Action by Supervisory Authority. If the Bank is closed or taken over by any banking supervisory authority, such banking authority may immediately terminate this Agreement without liability or obligation to the Executive.
Action by Supervisory Authority. Executive’s employment shall terminate immediately without further liability or obligation to Executive:
(a) If Bank is closed or taken over by the Department of Financial Institutions or other supervisory authority, including the Federal Deposit Insurance Bank; or
(b) If such supervisory authority should exercise its statutory cease and desist powers to remove Executive from office.
Action by Supervisory Authority. If the Bank is closed by or taken over by the California Department of Financial Institutions or other supervisory authority, including the Federal Deposit Insurance Corporation, such bank supervisory authority may immediately terminate this Agreement without further liability or obligation by Holding Co. or Bank to Executive.
Action by Supervisory Authority. If the Bank is closed or taken over by the Comptroller of the Currency or other supervisory authority, including the Federal Deposit Insurance Corporation, or if such supervisory authority should exercise its enforcement powers to remove Executive from office or suggest such removal, the Bank may immediately terminate this Agreement without further liability or obligation to Executive, including any obligation to provide severance benefits pursuant to Subsection F.2. above.
Action by Supervisory Authority. If Bank or Hanmi Financial Corporation is ordered to remove, suspend, or take any other action against Employee (by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1818(e)(3) or (e)(4) or (g)(1)]), or Bank (or Hanmi Financial Corporation) is closed or in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1813(x)(1)]) or Bank or Hanmi Financial Corporation is taken over by the California State Department of Financial Institutions, the Federal Reserve, or the Federal Deposit Insurance Corporation, Bank or Hanmi Financial Corporation may immediately terminate this Agreement without further liability, compensation or obligation to Employee, except that Employee shall be entitled to his rights, if any, under Paragraph 4(c) hereof and the Stock Option Plan referred to therein.
Action by Supervisory Authority. If BANK is ordered to remove YOO or BANK is closed or taken over by the California Department of Financial Institutions, the Federal Reserve, the Federal Deposit Insurance Corporation, or other supervisory authority, such bank supervisory authority may immediately terminate this Agreement without further liability, compensation or obligation to YOO.
Action by Supervisory Authority. If Company is ordered to remove, suspend, or take any other action against Employee (by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1818(e)(3) or (e)(4) or (g)(1)]), or Company is closed or in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act [12 U.S.C. 1813(x)(1)]) or Company is taken over by the California State Department of Financial Institutions, the Federal Reserve, or the Federal Deposit Insurance Corporation, Company may immediately terminate this Agreement without further liability, compensation or obligation to Employee, except that Employee shall be entitled to his rights, if any, under Paragraph 4(c) hereof and the Stock Option Plan referred to therein.
Action by Supervisory Authority. This Agreement and Executive’s employment shall terminate immediately without further liability or obligation to Executive:
(a) If the Bank is closed or taken over by the California Department of Financial Protection and Innovation or other supervisory authority, including the Federal Deposit Insurance Corporation; or
(b) If such supervisory authority should exercise its statutory cease and desist powers to remove Executive from office.
Action by Supervisory Authority. Except as herein provided, this Agreement shall terminate immediately without further liability or obligation to Bank: (i) if Bank is closed or taken over by the OCC or other supervisory authority, including the Federal Deposit Insurance Corporation (the "FDIC"); or (ii) if either the Comptroller of the Currency (the "OCC") or the FDIC should exercise their respective powers to remove Officer from office or indicate to the Board that it must obtain the services of and retain a president and chief executive officer other than Officer acceptable to such supervisory authority. In the event of termination of this Agreement pursuant to Section 7.3, Officer shall be entitled to the Base Salary earned by Officer prior to the date of termination computed pro rata up to and including that date.
Action by Supervisory Authority. If Bank is ordered to remove Hong or Bank is closed or taken over by the Comptroller of the Currency, the Federal Reserve, The Federal Deposit Insurance Corporation, or other supervisory authority, such bank supervisory authority may immediately terminate this Agreement without further liability, compensation or obligation to Hong, except that Hong shall be entitled to his rights, if any, under Paragraph 5 hereof and the Stock Option Plan referred to therein.
