Common use of Chief Operating Officer Clause in Contracts

Chief Operating Officer. 8. That immediately upon the Agreement being fully executed, Xxxx Xxxxx will be removed as the Chief Operating Officer of New Day. Xxxx Xxxxx may retain his minority ownership interest in New Day and may remain employed with New Day, however, he shall not hold any position that would be deemed a “control person” under the NMLS standards or a position in senior management, either by title or by action. 9. That within one hundred and eighty (180) days upon its execution of the Agreement, New Day will employ and/or appoint an individual other than the President and/or Chief Executive Officer of the company to be the Chief Operating Officer (“COO”) for the company. The COO shall have the authority, responsibilities, and duties commonly understood for the position of a chief operating officer for a mortgage company having the size and scope of business of that of New Day. The COO shall have the requisite background, experience, and skill set necessary to fulfill the duties of a chief operating officer for a mortgage company having the size and scope of business of that of New Day. 10. That nothing in this Agreement should be construed to limit the obligation of New Day to notify and receive approval for a change in management requirement imposed under the laws of any Participating State, including any obligations with regard to the appointment of the COO described herein.