Positions and Duties Clause Example from Business Contracts

Positions and Duties. During the Term, the Executive shall serve as Chairman and Chief Executive Officer of the Parent and the Chairman of the Bank, shall at all times report solely to the Board of Directors of the Parent (the "Board") and the Board of Directors of the Bank (as applicable), and shall undertake such duties, consistent with such titles and positions, as may be assigned to him from time to time by the Board, including serving on committees of the Parent and the Bank as required in the Parent's or the Ba...nk's bylaws and as appointed from time to time by the Board, keeping the Board informed of industry and regulatory developments regarding the Parent or the Bank, and coordinating with Bank personnel and third parties to the extent necessary to further the strategic plan of the Parent and the Bank. In addition, the Board and/or its Compensation Committee (the "Compensation Committee") shall provide the Executive with annual goals and responsibilities, as outlined in a "performance evaluation," after consulting with the Executive about the goals and responsibilities, and it is the Executive's responsibility to meet or exceed these goals as reasonably determined by the Board and/or Compensation Committee. The Executive will be based at the Bank's facility currently located in Palm Beach Gardens, Florida, subject to customary travel and business requirements, including the potential need to spend several days per week at one of the Bank's other facilities. While the Executive is employed under this Agreement, the Board shall nominate the Executive as a member of the Board at each annual shareholders' meeting during the Term, including any extension thereof; the Executive shall serve on the Board without additional compensation. In performing duties pursuant to this Agreement, the Executive shall devote his full business time, energy, skill and best efforts to promote the Parent and the Bank and their business and affairs; provided that, subject to Sections 10, 12 and 13 of this Agreement, the Executive shall have the right to serve on boards of directors (or equivalent bodies) of commercial entities fully disclosed in writing by the Executive to, and acknowledged in writing by, the Compensation Committee, manage and pursue personal and family interests, make passive investments in securities, real estate, and other assets, and also to participate in charitable and community activities and organizations, so long as such activities do not adversely affect the performance by the Executive of his duties and obligations to the Parent and/or the Bank and/or their subsidiaries (collectively, the "Bank Group"). View More