Common use of Failure to Obtain Regulatory Approval Clause in Contracts

Failure to Obtain Regulatory Approval. In the event Xxxxxxxx does not receive regulatory approval to hold the position of President and CEO of the Bank, the Bank may offer him employment in another senior-level position with the Bank or another banking subsidiary of the Company, but is under no obligation to do so. If Xxxxxxxx accepts employment by the Bank in an alternate position, Xxxxxxxx and the Bank agree to negotiate in good faith regarding an equitable compensation and benefits package based on the position he holds.

Failure to Obtain Regulatory Approval. In the event Xxxxxxxx Xxxxxxx does not receive regulatory approval to hold the position of President and CEO of the Bank, the Bank Company may offer him employment in another senior-level position with the Bank or another banking subsidiary of the Companyposition, but is under no obligation to do so. If Xxxxxxxx Xxxxxxx accepts employment by the Bank Company in an alternate position, Xxxxxxxx Xxxxxxx and the Bank Company agree to negotiate in good faith regarding an equitable compensation and benefits package based on the position he holds.

Failure to Obtain Regulatory Approval. In the event Xxxxxxxx Xxxxxxxxx does not receive regulatory approval to hold the position of President and CEO of the Bank, the Bank Company may offer him employment in another senior-level position with the Bank or another banking subsidiary of the Companyposition, but is under no obligation to do so. If Xxxxxxxx Xxxxxxxxx accepts employment by the Bank Company in an alternate position, Xxxxxxxx Xxxxxxxxx and the Bank Company agree to negotiate in good faith regarding an equitable compensation and benefits package based on the position he holds.

Failure to Obtain Regulatory Approval. In the event Xxxxxxxx does not receive regulatory approval to hold the position of President and CEO of the Bank, the Bank Company may offer him employment in another senior-level position with the Bank or another banking subsidiary of the Companyposition, but is under no obligation to do so. If Xxxxxxxx accepts employment by the Bank Company in an alternate position, Xxxxxxxx and the Bank Company agree to negotiate in good faith regarding a written contract for an equitable compensation and benefits package based on the position he holds.