Common use of Positions and Reporting Clause in Contracts

Positions and Reporting. Executive shall be employed as the President and Chief Executive Officer of the Bank and PMB, respectively. During the Employment Period, Executive shall report directly to the boards of directors of the Bank and PMB (the “Board”), or a committee thereof, specifically authorized to direct the Executive. Executive shall also serve as a director of the Bank and PMB, subject to satisfaction of applicable election requirements additional compensation (excluding the payment or reimbursement of any expenses incurred by the Executive) for his services as a director of the Bank, PMB or any of their subsidiaries or affiliates.

Positions and Reporting. Executive shall be employed as the President and Chief Executive Officer of the Bank and PMB, respectively. During the Employment Period, Executive shall report directly to the boards of directors of the Bank and PMB (the “Board”), or a committee thereof, specifically authorized to direct the Executive. Executive shall also serve as a director of the Bank and PMB, subject to satisfaction of applicable election requirements during the Employment Period provided that Executive shall not be entitled to receive any additional compensation (excluding the payment or reimbursement of any expenses incurred by the Executive) for his services as a director of the Bank, PMB or any of their subsidiaries or affiliates.