Common use of Automatic Resignations Clause in Contracts

Automatic Resignations. Upon notice of termination of employment Executive shall, automatically and without further action by any party, be deemed to have resigned from all directorships with the Employer and any of its subsidiaries and affiliates. Upon termination of employment, Executive shall, automatically and without further action by any party, be deemed to have resigned from all offices and other capacities with the Employer and any of its subsidiaries and affiliates.

Automatic Resignations. Upon notice of termination of employment Executive shall, automatically and without further action by any party, be deemed to have resigned from all directorships with the Employer Bank and any of its subsidiaries and affiliates. Upon termination of employment, Executive shall, automatically and without further action by any party, be deemed to have resigned from all offices and other capacities with the Employer Bank and any of its subsidiaries and affiliates.