Tower and Graystone Tower Bank Clause Samples

Tower and Graystone Tower Bank hereby agree to employ Executive and Executive hereby agrees to serve as Chairman and Chief Executive Officer of the division of Graystone Tower Bank operating the former FNB branch offices and banking operations located in Chester, Delaware and ▇▇▇▇▇▇▇▇▇▇ Counties (the “FNB Market Areas”) and such additional branch offices and/or banking operations which may be acquired and/or opened in the FNB Market Areas or other contiguous markets (the “Division”) and as a vice chairman of Tower. Executive shall report directly to the Chief Executive Officer of Tower. Executive’s ceasing to be Chairman and Chief Executive Officer of the Division as a result of the elimination of the Division after the 24-month period during which Graystone Tower Bank is required to maintain the Division pursuant to Section 6.14(b) of the Merger Agreement as amended shall not constitute grounds for Executive to terminate his employment for Good Reason.
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