Common use of Required Regulatory Provision Clause in Contracts

Required Regulatory Provision. A. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and any other applicable statutes and applicable regulations promulgated thereunder. Nothing in this Agreement shall be construed to subject the Bank or its assets to any contractual obligations undertaken by the Company hereunder or to liability for any breach by the Company. B. If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1), the 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, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. C. If Executive 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) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (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 parties shall not be affected. D. If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, but this Section 20(D) shall not affect any vested rights of the parties hereunder. E. All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Director (“Director”) of the Federal Deposit Insurance Corporation (“FDIC”) or his or her designee, at the time the FDIC or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director of the FDIC or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

Required Regulatory Provision. A. Notwithstanding anything herein contained to the contrary(a) The Board may terminate Executive’s employment at any time, but any payments to the Executive termination by the Bank, whether pursuant Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement Agreement. Executive shall have no right to receive compensation or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and any other applicable statutes and applicable regulations promulgated thereunder. Nothing in this Agreement shall be construed to subject the Bank or its assets to any contractual obligations undertaken by the Company hereunder or to liability benefits for any breach by the Companyperiod after her termination for Cause. B. (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) (12 USC §1818(e)(3)) or 8(g)(1) (g)(112 USC §1818(g)(1)) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1“FDIA”), the Bank’s obligations under this Agreement shall be suspended as of the date of service service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations under this Agreement were suspended, suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. C. (c) If Executive 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) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. §1818(e)(4)) or 8(g)(1) (g)(112 U.S.C. §1818(g)(1))) of FDIA, all obligations of the 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. D. (d) If the Bank is in default (as defined in Section 3(x)(1) (12 U.S.C. §1813(x)(1)) of the Federal Deposit Insurance Act)FDIA, all obligations under this Agreement shall terminate as of the date of default, but this Section 20(D) paragraph shall not affect any vested rights of the parties hereundercontracting parties. E. (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank: , (i) by either the Director (“Director”) Office of the Comptroller of the Currency or the Board of Governors of the Federal Deposit Insurance Corporation Reserve System (collectively, the “FDICRegulator”) or his or her designee, at the time the FDIC or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) (12 U.S.C. §1823(c)) of the Federal Deposit Insurance ActFDIA; or (ii) by the Director of the FDIC Regulator or his or her designee, designee at the time the Director Regulator or his or her designee approves a supervisory merger to resolve problems related to operation operations of the Bank or when the Bank is determined by the Director Regulator or his or her designee to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. (f) Notwithstanding anything herein to the contrary, any payments to Executive pursuant to this Agreement or otherwise are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and the regulations promulgated thereunder in 12 C.F.R. Part 359. (g) For purposes of this Agreement, any termination of Executive’s employment shall be construed to require a “Separation from Service” in accordance with Code Section 409A and the regulations promulgated thereunder, such that the Bank and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36)-month period.

Required Regulatory Provision. A. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the BankCompany, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. 1828(k), and any other applicable statutes and applicable regulations promulgated thereunder. Nothing in this Agreement shall be construed to subject the Bank or its assets to any contractual obligations undertaken by the Company hereunder or to liability for any breach by the Company. B. If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1), the BankCompany’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, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. C. If Executive 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) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank Company under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected. D. If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, but this Section 20(D) shall not affect any vested rights of the parties hereunder. E. All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Director (“Director”) of the Federal Deposit Insurance Corporation (“FDIC”) or his or her designee, at the time the FDIC or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director of the FDIC or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.