Common use of REGULATORY AND OTHER RESTRICTIONS Clause in Contracts

REGULATORY AND OTHER RESTRICTIONS. (a) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (the "FDIA"), 12 U.S.C. Section 1818(e)(3) and (g)(1), or Section 37 of the Michigan Banking Code (the "MBC"), M.C.L. Section 487.337, Pinnacle's and Pinnacle Bank's obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Pinnacle and/or Pinnacle Bank may in its discretion (i) pay the Executive all or part of withheld while its obligations under this Agreement were suspended and (ii) reinstate in whole or in part any of its obligations which were suspended. (b) If the Executive is removed and/or permanently prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by an order issue under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(4) and (g)(1), or under Section 37 of the MBC, M.C.L. Section 487.337, all obligations of Pinnacle and Pinnacle Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. (c) If Pinnacle and/or Pinnacle Bank is in default (as defined in Section 3(x)(1) of the FDIA), or its performance of this Agreement is grounds for an action under Section 35 of the MBC, M.C.L. Section 487.335, all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties. (d) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulation promulgated thereunder. (e) The Executive shall not be required to mitigate the amount of any payment or provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer, by retirement benefits after the date of termination or otherwise. This Agreement shall not be construed as providing the Executive any rights to be retained in the employ of Pinnacle, Pinnacle Bank or any affiliate of Pinnacle.

REGULATORY AND OTHER RESTRICTIONS. (a) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (the "FDIA"), 12 U.S.C. Section 1818(e)(3) and (g)(1), or Section 37 of the Michigan Banking Code (the "MBC"), M.C.L. Section 487.337, Pinnacle's and Pinnacle Bank's obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Pinnacle and/or Pinnacle Bank may in its discretion (i) pay the Executive all or part of withheld while its obligations under this Agreement were suspended and (ii) reinstate in whole or in part any of its obligations which were suspended. (b) If the Executive is removed and/or permanently prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by an order issue under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(4) and (g)(1), or under Section 37 of the MBC, M.C.L. Section 487.337, all obligations of Pinnacle and Pinnacle Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. (c) If Pinnacle and/or Pinnacle Bank is in default (as defined in Section 3(x)(1) of the FDIA), or its performance of this Agreement is grounds for an action under Section 35 of the MBC, M.C.L. Section 487.335, all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties. (d) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulation promulgated thereunder. (e) The Executive shall not be required to mitigate the amount of any payment or provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer, by retirement benefits after the date of termination or otherwise. This Agreement shall not be construed as providing the Executive any rights to be retained in the employ of Pinnacle, Pinnacle Bank or any affiliate of Pinnacle.

REGULATORY AND OTHER RESTRICTIONS. (a) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (the "FDIA"), 12 U.S.C. Section 1818(e)(3) and (g)(1), or Section 37 of the Michigan Banking Code (the "MBC"), M.C.L. Section 487.337, Pinnacle's and and/or Pinnacle Bank's obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Pinnacle and/or Pinnacle Bank may in its discretion (i) pay the Executive all or part of withheld while its obligations under this Agreement were suspended and (ii) reinstate in whole or in part any of its obligations which were suspended. (b) If the Executive is removed and/or permanently prohibited from participating in the conduct of Pinnacle's and/or Pinnacle Bank's affairs by an order issue under Section 8(e)(4) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(4) and (g)(1), or under Section 37 of the MBC, M.C.L. Section 487.337, all obligations of Pinnacle and and/or Pinnacle Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. (c) If Pinnacle and/or Pinnacle Bank is in default (as defined in Section 3(x)(1) of the FDIA), or its performance of this Agreement is grounds for an action under Section 35 of the MBC, M.C.L. Section 487.335, all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties. (d) Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulation promulgated thereunder. (e) The Executive shall not be required to mitigate the amount of any payment or provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer, by retirement benefits after the date of termination or otherwise. This Agreement shall not be construed as providing the Executive any rights to be retained in the employ of Pinnacle, Pinnacle Bank or any affiliate of Pinnacle.