Common use of Binding Effect/Merger or Reorganization Clause in Contracts

Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of the Director and the Bank. Accordingly, the Bank shall not merge or consolidate into or with another corporation, or reorganize or sell substantially all of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person agrees to assume and discharge the obligations of the Bank under this Agreement.

Appears in 2 contracts

Samples: Directors’ Deferred Income Agreement (Venture Financial Group Inc), Directors’ Deferred Income Agreement (Venture Financial Group Inc)

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Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of the Director Executive and the Bank. Accordingly, the Bank shall not merge or consolidate into or with another corporation, or reorganize or sell substantially all of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such an event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor entity.

Appears in 1 contract

Samples: Executive Supplemental Compensation Agreement (Five Star Bancorp)

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Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of the Director and the Bank. Accordingly, the Bank shall not merge or consolidate into or with another bank or corporation, or reorganize or sell substantially all of its assets to another bank, corporation, firm or person, unless and until such succeeding or continuing bank, corporation, firm or person agrees expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank Employer under this Director Agreement. This Director Agreement shall be binding upon the parties hereto, their successors, beneficiaries, heirs and personal representatives.

Appears in 1 contract

Samples: Director Supplemental Compensation Agreement (Americanwest Bancorporation)

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