Common use of Termination or Suspension of Employment as Required by Law Clause in Contracts

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank Company to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section (S) 563.39), or similar succeeding regulations: (ai) If the 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. Section (S) 1818(e)(3) and (g)(1)) ), the BankCompany's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank Company may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. If the Company does not pay Executive all of the compensation withheld while its contract obligations hereunder were suspended or does not reinstate in whole its obligations which were suspended, Executive may terminate his employment hereunder pursuant to Section 5(d) and such termination shall be considered as termination for "Good Reason." (bii) If the 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. Section (S) 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. (ciii) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation all obligations to Executive hereunder shall terminate as of the date of default, but such termination shall not affect any vested rights of Executive, the Company or the Bank. (div) All obligations under this Agreement may be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (ev) Termination pursuant to subparagraph (d) of under this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c5(b) shall be treated as a termination for Just Cause under Section 2not affect other rights hereunder which are vested at the time of termination.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank AnchorBank to continue employing the Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39ss.563.39), or similar succeeding regulations: (a) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the BankAnchorBank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(3ss.1818(e)(3) and (g)(1)) the BankAnchorBank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion AnchorBank shall (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If the Executive is removed and/or permanently prohibited from participating in the conduct of the BankAnchorBank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(4ss.1818(e)(4) or (g)(1)) all obligations of the Bank AnchorBank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank AnchorBank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to the Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company enters into an agreement to provide assistance to or on behalf of the Bank AnchorBank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act and (ii) by the Director, or his or her designee at the time the Director or such designee approves a supervisory merger to resolve problems related to operation of the Bank AnchorBank or when the Bank AnchorBank is determined by the Director to be in an unsafe or unsound condition. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank AnchorBank without cause entitling the Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.170

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's 130 affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.. 183 (b) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.. 143 (b) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (a) If the 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. Section 1818(e)(3) and (g)(1)) the Bank's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.. 156 (b) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order. (c) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation to Executive hereunder shall terminate as of the date of default. (d) All obligations under this Agreement may be terminated: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (e) Termination pursuant to subparagraph (d) of this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c) shall be treated as a termination for Just Cause under Section 2.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank Company to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (ai) If the 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. Section 1818(e)(3) and (g)(1)) ), the BankCompany's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank Company may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. If the Company does not pay Executive all of the compensation withheld while its contract obligations hereunder were suspended or does not reinstate in whole its obligations which were suspended, Executive may terminate his employment hereunder pursuant to Section 5(d) and such termination shall be considered as termination for "Good Reason." (bii) If the 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. Section 1818(e)(4) or (g)(1)) all obligations of the Bank under this Agreement shall terminate as of the effective date of the order.from (ciii) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation all obligations to Executive hereunder shall terminate as of the date of default, but such termination shall not affect any vested rights of Executive, the Company or the Bank. (div) All obligations under this Agreement may be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (ev) Termination pursuant to subparagraph (d) of under this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c5(b) shall be treated as a termination for Just Cause under Section 2not affect other rights hereunder which are vested at the time of termination.

Termination or Suspension of Employment as Required by Law. Notwithstanding anything in this Agreement to the contrary, the following provisions shall limit the obligation of the Bank Company to continue employing Executive, but only to the extent required by the applicable regulations of the OTS (12 C.F.R. Section 563.39), or similar succeeding regulations: (ai) If the 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. Section 1818(e)(3) and (g)(1)) ), the BankCompany's obligations under this Agreement shall be suspended as of the date of service of notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank Company may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations hereunder were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. If the Company does not pay Executive all of the compensation withheld while its contract obligations hereunder were suspended or does not reinstate in whole its obligations which were suspended, Executive may terminate his employment hereunder pursuant to Section 5(d) and such termination shall be considered as termination for "Good Reason." (bii) If the 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. Section 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. (ciii) If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), the obligation all obligations to Executive hereunder shall terminate as of the date of default, but such termination shall not affect any vested rights of Executive, the Company or the Bank. (div) All obligations under this Agreement may be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank: (i) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee at the time the Federal Deposit Insurance Company 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 and (ii) by the Director, or his or her designee at the time the Director or such 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. (ev) Termination pursuant to subparagraph (d) of under this Section 2.7 shall be treated as a termination by the Bank without cause entitling Executive to benefits payable under Section 2.5. Termination pursuant to subparagraph (a), (b) or (c5(b) shall be treated as a termination for Just Cause under Section 2not affect other rights hereunder which are vested at the time of termination.