Suspension of Employment. A. The suspension of the Employee from office or temporary prohibition from participation by the Employee in the conduct of the affairs of the Bank pursuant to notice served by any supervisory or regulatory agency, unless stayed by appropriate proceedings, shall suspend, as of the date of such service, all obligations of the Bank under the terms of this Agreement. B. In the event the charges specified in a notice served as provided in Subparagraph A of this Section shall be dismissed, the Bank shall: (1) pay the Employee the compensation withheld from such Employee pursuant to the suspension of the Bank's obligation as required in Subparagraph A of this Section; and, (2) reinstate the obligations suspended as required in Subparagraph A of this section.
Appears in 6 contracts
Samples: Employment Agreement (Peoples Bancorp of North Carolina Inc), Employment Agreement (Peoples Bancorp of North Carolina Inc), Employment Agreement (Peoples Bancorp of North Carolina Inc)
