Position and Responsibilities Clause Example from Business Contracts

Position and Responsibilities. (a) Employment. During the Term (as defined in Section 2(a)) of this Agreement, the Executive agrees to serve as Executive Chairman of the Board of Directors of the Bank or any successor executive position with the Bank that is consented to, in writing, by the Executive (the "Executive Position"), and will perform the duties of and have all powers associated with the Executive Position as are appropriate for a person in the position of the Executive Position, as well as those as shall be assigne...d by the Board of Directors of the Bank (the "Board of Directors"). As Executive Chairman of the Board of Directors, the Executive will report directly to the Board of Directors. During the period provided for in this Agreement, the Executive also agrees to serve, if elected, as an officer, director or trustee of any subsidiary or affiliate of the Bank and in such capacity to carry out the duties and responsibilities reasonably appropriate to any such position. (b) Responsibilities. During the Executive's employment hereunder, the Executive will be employed on a full-time basis, or at the level agreed to by the Executive and the Board of Directors, and the Executive will devote his full business time and best efforts, business judgment, skill and knowledge to the performance of the Executive's duties and responsibilities related to the Executive Position. Except as otherwise provided in Section 1(c), or as may be approved by the Board of Directors, the Executive will not engage in any other business activity during the term of this Agreement. The role of Executive Chairman of the Board of Directors is to (i) oversees the activities of top management and provide overall leadership to the financial institution, (ii) collaborate with the chief executive officer in establishing institution objectives, plans, and policies, (iii) monitor compliance activity on a continuous basis, (iv) monitor all other regulatory and legislative activities on a continuous basis and keep the Board of Directors of the Bank (the "Board of Directors") abreast of industry changes and (v) maintain strong contact with civic organizations, external auditors, regulators, borrowers, and depositors. (c) Service on Other Boards and Committees. The Bank encourages participation by the Executive on community boards and committees and in activities generally considered to be in the public interest, but the Board of Directors shall have the right to approve or disapprove, in its sole discretion, the Executive's participation on those boards and committees. View More