Common use of Permanent Prohibition Clause in Contracts

Permanent Prohibition. If the Employee is removed from office and/or permanently prohibited from participating in the conduct of PSB and the Bank's affairs by an order issued by the DOBF or by an order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. Sections 1818[e](4] and [g][1]), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Employee and the Bank as of the date of termination shall not be affected.

Appears in 4 contracts

Samples: Employment Agreement (PSB Bancgroup Inc), Employment Agreement (PSB Bancgroup Inc), Employment Agreement (PSB Bancgroup Inc)

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Permanent Prohibition. If the Employee is removed from office and/or permanently prohibited from participating in the conduct of PSB and the Bank's affairs by an order issued by the DOBF or by an order issued under Section 8(e)(4) or Section 8(g)(1(g)(1) of the FDIA (12 U.S.C. Sections 1818[e](4] and [g][1]), or other such rule or regulation, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Employee and the Bank as of the date of termination shall not be affected.

Appears in 1 contract

Samples: Employment Agreement (Coast Financial Holdings Inc)

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