COMMITMENT OF EXECUTIVE. If any person extends any proposal or offer intended to or with the potential to result in a Change in Control (a "Change in Control Proposal"), Executive must, at Bancorp's request, assist Bancorp in evaluating the Proposal. Further, as a condition to receipt of the Salary Continuation Payment described below, Executive will not resign Executive's position with the Company during the period beginning when the Company receives a Change in Control Proposal and ending when the transaction contemplated by the Proposal is either consummated or abandoned.
COMMITMENT OF EXECUTIVE. In the event that any person extends any proposal or offer which is intended or may result in a Change of Control, Executive shall, at the Employer’s request, assist the Company in evaluating such proposal or offer. Further, subject to the additional terms and conditions of this Agreement, in order to receive the Severance Benefit, Executive cannot resign from the Company during any period from the receipt of a specific Change of Control proposal through the consummation or abandonment of the transaction contemplated by such proposal.
COMMITMENT OF EXECUTIVE. In the event that any person extends any proposal or offer which is intended to or may result in a Change in Control, defined below (a “Change in Control Proposal”), Executive shall, at PSB’s request, assist PSB and/or IMCB in evaluating such proposal or offer. Further, as a condition to receipt of the Severance Payment (defined below), Executive agrees not to voluntarily resign (including resignation for Good Reason) Executive’s position with PSB during any period from the receipt of a specific Change in Control Proposal up to the consummation or abandonment of the transaction contemplated by such Proposal.
COMMITMENT OF EXECUTIVE. In the event that any person extends any proposal or offer which could result in a Change in Control, the Executive will fully evaluate such proposal or offer and present his evaluation to the Board of Directors of the Bank. The Executive specifically agrees that he/she will not voluntarily resign his/her position(s) with the Bank during any period from the receipt of a specific change in Control proposal up to the closing or termination of the transaction contemplated by the proposal. In the event of a voluntary resignation in violation of this provision, the Executive shall forfeit his/her rights and benefits under this agreement.
COMMITMENT OF EXECUTIVE. (a) Executive will faithfully and diligently perform the duties set forth in Section 3 and such other duties as may be assigned to Executive from time to time by IMCB's board of directors (the "Board"). Executive will use his best efforts to perform his duties and will devote full time and attention to these duties during working hours. Executive may engage in non-IMCB business activities with prior Board approval, which approval will not be unreasonably withheld.
COMMITMENT OF EXECUTIVE. Executive will use his best efforts to perform his duties and will devote full time and attention to these duties during working hours. Executive may engage in non-bank business activities with prior approval of the Bank's Board of Directors, which approval will not be unreasonably withheld.
COMMITMENT OF EXECUTIVE. During the term of this Agreement, Executive shall be employed by the Company on a full-time basis, and shall perform his duties during the normal business hours of the Company. During the term of this Agreement, Executive shall not perform work for compensation (except for reimbursement of reasonable expenses approved by the Company) within the industry in which the Company, CORE or any of CORE's subsidiaries are active for any person or entity other than the Company without first obtaining the prior written consent of the Board of Directors of the Company.
COMMITMENT OF EXECUTIVE. Executive shall devote substantially his full business time, energy, and ability to the business of the Company and its subsidiaries; provided, however, that Executive shall be entitled to remain actively involved in the management and operation of Intrepid Oil and Gas, LLC and the other investment entities owned in whole or in part by Executive as of the Effective Date, to the extent such activities do not interfere materially with the performance of Executive’s duties and responsibilities hereunder. Except as may otherwise be permitted by this Agreement or with the prior express authorization of the Board, Executive shall not render business or professional services to any other person or firm, whether for compensation or otherwise.
COMMITMENT OF EXECUTIVE. In the event that any person extends any proposal or offer that is intended to or may result in a Change in Control (defined below), Executive shall, at the Company’s or the Bank’s request, assist the Company and/or the Bank in evaluating such proposal or offer. Further, subject to the additional terms and conditions of this Agreement, in order to receive the Change in Control Payment (defined below), Executive cannot resign without Good Reason (as defined below) from the Company or the Bank during any period from the receipt of a specific Change in Control proposal up to the consummation of the transaction contemplated by such proposal.
COMMITMENT OF EXECUTIVE. During the term of this Agreement, Xxxxxxx shall faithfully and diligently discharge his duties and responsibilities, shall use his best efforts consistent with the terms of this Agreement, and shall devote all of his business time and attention to the affairs of the Bank, except for any period(s) of time during which Xxxxxxx'x ability to discharge any of such duties and responsibilities and devote such time and attention are impaired as a result of a mental or physical disability of his, or he is on vacation, holiday or other leave, or as otherwise agreed by the Board of Directors. The obligations of this paragraph shall not be construed to mean that Xxxxxxx shall not be a director of any other corporation, or be associated in any way whatsoever with any educational, charitable, civic, social, recreational, youth, sports or other organization or endeavor. Provided, however, during the time of his employment under this Agreement, Xxxxxxx shall not be employed by any organization licensed as a bank by the Commonwealth of Virginia or the United States of America anywhere except by the Bank or a subsidiary or affiliate of the Bank.
