Default of Employer. If Employer is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, and shall be considered a termination of Employee by Employer for “Cause” pursuant to Paragraph 10(E) of this Agreement.
Appears in 6 contracts
Samples: Employment Agreement, Merger Agreement (First Merchants Corp), Agreement of Reorganization and Merger (CFS Bancorp Inc)
Default of Employer. If Employer is in default (as defined in section 3(x)(1Section 3(X)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, and but vested rights of the parties under this Agreement shall not be considered a termination of Employee by Employer for “Cause” pursuant to Paragraph 10(E) of this Agreementaffected.
Appears in 2 contracts
Samples: Employment Agreement (Peoples Ohio Financial Corp), Employment Agreement (Peoples Ohio Financial Corp)
