Busey Bank definition
Examples of Busey Bank in a sentence
The Corporation may assign any of its rights under the non-competition covenant described herein to Busey Bank at any time.
In addition, Busey Bank shall be a third-party beneficiary of this Section 6 entitled to enforce any rights thereunder.
The Board may, in its sole discretion, cause Executive’s employment to be transferred from Busey Bank to any wholly-owned subsidiary, in which case all references in this Agreement to “Busey Bank” will be deemed to refer to such subsidiary.
Any reduction in the Total Payments shall be determined by Busey Bank in accordance with the provisions of Code section 409A and the rules and regulations thereunder.
Busey and CrossFirst intend that, following the Merger, CrossFirst Bank, a Kansas state-chartered bank and a wholly-owned Subsidiary of CrossFirst (“CrossFirst Bank”), will merge (the “Bank Merger”) with and into Busey Bank, an Illinois state-chartered bank and a wholly-owned Subsidiary of Busey (“Busey Bank”), pursuant to an agreement and plan of merger in substantially the form set forth in Exhibit C (the “Bank Merger Agreement”).
This Bank Merger Agreement (this “Agreement”) is made as of [_____], between Busey Bank, an Illinois state-chartered non-member bank headquartered in Champaign, Illinois (the “Surviving Bank”, or, where appropriate, the “Continuing Bank”), and CrossFirst Bank, a Kansas state-chartered non-member bank headquartered in Leawood, Kansas (the “Merging Bank”).
If Busey Bank terminates Employee’s employment prior to the end of the Post-Closing Transition Period, Busey Bank shall pay the Retention Bonus if the termination is other than for disciplinary or unsatisfactory performance reasons in accordance with the provisions of First Busey’s personnel manual.
Busey Bank shall pay to Employee severance equal to fifty-two (52) weeks’ base salary as of the date of termination (the “Severance Payment”) if, prior to December 31, 2017, Busey Bank terminates Employee’s employment for any reason other than disciplinary or unsatisfactory performance reasons in accordance with First Busey’s personnel manual.
You hereby acknowledge and agree that your removal as Chief Executive Officer of CrossFirst and CrossFirst Bank and your appointment as President and Executive Vice Chairman of the Board reporting to the CEO of the Surviving Corporation and as Chief Executive Officer of Busey Bank, reporting to the Executive Chairman of the Bank Board at the Closing Date, and the associated changes resulting from the Succession Plan will not give rise to a Constructive Termination (as defined in the Severance Plan).
Employee hereby acknowledges and agrees that the new post-closing title or position Employee has accepted with Busey Bank shall not constitute a material diminution of Employee’s authorities, duties or responsibilities following the Merger.