be affected. If Employer is in default, as defined in Section (3)(x)(1) of the Federal Deposit Insurance Act, all obligations under this Agreement shall terminate as of the date of such default. Further, all obligations under this Agreement shall be terminated, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of Employer:
Appears in 2 contracts
Samples: Executive Employment Agreement (Carroll Bancorp, Inc.), Executive Employment Agreement (Carroll Bancorp, Inc.)
Other Regulatory Requirements. 3.6.13. 6.1. If Employee is removed and/or permanently prohibited from participating in the conduct of Employer's ’s affairs by an order issued under section 8(e)(4) or (g)(1g)( 1) of the Federal Deposit Insurance Act, all obligations of Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the Employer and Employee shall not be affected. If Employer is in default, as defined in Section (3)(x)(13)(x)(l) of the Federal Deposit Insurance Act, all obligations under this Agreement shall terminate as of the date of such default. Further, all obligations under this Agreement shall be terminated, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of Employer:
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