No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Bank Employers shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Bank, Employers, by an assumption agreement in form and substan
...ce satisfactory to the Employee, Executive, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank Employers would be required to perform it if no such succession or assignment had taken place. Failure of the Bank Employers to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee Executive to compensation from the Bank in the same amount and on the same terms as the compensation pursuant to Section 7(d) 7(a) hereof. For purposes of implementing the provisions of this Section 13(a), 11(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee Executive hereunder shall inure to the benefit of and be enforceable by the Employee's Executive's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee Executive should die following termination of employment while any amounts would still be payable to the Employee Executive hereunder if the Employee Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee's Executive's devisee, legatee or other designee or if there is no such designee, to the Employee's Executive's estate. 7 12. Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid, to SFBC and the Bank at their home office, to the attention of their respective Boards of Directors with a copy to the Secretary of each of the Employers, or, if to the Executive, to such home or other address as the Executive has most recently provided in writing to the Employers.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Bank Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Bank, by an assumption agreement in form and substance satisfacto
...ry to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank Company would be required to perform it if no such succession or assignment had taken place. Failure of the Bank Company to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Bank Company in the same amount and on the same terms as the compensation pursuant to provided for upon an Involuntary Termination under Section 7(d) 7(b) hereof. For purposes of 14 implementing the provisions of this Section 13(a), 11(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still be payable to the Employee hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee or other designee or if there is no such designee, to the Employee's estate.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Company and the Bank shall require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation consolidation, operation of law or otherwise) to all or substantially all of the business and/or assets of the
Company and the Bank, by
...an assumption agreement in form and substance satisfactory to the Employee, agreement, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company and the Bank would be required to perform it if no such succession or assignment had taken place. Failure of the Company and the Bank to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation from the Bank and benefits in the same amount and on the same terms as the compensation pursuant that Employee would be entitled to Section 7(d) hereof. hereunder under this Agreement if an event of Involuntary Termination occurred. For purposes of implementing the provisions of this Section 13(a), 6(a), the date on which any such succession becomes effective shall be deemed to be the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If In the Employee should die while any amounts would still be payable to event of the Employee hereunder if death of the Employee had continued to live, all such amounts, Employee, unless otherwise provided herein, all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee legatee, or other designee or or, if there is be no such designee, to the Employee's estate. 6 7. Delivery of Notices. For the purposes of this Agreement, all notices and other communications to any party hereto shall be in writing and shall be deemed to have been duly given when delivered or sent by certified mail, return receipt requested, postage prepaid, addressed as follows: If to the Employee: At the address last appearing on the personnel records of the Employee If to Security Federal: Security Federal Corporation 238 Richland Avenue Northwest Aiken, South Carolina 29801 Attention: Corporate Secretary or to such other address as such party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be effective only upon receipt.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Company and the Bank shall require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation consolidation, operation of law or otherwise) to all or substantially all of the business and/or assets of the
Company and the Bank, by
...an assumption agreement in form and substance satisfactory to the Employee, agreement, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company and the Bank would be required to perform it if no such succession or assignment had taken place. Failure of the Company and the Bank to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation from the Bank and benefits in the same amount and on the same terms as the compensation pursuant that Employee would be entitled to Section 7(d) hereof. hereunder under this Agreement if an event of Involuntary Termination occurred. For purposes of implementing the provisions of this Section 13(a), 6(a), the date on which any such succession becomes effective shall be deemed to be the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If In the Employee should die while any amounts would still be payable to event of the Employee hereunder if death of the Employee had continued to live, all such amounts, Employee, unless otherwise provided herein, all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee legatee, or other designee or or, if there is be no such designee, to the Employee's estate. 6 7. Delivery of Notices. For the purposes of this Agreement, all notices and other communications to any party hereto shall be in writing and shall be deemed to have been duly given when delivered or sent by certified mail, return receipt requested, postage prepaid, addressed as follows: If to the Employee: At the address last appearing on the personnel records of the Employee If to Security Federal: Security Federal Bank 238 Richland Avenue Northwest Aiken, South Carolina 29801 Attention: Corporate Secretary or to such other address as such party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be effective only upon receipt.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Bank Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Bank, by an assumption agreement in form and substance satisfacto
...ry to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank Company would be required to perform it if no such succession or assignment had taken place. Failure of the Bank Company to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Bank Company in the same amount and on the same terms as the compensation pursuant to provided for upon an Involuntary Termination under Section 7(d) 7 hereof. For purposes of implementing the provisions of this Section 13(a), 12(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still be payable to the Employee hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee or other designee or if there is no such designee, to the Employee's estate.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Bank Company shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Bank, by an assumption agreement in form and substance satisfacto
...ry to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank Company would be required to perform it if no such succession or assignment had taken place. Failure of the Bank Company to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Bank Company in the same amount and on the same terms as the compensation pursuant to provided for upon an Involuntary Termination under Section 7(d) 7(b) hereof. For purposes of implementing the provisions of this Section 13(a), 11(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still be payable to the Employee hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee or other designee or if there is no such designee, to the Employee's estate.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and no party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other
party; parties; provided, however, that the Bank shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Bank, by an assumption agreement in form and substance satisfactory to t
...he Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it it, if no such succession or assignment had taken place. Failure of the Bank to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Bank in the same amount and on the same terms as the compensation pursuant to Section 7(d) hereof. of this Agreement. For purposes of implementing the provisions of this Section 13(a), 11(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still be payable to the Employee hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee or other designee or if there is no such designee, to the Employee's estate.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the
Bank Company may assign this Agreement to any subsidiary of the Company and shall require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Co...mpany or the Subsidiary Bank, by an assumption agreement in form and substance satisfactory to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank Company would be required to perform it if no such succession or assignment had taken place. Failure of the Bank Company to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation from the Bank Company in the same amount and on the same terms as the compensation pursuant to Section 7(d) hereof. 9(d). For purposes of implementing the provisions of this Section 13(a), 11(a), the date on which any such succession becomes effective shall be deemed the Date date of Termination. termination. -7- (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's Employee' s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Employee should die while any amounts would still be payable to the Employee hereunder under this Agreement if the Employee had continued to live, live (including but not limited to salary and benefit continuation to which Employee becomes conditioned under Section 9(d) as a result of a covered termination of the employment before Employee' s death), all such amounts, unless otherwise provided herein, in this Agreement, shall be paid in accordance with the terms of this Agreement to the Employee's Employee' s devisee, legatee or other designee or or, if there is no such designee, to the Employee's Employee' s estate.
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No Assignment. (a) This Agreement is personal to each of the
parties Parties hereto, and no
party Party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other
party; Parties; provided, however, that
the Company and/or the Bank shall require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation consolidation, operation of law or otherwise) to all or substantially all of the business and/or assets of the
Company... and/or the Bank, by an assumption agreement in form and substance satisfactory to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company and/or the Bank would be required to perform it if no such succession or assignment had taken place. Failure of the Company and/or the Bank to obtain such an assumption agreement prior to the effectiveness of any such succession or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation from the Company and/or the Bank in the same amount and on the same terms as the compensation pursuant that Employee would be entitled to Section 7(d) hereof. hereunder had an Involuntary Termination occurred. For purposes of implementing the provisions of this Section 13(a), 5(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If In the Employee should die while any amounts would still be payable to event of the Employee hereunder if death of the Employee had continued to live, all such amounts, Employee, unless otherwise provided herein, all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee legatee, or other designee or or, if there is be no such designee, to the Employee's estate.
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No Assignment. (a) This Agreement is personal to each of the parties hereto, and
no neither party may assign or delegate any of its rights or obligations hereunder without first obtaining the written consent of the other party; provided, however, that the Bank shall require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation consolidation, operation of law or otherwise) to all or substantially all of the business and/or assets of the Bank, by an assumption agreement in form
...and substance satisfactory to the Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it if no such succession or assignment had taken place. Failure of the Bank to obtain such an assumption agreement prior to the effectiveness of any such succession 6 or assignment shall be a breach of this Agreement and shall entitle the Employee to compensation and benefits from the Bank in the same amount and on the same terms as that Employee would be entitled to hereunder if an event of Involuntary Termination occurred, in addition to any payments and benefits to which the compensation pursuant to Employee is entitled under Section 7(d) 3 hereof. For purposes of implementing the provisions of this Section 13(a), 6(a), the date on which any such succession becomes effective shall be deemed the Date of Termination. (b) This Agreement and all rights of the Employee hereunder shall inure to the benefit of and be enforceable by the Employee's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If In the Employee should die while any amounts would still be payable to event of the Employee hereunder if death of the Employee had continued to live, all such amounts, Employee, unless otherwise provided herein, all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to the Employee's devisee, legatee legatee, or other designee or or, if there is be no such designee, to the Employee's estate.
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