Common use of Duties and Status Clause in Contracts

Duties and Status. (a) The Corporation hereby engages the Executive as a full-time executive employee for the period (the "Employment Period") specified in Section 4, and the Executive accepts such employment, on the terms and conditions set forth in this Agreement. During the Employment Period, the Executive shall exercise such authority and perform such executive duties as are commensurate with the authority being exercised and duties being performed by the Executive for the Corporation immediately prior to the effective date of this Agreement. (b) During the Employment Period, the Executive shall (i) devote his full time and efforts to the business of the Corporation and will not engage in consulting work or any trade or business for his own account or for or on behalf of any other person, firm or corporation which competes, conflicts or interferes with the performance of his duties hereunder in any way, and (ii) accept such additional office or offices to which he may be elected by the Board of Directors of the Corporation, provided that the performance of the duties of such office or offices shall be consistent with the scope of the duties provided for in subsection (a) of this Section 1.1. (c) The Executive will be required to perform the services and duties provided for in subsection (a) of this Section 1.1 only at the location where the Executive was employed immediately prior to the effective date of this Agreement or such other location of the principal executive offices of the Corporation in the State of New York as the Board of Directors of the Corporation may designate. The Executive shall be entitled to vacation, leave of absence, leave for illness or temporary disability in accordance with the policies of the Corporation in effect, which shall not be less favorable than those in effect at the date of this Agreement; and any leave on account of illness or temporary disability which is short of total disability, as defined in the Corporation's long-term disability insurance plan ("Total Disability"), shall not constitute a breach by the Executive of his agreement hereunder.

Duties and Status. (a) The Corporation hereby engages the Executive Hyatt as a full-time fulltime executive employee for the period (the "Employment Period") specified in Section 4, and the Executive Hyatt accepts such employment, on the terms and conditions set forth in this Agreement. During the Employment Period, the Executive Hyatt shall exercise such authority and perform such executive duties as are commensurate with the authority being exercised and duties being performed by the Executive Hyatt for the Corporation immediately prior to the effective date of this Agreement. (b) During the Employment Period, the Executive Hyatt shall (i) devote his full time and efforts to the business of the Corporation and will not engage in consulting work or any trade or business for his own account or for or on behalf of any other person, firm or corporation which competes, conflicts or interferes with the performance of his duties hereunder in any way, ; and (ii) accept such additional office or offices to which he may be elected by the Board of Directors of the Corporation, provided that the performance of the duties of such office or offices shall be consistent with the scope of the duties provided for in subsection (a) of this Section 1.1. (c) The Executive Hyatt will be required to perform the services and duties provided for in subsection (a) of this Section 1.1 only at the location where the Executive Hyatt was employed immediately prior to the effective date of this Agreement or such other location of the principal executive offices of the Corporation in the State of New York Annapolis, Maryland metropolitan area as the Board of Directors of the Corporation may designate. The Executive Hyatt shall be entitled to vacation, leave of absence, and leave for illness or temporary disability in accordance with the policies of the Corporation in effect, which shall not be less favorable than those in effect at the date of immediately prior to this Agreement; and any leave on account of illness or temporary disability which is short of total disability, as defined in the Corporation's long-term disability insurance plan ("Total Disability"), shall not constitute a breach by the Executive of his agreement hereunder.