Permanent Suspension or Prohibition. If a Participant is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. § 1818(e)(4) and (g)(1), the Executive Benefit payable to the Participant (or which may become payable to the Participant in the future) and all rights under the Plan shall be immediately forfeited and the Participant shall not be entitled to the Executive Benefit.
Appears in 3 contracts
Samples: Employment Agreement (First Northern Community Bancorp), Employment Agreement (First Northern Community Bancorp), Employment Agreement (First Northern Community Bancorp)
Permanent Suspension or Prohibition. If a Participant is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. § 1818(e)(4) and (g)(1), the Executive Benefit executive benefit payable to the Participant (or which may become payable to the Participant in the future) and all rights under the Plan shall be immediately forfeited and the Participant shall not be entitled to the Executive Benefitexecutive benefit.
Appears in 3 contracts
Samples: Employment Agreement (First Northern Community Bancorp), Employment Agreement (First Northern Community Bancorp), Employment Agreement (First Northern Community Bancorp)
