Common use of Termination of Agreement by Reason of Changes in Law Clause in Contracts

Termination of Agreement by Reason of Changes in Law. The bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in their current form. If there are any changes in Federal law affecting the tax-free accumulation of earnings within a life insurance policy, the income tax-free payment of proceeds from life insurance policies or the deduction from income or interest payments on certificates of deposit issued by banking institutions, the Bank shall have the option to terminate and modify this Agreement. Provided, however, that the Executive shall be entitled to receive at least the Executive’s Deferred Compensation Account including interest earned.

Termination of Agreement by Reason of Changes in Law. The bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in their current form. If there are any changes in Federal law affecting the tax-free accumulation of earnings within a life insurance policy, the income tax-free payment of proceeds from life insurance policies or the deduction from income or interest payments on certificates of deposit issued by banking institutions, the Bank shall have the option to terminate and modify this Agreement. Provided, however, that the Executive Director shall be entitled to receive at least the ExecutiveDirector’s Deferred Compensation Account including interest earned.