Common use of Employment Duties and Responsibilities Clause in Contracts

Employment Duties and Responsibilities. (a) The Company and Association (collectively "Companies") agree to employ the Executive and the Executive agrees to be employed by the Companies. The Executive shall serve as the President and Chief Executive Officer of the Companies. The Executive also shall hold the position of Vice Chairman of the Companies' board of directors ("Board"), subject to the Bylaws of the Companies. The Executive shall be subject to an annual performance review conducted by the Board no later than May 1 of each year during the term of this Agreement. (b) Except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive agrees to perform such duties as may be assigned by the Board, to devote all of his working time to the business of the Companies, and to use his best efforts to advance the interests of the Companies and their stockholders including, without limitation, the performance by the Executive of all necessary and reasonable services consistent with his positions of President and Chief Executive Officer, and, as the Board may request from time to time, membership in and service to such organizations specified by the Board. However, the expenditure of reasonable amounts of time, for which Executive shall not be compensated by the Companies, for educational, charitable, or professional activities shall not be deemed a breach of this Agreement if those activities do not materially interfere with the services required of Executive under this Agreement.

Employment Duties and Responsibilities. (a) The Company and Association (collectively "Companies") agree to employ the Executive and the Executive agrees to be employed by the Companies. The Executive shall serve as the President Chief Financial Officer and Chief Executive Officer of the Companies. The Executive also shall hold the position of Vice Chairman of the Companies' board of directors ("Board"), subject to the Bylaws Treasurer of the Companies. The Executive shall be subject to an annual performance review conducted by the Board Chief Executive Officer no later than May 1 of each year during the term of this Agreement. (b) Except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence, Executive agrees to perform such duties as may be assigned by the BoardCompanies, to devote all of his working time to the business of the Companies, and to use his best efforts to advance the interests of the Companies and their stockholders including, without limitation, the performance by the Executive of all necessary and reasonable services consistent with his positions of President and Chief Executive Financial Officer, andand Treasurer, as the Board Companies may request from time to time, membership in and service to such organizations specified by the BoardCompanies. However, the expenditure of reasonable amounts of time, for which Executive shall not be compensated by the Companies, for educational, charitable, or professional activities shall not be deemed a breach of this Agreement if those activities do not materially interfere with the services required of Executive under this Agreement.