Removal and Permanent Prohibition. If Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) (12 U.S.C. §1818(e)(4)) or 8(g)(1) (12 U.S.C. §1818(g)(1)) of the Federal Deposit Insurance Act, all prospective obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights and accrued obligations of the contracting parties shall not be affected.
Appears in 7 contracts
Samples: Change in Control Agreement (Community Bancorp /Vt), Waiver and Release Agreement (Community Bancorp /Vt), Waiver and Release Agreement (Community Bancorp /Vt)
