NO ATTACHMENT; BINDING ON SUCCESSORS. (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. (b) This Agreement shall be binding upon, and inure to the benefit of, Executive, his estate, and the Company and its respective successors and assigns, which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank.
Appears in 4 contracts
Samples: Employment Agreement (Georgetown Bancorp, Inc.), Employment Agreement (Georgetown Bancorp, Inc.), Employment Agreement (Georgetown Bancorp, Inc.)
NO ATTACHMENT; BINDING ON SUCCESSORS. (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.
(b) This Agreement shall be binding upon, and inure to the benefit of, Executive, his estate, and the Company Bank and its respective successors and assigns, which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank.
Appears in 4 contracts
Samples: Employment Agreement (Georgetown Bancorp, Inc.), Employment Agreement (Georgetown Bancorp, Inc.), Employment Agreement (Georgetown Bancorp, Inc.)
