Unilateral Voluntary Resignation

Unilateral Voluntary Resignation. Means Mr. Snyder's written notice of resignation from his position as President of the Bank for reasons other than a reasonable belief of Mr. Snyder that the Bank desires that he resign, that the Bank has caused to occur a material diminution in the responsibilities or powers of his position as President and Chief Executive Officer, or that the Bank has caused to occur a material diminution of his salary or related compensation items. For purposes hereof, "material diminution" means (i) , with... respect to aggregate compensation, a reduction of at least 10% that is not accompanied by a substantially identical reduction in the aggregate compensation of all or substantially all other officers at or above the level of vice president, and, (ii) with respect to responsibilities or powers, a change in organizational structure under which any division or senior officer reporting to Mr. Snyder would no longer do so, the employment by the Bank of any senior officer over the written opposition of Mr. Snyder, a decision by the Bank to enter a new or abandon an existing product market over the written opposition of Mr. Snyder, or the adoption or rejection by the Bank, over the written opposition of Mr. Snyder, of any substantial action that could reasonably be expected to have a material impact upon the financial condition of the Bank or the results of its operations. View More