Common use of Resignation as Director Clause in Contracts

Resignation as Director. Executive agrees that in the event his employment under this Agreement is terminated, unless (1) Executive maintains an ownership interest in the Corporation of five percent (5%) or more, or (2) termination is due to retirement, Executive shall resign as a director of Corporation and Bank, or any affiliate or subsidiary thereof, if he is then serving as a director of any of such entities.

Resignation as Director. If, for any reason, (a) Executive agrees that in the event terminates his employment under this Agreement is terminated, unless (1) Executive maintains an ownership interest in with the Corporation of five percent (5%) or moreCorporation, or (2b) termination is due to retirementthe Corporation terminates Executive's employment under the terms of this Agreement, or (c) this Agreement expires without being renewed or extended, then Executive shall will resign as a director of Corporation and Bankdirector, or any affiliate or subsidiary thereof, if he is then serving as a director of any effective upon the occurrence of such entitiestermination or expiration, whichever is applicable.

Resignation as Director. If, for any reason; (a) Executive agrees that in the event terminates his employment with the Corporation, or; (b) the Corporation terminates Executive's employment under the terms of this Agreement, or; (c) this Agreement is terminatedexpires without being renewed or extended, unless (1) then Executive maintains an ownership interest in the Corporation of five percent (5%) or more, or (2) termination is due to retirement, Executive shall will resign as a director director, effective upon the occurrence of Corporation and Banksuch termination or expiration, or any affiliate or subsidiary thereof, whichever is applicable if he is then serving as a director of any of such entitiesat that time.