Term of Employment and Duties. (a) The Association hereby employs the Executive as the President and Chief Executive Officer and the Executive hereby accepts said employment and agrees to render such services to the Association on the terms and conditions set forth in this Agreement. The terms and conditions of this Agreement shall be and remain in effect during the period of three years beginning on the Effective Date of this Agreement and ending on the third anniversary of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b) hereof (the “Employment Period”).
(b) Except as provided in Section 2(c), and subject to the requirement below that the Association Board determine at least annually that continued extensions are appropriate, beginning on the Effective Date, on each day during the Employment Period, the Employment Period shall automatically be extended for one additional day, unless either the Association, on the one hand, or the Executive, on the other hand, elects not to extend the Agreement further by giving written notice thereof to the other party, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. At least annually, the Association Board shall consider and review (with appropriate corporate documentation thereof, and taking into account all relevant factors) the Executive’s performance hereunder and whether the Employment Period shall continue to be extended. If the Association Board determines at least annually that continued extensions of the Employment Period are appropriate, then the Employment Period shall continue to extend each day as set forth above. If the Association Board determines not to extend the Employment Period, it shall provide written notice to the Executive as set forth above.
(c) Nothing in this Agreement shall be deemed to prohibit the Association at any time from terminating the Executive’s employment during the Employment Period for any reason, provided that the relative rights and obligations of the Association and the Executive in the event of any such termination shall be determined under this Agreement.
(d) During the term of this Agreement, the Executive shall manage the operations of the Association and oversee the officers that report to him. The Executive shall also oversee the implementation of the policies adopted by the Board of Directors of the Bank and shall report directly to the Board of Directors. In addition, the Executive sha...
Term of Employment and Duties. The Company and Xxxxxxx agree that for the period commencing on January 3, 2001, and terminating on January 3, 2002 (the "Termination Date"), the Company shall employ Xxxxxxx and Xxxxxxx shall perform duties ("duties") for the Company as Financial Reporting Manager and shall report to the Company's President.
Term of Employment and Duties. 1.1 Agreement ................................................. 2 1.2 Term ...................................................... 2 1.3 Position .................................................. 3
Term of Employment and Duties. The Company and Mabie agree that for the xxxxxd commencing on August 1st, 2001 and terminating on August 1, 2002 (the "Termination Date"), the Company shall employ Mabie and Mabie shall perxxxx dutiex ("duties") for the Company as Chief Executive Officer and President of the Company as set forth in the Company's Articles of Incorporation and Bylaws and shall report to the Company's Board of Directors (the "Board").
Term of Employment and Duties. The Company and Lindsey agree that for xxx period commencing on August 1st, 2001 and terminating on August 1, 2002 (the "Termination Date"), the Company shall employ Lindsey and Lindsey xxxxx xerform duties ("xxxxxs") for the Company as Director and Vice-President of the Company as set forth in the Company's Articles of Incorporation and Bylaws and shall report to the Company's Board of Directors (the "Board").
Term of Employment and Duties. 1.1 The Employee shall serve as Vice Chairman, President, Chief Executive Officer and Chief Operating Officer of the Employer, as well as Vice Chairman and Chief Executive Officer of its wholly owned subsidiary, The Bank of the Somerset Hills (the "Bank"), and Employee hereby accepts said employment and agrees to render such services to the Employer beginning March 19, 2001, on the terms and conditions set forth in this Agreement. In addition, the Employer shall cause the Employee to immediately become a member of the Board of Directors of both the Employer and the Bank as well as a member of the Executive Committee of each of those Boards and to remain a member of such Boards and Executive Committees throughout the term of this Agreement, including any Renewal Periods. The initial term of employment under this Agreement shall commence on March 19, 2001 (the "Commencement Date"), and shall terminate three (3) years from the Commencement Date (the "Initial Employment Period"). Unless either party gives six (6) months prior written notice of nonrenewal (a "Notice of Nonrenewal"), this Agreement shall automatically be extended for an additional one (1) year period, and, for one (1) year periods thereafter (collectively the "Renewal Period(s)"). Notices shall be sent by Certified Mail, Return Receipt Requested as follows: To the Employer Somerset Hills Bancorp 155 Morristown Road Xxxxxxxxxxxxx, XX 00000 Xxxx: Xxxrd of Directors To the Employee Stewart E. McClure, Jr. 00 Xxxing Hill Road Xxxxxxx, XX 00000 Xxxxxx xxx xxxx xx xxxx Xxxxxxxnt the annual compensation of Employee shall be no less than the base salary ("Base Salary") for the immediately preceding 12 months. (The Employees' Base Salary, together with any cash bonus which may be awarded to Employee, hereafter called "Total Compensation"). References herein to the term of this Agreement shall refer both to the Initial Employment Period and any Renewal Periods. If proper Notice of Nonrenewal is sent effective at the end of the Initial Term or any Renewal Period, this Agreement shall terminate at the end of the then current term without any liability of the parties hereto to the other except for performance of their respective obligations under this Agreement and other obligations owed arising out of the employment relationship which may be imposed and/or required by applicable law. DRAFT
1.2 During the term of this Agreement, the Employee shall perform such executive services for the Employer that are con...
Term of Employment and Duties. The Company and Xxxxx agree that for the period commencing on March 16th, 2005 and terminating on March 16th , 2007 (the "Termination Date"), the Company shall employ Xxxxx and Xxxxx shall perform duties ("duties") for the Company as Chief Executive Officer and President of the Company as set forth in the Company's Articles of Incorporation and Bylaws and shall report to the Company's Board of Directors (the "Board").
Term of Employment and Duties. The Company and Vincent agree that for the period commencing on January 3rd, 2001 and terminating on January 3, 2002 (the "Termination Date"), the Company shall employ Vincent and Vincxxx xxxll perform dutxxx ("duties") for the Company as Financial Reporting Manager of the Company as set forth in the Company's Articles of Incorporation and Bylaws and shall report to the President.
Term of Employment and Duties. You will be employed by the Company on a part-time basis as the President and Chief Executive Officer of the Company starting on September 9, 2003, and continuing until your employment is terminated as a result of your death or pursuant to Paragraph 11 below. During the term of your employment, you agree to devote your best efforts and skills and at least one-half of the business time and attention that normally would be associated with a full-time chief executive officer position to the business and affairs of the Company. Subject to this minimum time commitment, the amount of time you devote to the business and affairs of the Company will be at your discretion.
Term of Employment and Duties. The Company and Xxxx agree that for ----------------------------- the period commencing on September 28, 1999, and terminating on September 28, 2002 (the "Termination Date"), the Company shall employ Xxxx and Xxxx shall perform duties ("duties") for the Company as Chief Executive Officer and President of the Company as set forth in the Company's Bylaws and shall report to the Company's Board of Directors (the "Board").
