Regulatory Approval Required. The parties hereto understand and agree that this Agreement is subject to the regulatory approval of the Tennessee Department of Financial Institutions, the Federal Deposit Insurance Corporation, and the Federal Reserve System and that in the event that the Bank is not granted a Certificate of Authority to do a banking business or in the event that the Executive does not receive regulatory approval to serve as an officer of the Bank, this Agreement shall be null and void and the only liability thereunder to the Bank shall be for salary earned during such time as the Executive is associated with the organizational group forming the Bank.
Appears in 2 contracts
Sources: Employment Agreement (Commerce Union Bancshares, Inc.), Employment Agreement (Commerce Union Bancshares, Inc.)