Temporary Suspension or Prohibition of Executive. If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the affairs of the Company or any subsidiary of the Company by a notice served under Section 8(e)(3) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(3) and (g)(1), the Company’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 Company may in its discretion (i) pay the 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.
Appears in 2 contracts
Samples: Change in Control and Severance Benefits Agreement (ViewPoint Financial Group Inc.), Change in Control and Severance Benefits Agreement (ViewPoint Financial Group Inc.)
Temporary Suspension or Prohibition of Executive. If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the affairs of the Company or any subsidiary of the Company by a notice served under Section 8(e)(3) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(3) and (g)(1), the Company’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 Company may in its discretion (i) pay the 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.
Appears in 1 contract
Samples: Executive Employment Agreement (ViewPoint Financial Group Inc.)
Temporary Suspension or Prohibition of Executive. If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the affairs of the Company or any subsidiary of the Company Bank by a notice served under Section 8(e)(3) or (g)(1) of the FDIA, 12 U.S.C. Section 1818(e)(3) and (g)(1), the Company’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 Company may in its discretion (i) pay the 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.
Appears in 1 contract
Samples: Executive Employment Agreement (Oceanfirst Financial Corp)
