Regulatory Action. (a) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Employer under this Agreement shall terminate, as of the effective date of such order, except for the payment of Annual Base Salary due and owing under Section 3.1 on the effective date of said order, and reimbursement under Section 3.4 of expenses incurred as of the effective date of termination.
Appears in 4 contracts
Samples: Employment Agreement (Community First Inc), Employment Agreement (Community First Inc), Employment Agreement (Community First Inc)
Regulatory Action. (a) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Employer Bank under this Agreement shall terminate, as of the effective date of such order, except for the payment of Annual Base Salary due and owing under Section 3.1 on the effective date of said order, and reimbursement under Section 3.4 of expenses incurred as of the effective date of termination.
Appears in 3 contracts
Samples: Employment Agreement (Southeastern Bank Financial CORP), Key Officer Compensation Agreement (Southeastern Bank Financial CORP), Key Officer Compensation Agreement (Southeastern Bank Financial CORP)
Regulatory Action. (a) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDIA (12 U.S.C. Sections 1818(e)(4) and (g)(1)), all obligations of the Employer under this Agreement shall terminate, as of the effective date of such order, except for the payment of Annual Base Salary due and owing under Section 3.1 on the effective date of said order, and reimbursement under Section 3.4 3.7 of expenses incurred as of the effective date of termination.
Appears in 2 contracts
Samples: Employment Agreement (Nicolet Bankshares Inc), Agreement and Plan of Merger (Nicolet Bankshares Inc)
Regulatory Action. (a) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Employer under this Agreement shall terminate, as of the effective date of such order, except for the payment of Annual Base Salary due and owing under Section 3.1 4.1 on the effective date of said order, and reimbursement under Section 3.4 4.3 of expenses incurred as of the effective date of termination.
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