Introductory Statement definition

Introductory Statement. The Bank is undergoing a reorganization through which the Bank will become the wholly owned subsidiary of the Company, a stock holding company, and the Company will sell its outstanding common stock to the public in an initial public offering (the "Reorganization"). The Executive has served the Bank in an executive capacity for many years and is familiar with the Bank's operations. The Board of Directors of the Bank and the Board of Directors of the Company have concluded that it is in the best interests of the Bank, the Company and their prospective shareholders to secure a continuity in management following the Reorganization. They also consider it desirable to establish a working environment for the Executive which minimizes the personal distractions that might result from possible business combinations in which the Company or the Bank might be involved. For these reasons, the Board of Directors of the Bank and the Board of Directors of the Company have decided to offer to enter into a contract with the Executive for his future services. The Executive has accepted this offer. The terms and conditions which the Bank, the Company and the Executive have agreed to are as follows.
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Examples of Introductory Statement in a sentence

  • Terms not defined in this Introductory Statement shall have the meanings specified in Article 1 hereof.

  • All terms not otherwise defined above or in this Introductory Statement are as defined in Article 1 hereof, or as defined elsewhere herein.

  • The Pass-Through Rate with respect to each Uncertificated Lower-Tier Interest will be the rate per annum set forth in the Introductory Statement hereto.

  • All terms not otherwise defined above or in this Introductory Statement are as defined in Article 1 hereof or as defined elsewhere herein.

  • Capitalized terms used but not otherwise defined herein (including any such terms used in the Introductory Statement hereto) shall have the meanings given to them in the Credit Agreement.

  • Each Class of Certificates (other than the Class R Certificates) shall be initially issued on the Closing Date with the respective aggregate Initial Certificate Balance or Initial Notional Amount, as applicable, set forth for such Class in the Introductory Statement.

  • Terms not otherwise defined above or in this Introductory Statement are as defined in Article 1 hereof or as defined elsewhere herein.

  • Capitalized terms used in this Introductory Statement shall have the meanings set forth in this Agreement unless the context otherwise requires.

  • The terms of this Agreement, including the Preamble and the Introductory Statement, are contractual and not mere recital.

  • All sections of the Introductory Statement and Work Order Terms and Conditions portions of the Work Order shall be completed in their entirety.