Effect on Existing Agreements. Between the date of this Agreement and the Effective Time, this Agreement shall be deemed to amend and/or supplement the rights and obligations of the parties under the Existing Employment Arrangements to the extent contemplated herein. In addition, Executive acknowledges and agrees that neither the execution of the Merger Agreement by PSB nor any other act or occurrence related to the transactions contemplated by the Merger Agreement prior to the Effective Time shall constitute a “Change of Control” under Executive’s Supplemental Executive Retirement Plan notwithstanding the express terms thereof. In the event of any conflict between the terms of this Agreement and the terms of the Existing Employment Arrangements, this Agreement shall control. If the Effective Time does not occur on or prior to April 30, 2007, this Agreement shall expire and be of no further effect or consequence, and the terms of the Existing Employment Arrangements shall be reinstated, provided that the amendments made to comply with Section 409A of the Code shall remain in effect.
Appears in 4 contracts
Samples: Agreement and General Release (PSB Bancorp Inc), Agreement and General Release (PSB Bancorp Inc), Amended and Restated Agreement and General Release (PSB Bancorp Inc)
