KNBT Division, KNBT Regional Board Sample Clauses

KNBT Division, KNBT Regional Board. (A) Upon consummation of the Merger and until consummation of the Bank Merger, NPB shall operate KNBT Bank as a Pennsylvania savings bank. The Board of Directors of KNBT Bank (the “KNBT Bank Board”) shall, during this time period, consist of all the members of KNBT’s Board of Directors at the Effective Date and two NPB or NPBank representatives selected by NPB; KNBT’s current non-employee directors serving as directors of KNBT Bank during this time period who are not KNBT/NPB Directors or employees of NPB or any of its Subsidiaries shall receive the same compensation received by them as directors of KNBT and KNBT Bank at the date hereof. The KNBT/NPB Directors who continue to serve on the KNBT Bank Board will be compensated for such service after the Effective Date in the same manner and in the same amounts as all other directors of NPB who serve on a Subsidiary bank board are compensated. (B) Upon consummation of the Bank Merger, NPB shall cause NPBank to establish and operate a separate banking division called “KNBT, a Division of National Penn Bank” (the “KNBT Bank Division”). The KNBT Bank Division will consist of all KNBT Bank's community offices in the Lehigh, Northampton, Carbon, Luzerne, Schuylkill and Monroe counties of Pennsylvania and all of NPB’s community offices in the Lehigh and Northampton, counties of Pennsylvania, subject to an office consolidation evaluation process to be undertaken by NPB and KNBT. The directors of NPBank at the time of the merger of NPBank and KNBT Bank will be the directors of NPBank. (C) For at least three years after the Closing Date, all offices and operations of the KNBT Bank Division will be branded, subject to NPB’s reasonable discretion, using the name “KNBT, a Division of National Penn Bank”, including without limitation all branch signage, statements, communications, business cards, stationary, brochures, web site, marketing materials, promotional items, billing and all other aspects of the KNBT Bank Division. Notwithstanding the foregoing, NPB shall be relieved from the obligations under this Section 5.08(c)(v)(C) if (i) NPB or NPBank shall be acquired, merged or otherwise sold or (ii) NPB shall undertake a new corporate wide branding/renaming charter conversion within the NPB primary market areas. (D) Upon consummation of the Bank Merger, NPB shall cause NPBank to establish a regional board (the “KNBT Regional Board”). The KNBT Regional Board shall initially consist of all the directors of KNBT immediately ...
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