Common use of Effect on Employment Rights Clause in Contracts

Effect on Employment Rights. Although this Agreement is not part of any other employment agreement, it should be read in conjunction with the Executive Employment Agreement of even date between the parties. Executive agrees that, subject to this Agreement’s terms and conditions, in the event of a “potential change in control” of Bank, Executive will remain in the employ of Bank during the pendency of any such potential change in control. For the purposes of this Agreement, a “potential change in control” shall be deemed to have occurred if (a) Bank enters into an agreement, the consummation of which would result in the occurrence of a Change in Control, (b) any person (including Bank) publicly announces an intention to take or consider taking action which if consummated would constitute a Change in Control; or (c) Bank Board of Directors adopts a resolution to the effect that a potential change in control of Bank has occurred.

Effect on Employment Rights. Although this Agreement is not part of any other employment agreement, it should be read in conjunction with the Executive Employment Agreement of even date between the parties. The Executive agrees that, subject to the terms and conditions of this Agreement’s terms and conditions, in the event of a “potential change in control” of the Bank, the Executive will remain in the employ of the Bank during the pendency of any such potential change in control. For the purposes of this Agreement, a “potential change in control” shall be deemed to have occurred if (a) the Bank enters into an agreement, the consummation of which would result in the occurrence of a Change in Control, (b) any person (including the Bank) publicly announces an intention to take or consider taking action which if consummated would constitute a Change in Control; or (c) Bank the Board of Directors of the Bank adopts a resolution to the effect that a potential change in control of the Bank has occurred.