Document:

exv10w43

 

Exhibit 10.43

EMPLOYMENT AGREEMENT

     AGREEMENT made as of December 7, 2004, by and between Riggs Bank N.A. (the “Company”) and
Robert L. Klivans (“Executive”).

     The parties hereto agree as follows:

	 	1.  	Employment. 

	 	(a)  	General. Company hereby employs Executive, and
Executive hereby accepts employment with Company, upon the terms and
conditions set forth in this Agreement.
	 
	 	(b)  	Term. Subject to the provisions hereof, Executive’s
employment will run from the date hereof until March 27, 2005 (the “Term”),
unless sooner terminated pursuant to Section 4 hereof. Prior to the
expiration of the Term, the Chief Executive Officer of the Company, in its
sole discretion, may elect to extend the Term up to six (6) times in one (1)
month increments at the same base salary as provided in Section 3(a) by
providing Executive with written notice of such election.

	 	2.  	Title and Responsibilities.

	 	(a)  	Position and Duties. Executive will report directly
to the President and Chief Executive Officer and will also report sideways to
the Chief Operating Officer and will perform duties consistent with his
position and title as assigned to him by the Chief Executive Officer.
Executive’s title will be Senior Vice President, Special Legal Projects. The
Executive will have such authority and responsibility as determined by the
Chief Executive Officer. The Executive hereby represents, warrants and
covenants that he has signed the Company Code of Conduct and that he will
perform his duties in accordance with the Company Code of Conduct.
	 
	 	(b)  	Full Time. Executive will devote his full business
time, attention and energy to the performance of his duties under this
Agreement. Executive hereby represents, warrants and covenants that he shall
be exclusively an employee of the Company and that he has no, and will not
have during the Term, other employment, consulting, agency or fiduciary
arrangement with any other entity or person, and holds no equity or other
interest in any consultant, agent or affiliate of the Company.

	 	3.  	Compensation.

	 	(a)  	Base Salary. The Company will pay a base salary to
Executive of no less than $ 9,615.38, payable in equal bi-weekly
installments in

 

 

accordance with the Company’s normal payroll practices.
Except as provided in Section 3(c), Executive shall not be eligible for any
bonus under this Agreement or otherwise during the Term.

	 	(b)  	Benefits. During the term of Executive’s employment,
Executive will not be eligible for, or participate in, any of the Company’s
health, welfare or pension plans or arrangements. During the term of
Executive’s employment, the Company will provide paid parking at the Company
or at a parking garage close to Executive’s work location. Executive will
also be eligible for 10 days of vacation between October 2004 and March 2005,
to be taken in accordance with the Company’s vacation policy.
	 
	 	(c)  	Hiring Bonus. Executive will also receive a
$20,000.00 sign-on bonus, subject to normal withholding, with his first
paycheck in October. If Executive resigns prior to the Effective Time (as
defined in that certain Agreement and Plan of Merger, dated as of July 16,
2004, between The PNC Financial Services Group, Inc. and Riggs National
Corporation), the Executive must repay the $20,000 sign-on bonus to the
Company. The Company may deduct such amount from Executive’s wages or any
other amounts owed to Executive at the time of his resignation. The Executive
must repay the remaining balance within 90 days of his resignation.
	 
	 	(d)  	Relocation Package. During the term of Executive’s
employment until the later of March 27, 2005 or the Effective Time, Executive
will be provided with (i) temporary lodging and (ii) a travel allowance that
will cover two trips per month for the Executive or the Executive’s spouse for
travel between the Executive’s Newton, Massachusetts home and the Executive’s
housing in the Washington Area.

	 	4.  	Termination of Employment.

	 	(a)  	Death. Executive’s employment hereunder shall
terminate upon his death.
	 
	 	(b)  	Disability. The Chief Executive Officer may
terminate Executive’s employment if he has been unable to perform his duties
hereunder due to a physical or mental disability for a period of thirty (30)
consecutive days and if he has not resumed the performance of such duties on a
full-time basis within thirty (30) days after written notice from the Company
of the Chief Executive Officer’s intent to terminate his employment due to
disability.
	 
	 	(c)  	Termination by the Chief Executive Officer For Cause.
The Chief Executive Officer may terminate Executive’s employment hereunder
for Cause, effective immediately, at any time. For this purpose, “Cause”
means: (i) any willful failure or refusal by

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Executive to carry out specific
directions of the Chief Executive Officer consistent with the provisions
hereof or to perform a material part of the duties assigned to him hereunder;
(ii) any willful violation by Executive of any material provisions of this
Agreement, which failure, refusal or violation is not remedied by Executive
within thirty (30) days after written notice from the Chief Executive Officer;
(iii) any commission by Executive of any act materially detrimental to the
best interests of the Company or its affiliates and that constitutes on the
part of Executive personal dishonesty, willful misconduct in clear conflict
with reasonable standards of employee conduct, including a violation of the
Company Code of Conduct; breach of fiduciary duty involving personal profit;
any willful violation of any law, governmental rule or regulation (other than
traffic violations or similar offenses), final cease and desist order, formal
agreement or commitment enforceable in writing; or any act or conduct which
for any reason would constitute grounds for suspension, bar or removal from
office by any federal or state bank or securities regulatory agency under
applicable law; (iv) any gross negligence by Executive in the performance of
Executive’s duties; or (v) any failure to meet the performance expectations of
the Company as reasonably set forth and determined by the Chief Executive
Officer. The Chief Executive Officer shall be responsible for making any
determinations of “Cause” for purposes of this Section 4(c).

	 	(d)  	Termination by the Chief Executive Officer Without
Cause. The Chief Executive Officer may terminate Executive’s employment
hereunder without Cause upon 30 days’ written notice to Executive. Executive
shall continue to perform his job fully until such termination becomes
effective and shall do nothing to damage the interest of the Company.
Executive’s failure to perform his job fully prior to his termination of
employment shall constitute grounds for immediate termination for Cause.
Notwithstanding the foregoing, the Chief Executive Officer, in its sole
discretion, may place the Executive on paid leave for all or part of such
thirty (30) day notice period.
	 
	 	(e)  	Resignation by Executive. Resignation shall require
thirty (30) days’ written notice to the Chief Executive Officer. Executive
shall continue to perform his job fully until such resignation becomes
effective unless otherwise stipulated by the Chief Executive Officer in
writing and shall do nothing to damage the interests of Company. Executive’s
failure to provide adequate notice of resignation to the Chief Executive
Officer, or to perform his job fully prior to his termination of employment, shall constitute
grounds for immediate termination for Cause.

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	 	(f)  	Termination Immediately Prior to the Effective Time.
Executive’s employment shall automatically terminate immediately prior to the
Effective Time.
	 
	 	(g)  	Effect of Termination. The Executive shall only be
entitled to severance benefits specified in this Section 4(g) and shall not be
eligible for severance benefits under any plan, program or policy of the
Company.

	 	(1)  	Death or Disability. If
Executive’s employment terminates by reason of his death or
disability, Executive, either directly or through his personal
representative or estate (whichever the case may be), shall be
entitled to amounts equal to the sum of the unpaid portion of
Executive’s base salary until the end of the then existing Term,
payable in equal bi-weekly installments pursuant to Section 3(a),
subject to Section 5(h)).
	 
	 	(2)  	Termination For Cause. If
Executive’s employment is terminated by the Chief Executive Officer
for Cause, then the Company shall have no obligation to make any
further payments or provide any further benefits hereunder for any
period subsequent to the date of such termination.
	 
	 	(3)  	Termination without Cause. If
Executive’s employment is terminated by the Chief Executive Officer
without Cause, the Executive shall continue to be entitled to payment
of his base salary until the end of the then existing Term, payable
in equal bi-weekly installments pursuant to Section 3(a), subject to
Sections 5(h) and 12.
	 
	 	(4)  	Termination for Resignation. In
the event Executive resigns from his position, then the Company shall
have no obligation to make any further payments or provide any
further benefits hereunder for any period subsequent to the date of
such termination.
	 
	 	(5)  	Termination upon Expiration of the
Term. Upon the expiration of the then existing Term, the Company
shall have no further obligations to Executive under this Agreement
and any continuation of Executive’s employment shall be “at will”.
	 
	 	(6)  	Termination Immediately Prior to the
Effective Time. If Executive’s employment terminates pursuant to
Section 4(f), the Executive shall continue to be entitled to payment
of his base salary until the end of the then existing Term,
payable in equal bi-weekly installments pursuant to Section 3(a),
subject to Sections 5(h) and 12.

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	 	(h)  	Condition. The Company shall not be required to make
the payments and provide the benefits specified in this Section 4 unless
Executive executes and delivers to the Company an agreement releasing the
Company, its affiliates and its officers, directors and employees from all
liability (other than the payments and benefits under this Agreement) in a
form reasonably satisfactory to the Company and such agreement has become
effective and irrevocable.

	 	5.  	Restrictive Covenants.

	 	(a)  	Confidential Information. Executive acknowledges
that, during the course of his employment hereunder, he will have access to
confidential information, documents and other materials relating to the
Company and its affiliates which are not generally known to persons outside
the Company (whether conceived or developed by Executive or others) and
confidential information, documents and other materials entrusted to the
Company and its affiliates by third parties, including, without limitation,
financial information, trade secrets, techniques, know-how, marketing and
other business plans, data, strategies and forecasts, and the substance of
arrangements and agreements with customers, suppliers and others
(collectively, “Confidential Information”). Any Confidential Information
conceived or developed by Executive during employment will be the exclusive
property of the Company and its affiliates. Except as specifically authorized
by the Company and its affiliates, Executive will not (during or after his
employment hereunder) disclose Confidential Information for his own purposes
or for the benefit of any third person, firm or entity other than (i) as may
be legally required in response to any final and enforceable summons, order or
subpoena issued by a court or governmental agency, upon reasonable prior
notice to the Company of the proposed disclosure thereof, or (ii) such
Confidential Information which is or becomes available to the general public
through no act or failure to act by Executive.
	 
	 	(b)  	Company Documents. Upon the termination of his
employment for any reason, Executive will deliver to the Company all
documents, data files and other tangible property containing Confidential
Information which are then in his possession or control.
	 
	 	(c)  	Nonsolicitation. During his employment and for a
period of one (1) year after the Executive’s termination for any reason of his
employment (including the expiration of the Term), Executive will not,
directly or indirectly, solicit, induce or otherwise attempt to influence
(i) any employee of the Company or any subsidiary or other affiliate
thereof to leave employment therewith or (ii) any

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client of the Company
for the purposes of providing products or services.

	 	(d)  	Remedies. Executive acknowledges and agrees that
damages in an action at law for breach of any of the provisions of this
Section 5 will be difficult to determine and will not afford a full and
adequate remedy and, therefore, agrees that the Company, in addition to
seeking damages in an action at law, may seek specific performance and such
equitable or other remedies as may be available for breach of this Section 5,
including, without limitation, the issuance of a temporary or permanent
injunction, without the necessity of a bond.
	 
	 	(e)  	Survival. The obligations set forth in this Section
5 shall survive the termination of Executive’s employment for such periods as
are specified.
	 
	 	(f)  	Validity. The terms and provisions of this Section 5
are intended to be separate and divisible provisions and, if, for any reason,
any one or more of them is held to be invalid or unenforceable, neither the
validity nor the enforceability of any other provision of this Agreement shall
thereby be affected. The parties hereto acknowledge that the potential
restrictions imposed by this Section 5 are reasonable in both duration and
scope and in all other respects. If for any reason any court of competent
jurisdiction shall find any provisions of this Section 5 unreasonable in
duration or geographic scope or otherwise, Executive and the Company agree
that the restrictions and prohibitions contained herein shall be effective to
the fullest extent allowed under applicable law in such jurisdiction.
	 
	 	(g)  	Consideration. The parties acknowledge that this
Agreement would not have been entered into and the benefits described in
Section 3 or 4(g) would not have been promised in the absence of Executive’s
promises under Section 5.
	 
	 	(h)  	Cessation of Payments. In the event that Executive
breaches Section 5(a), 5(b) or 5(c), the Company’s obligation to make or
provide payments or benefits under Section 3 or 4(g) shall cease.

	 	6.  	Dispute Resolution.

	 	(a)  	All disputes arising out of or concerning the terms or
conditions of employment of Executive by Company, including without being
limited to any controversy or claim between Executive and
Company arising out of or relating to this Agreement or any aspect of his
employment with the Company or the termination of that employment, but
excluding disputes which require injunctive or other equitable relief
arising out of Section 5, shall be resolved

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timely and exclusively by
final and binding arbitration, pursuant to the National Rules for the
Resolution of Employment Disputes (the “Rules”) of the American
Arbitration Association (the “AAA”) then in effect, to be held in the
Washington, D.C. metropolitan area, and such arbitration shall be the sole
and exclusive forum for determination of any such dispute. Arbitration
must be demanded within sixty (60) calendar days of the time when the
demanding party knows or should have known of the event or events giving
rise to the claim. Notwithstanding the foregoing, any disputes relating
to or arising from the provisions of Section 5 of this Agreement shall not
be arbitrated or otherwise subject to the requirements of this Section 6.

	 	(b)  	The parties stipulate that the decision of the arbitration
with respect to any dispute within subsection (a) of this Section 6 shall be
the sole and exclusive remedy. The parties hereby acknowledge that since
arbitration is the exclusive remedy for any such dispute, neither party has
the right to resort to any federal, state or local court or administrative
agency for relief concerning any such dispute and that the decision of the
arbitrator shall be a complete defense to any suit, action or proceeding
instituted in any federal, state or local court or before any administrative
agency with respect to any such dispute which is arbitrable as set forth in
subsection (a) of this Section 6.
	 
	 	(c)  	The award of the arbitrator may be enforced by, and entered
as a judgment in any local, state or federal court sitting in Washington, D.C.
and shall be considered final, conclusive and binding.
	 
	 	(d)  	The parties recognize that this Section 6 means that certain
claims will be brought before an impartial arbitrator or panel of arbitrators
instead of before a court of law and/or a jury, but desire the many benefits
of the arbitration process over court proceedings, including without
limitation, speed of resolution, lower costs and fees, and more flexible rules
of evidence. The arbitrator or arbitrators duly selected pursuant to the
Rules of the AAA shall have the same power and authority to order any remedy
for violation of a statute, regulation, or ordinance as a court would have.

	 	7.  	Copyright. 

In the event any work performed by Executive in his capacity as an
employee of the Company is entitled to copyright or intellectual
property protection, he agrees that such work will be deemed to be work
for hire and the Company shall be the owner of the same, or, if such work
cannot be deemed work for hire, he agrees to transfer

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all rights to such
work to the Company or grant the Company an exclusive license to use such
work, for $1.00.

	 	8.  	Notices. 

Any notice under this Agreement must be in writing and will be deemed to
have been given when personally delivered or mailed by first-class or
express mail to the recipient as follows:

If to Executive:

at his primary residential address as shown on records with the Company.

If to the Company:

Riggs Bank N.A.

800 17th Street, N.W.

Washington, D.C. 20006

Attn: Lawrence Hebert

	 	9.  	Governing Law; Forum. 

This Agreement shall be governed by and construed in accordance with the
laws of the District of Columbia without regard to its conflicts of law
provisions. Each of the parties irrevocably and unconditionally consents
that any arbitration, suit, action or proceeding relating to or arising
out of this Agreement shall be exclusively brought in a state or federal
court sitting in the District of Columbia metropolitan area, and each
party hereby irrevocably waives, to the fullest extent permitted by law,
any objection that it may have, whether now or in the future, to the
laying of the venue in, or to the jurisdiction of, any and each of such
courts for the purpose of any such suit, action, proceeding or judgment
and further waives any claim that any such suit, action, proceeding or
judgment has been brought in an inconvenient forum, and each party hereby
submits to such jurisdiction.

COMPANY AND EXECUTIVE EXPRESSLY HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY
IN ANY ACTION, COUNTERCLAIM OR PROCEEDING BASED UPON, OR RELATED TO,
DIRECTLY OR INDIRECTLY, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER
APPLIES TO ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS AND PROCEEDINGS,
INCLUDING PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT.

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	 	10.  	Severability. 

Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law. If any
provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any other
provision or the interpretation of this Agreement in any other
jurisdiction.

	 	11.  	Withholding. 

The Company may withhold from any amounts payable under this Agreement
such Federal, state, local or foreign taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

	 	12.  	Certain Payments. 

Anything in this Agreement to the contrary notwithstanding, the Company
shall not be obligated to make any payment hereunder that would be
prohibited as a “golden parachute payment” or “indemnification payment”
under Section 18(k) of the Federal Deposit Insurance Act.

	 	13.  	Successors and Assigns. 

The services and duties to be performed by Executive hereunder are
personal and may not be assigned. This Agreement shall be binding upon
and inure to the benefit of the Company, its successors and assigns, and
Executive, and his heirs and representatives. Any successor entity to the
Company shall unconditionally assume, by written instrument delivered to
Executive (or his beneficiary or estate), all of the obligations of the
Company hereunder.

	 	14.  	Complete Agreement. 

The provisions of this Agreement supersede in their entirety any prior
agreement, memorandum or understanding, and this Agreement constitutes the
entire agreement between the parties, concerning the subject matter
hereof. No amendment hereto, or waivers or releases of obligations or
liabilities hereunder, shall be effective unless agreed to in writing by
the parties hereto, or their respective successors and legal
representatives.

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	 	15.  	Counterparts. 

This Agreement may be executed in several counterparts, each of which,
when so executed and delivered, shall be deemed an original, but all of
which together shall constitute one and the same agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
above written.

	 	 	 
	

	 	RIGGS BANK N.A.
	 
	 	 
	

	 	/s/ Lawrence I. Hebert
	

	 	Lawrence I. Hebert
	

	 	President and CEO
	 
	 	 
	

	 	/s/ Robert L. Klivans
	

	 	Robert L. Klivans

-10-exv10w44

 

Exhibit 10.44

EMPLOYMENT AGREEMENT

     AGREEMENT made as of December 7, 2004, by and between Riggs Bank N.A. (the “Company”) and
Ernest D. Brita (“Executive”).

The parties hereto agree as follows:

	 	1.  	Employment.

	 	(a)  	General. Company hereby employs Executive, and
Executive hereby accepts employment with Company, upon the terms and
conditions set forth in this Agreement.
	 
	 	(b)  	Term. Subject to the provisions hereof, Executive’s
employment will begin immediately upon the receipt of all required regulatory
approvals (the “Employment Effective Date”) and continue until February 11,
2005 (the “Term”), unless sooner terminated pursuant to Section 4 hereof.
Prior to the expiration of the Term, the Audit Committee of the Board of
Directors of the Company (the “Audit Committee”), in its sole discretion, may
elect to extend the Term up to six (6) times in one (1) month increments at
the same base salary as provided in Section 3(a) by providing Executive with
written notice of such election.

	 	2.  	Title and Responsibilities.

	 	(a)  	Position and Duties. Executive will report directly
to the Audit Committee and will perform duties consistent with his position
and title as assigned to him by the Audit Committee. Executive will report to
the President and Chief Executive Officer of the Company for administrative
purposes, such as expense authorizations, personnel changes, subordinates’
salary reviews, etc. Executive’s title will be Executive Vice President,
Internal Audit Liaison Manager. The Executive will have such authority and
responsibility as determined by the Audit Committee. The Executive hereby
represents, warrants and covenants that he has signed the Company Code of
Conduct and that he will perform his duties in accordance with the Company
Code of Conduct.
	 
	 	(b)  	Full Time. Executive will devote his full business
time, attention and energy to the performance of his duties under this
Agreement. Executive hereby represents, warrants and covenants that he shall
be exclusively an employee of the Company and that he has no, and will not
have during the Term, other employment, consulting, agency or fiduciary
arrangement with any other entity or person,

 

 

and holds no equity or other interest in any consultant, agent or
affiliate of the Company.

	 	3.  	Compensation.

	 	(a)  	Base Salary. The Company will pay a base salary to
Executive of no less than $8,076.92 per week, payable in equal bi-weekly
installments in accordance with the Company’s normal payroll practices.
Executive shall not be eligible for any bonus under this Agreement or
otherwise during the Term.
	 
	 	(b)  	Benefits. During the term of his employment,
Executive will be eligible to participate in the Company’s health and welfare
and pension benefits (including participation in the Company’s 401(k) plan and
other benefit plans, as applicable); provided, that Executive shall not be
eligible to participate in the Company’s Split Dollar Life Insurance program,
the Company’s Senior Executive Change of Control and Retention Agreement
program or any Company severance plan, program or policy.

	 	4.  	Termination of Employment.

	 	(a)  	Death. Executive’s employment hereunder shall
terminate upon his death.
	 
	 	(b)  	Disability. The Audit Committee may terminate
Executive’s employment if he has been unable to perform his duties hereunder
due to a physical or mental disability for a period of thirty (30) consecutive
days and if he has not resumed the performance of such duties on a full-time
basis within thirty (30) days after written notice from the Company of the
Audit Committee’s intent to terminate his employment due to disability.
	 
	 	(c)  	Termination by the Audit Committee For Cause. The
Audit Committee may terminate Executive’s employment hereunder for Cause,
effective immediately, at any time. For this purpose, “Cause” means: (i) any
willful failure or refusal by Executive to carry out specific directions of
the Audit Committee consistent with the provisions hereof or to perform a
material part of the duties assigned to him hereunder; (ii) any willful
violation by Executive of any material provisions of this Agreement, which
failure, refusal or violation is not remedied by Executive within thirty (30)
days after written notice from the Audit Committee; (iii) any commission by
Executive of any act materially detrimental to the best interests of the
Company or its affiliates and that constitutes on the part of Executive
personal dishonesty, willful misconduct in clear conflict with reasonable
standards of employee conduct, including a violation of the Company Code of
Conduct;

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breach of fiduciary duty involving personal profit; any willful violation
of any law, governmental rule or regulation (other than traffic violations
or similar offenses), final cease and desist order, formal agreement or
commitment enforceable in writing; or any act or conduct which for any
reason would constitute grounds for suspension, bar or removal from office
by any federal or state bank or securities regulatory agency under
applicable law; (iv) any gross negligence by Executive in the performance
of Executive’s duties; or (v) any failure to meet the performance
expectations of the Company as reasonably set forth and determined by the
Audit Committee. The Audit Committee shall be responsible for making any
determinations of “Cause” for purposes of this Section 4(c).

	 	(d)  	Termination by the Audit Committee Without Cause.
The Audit Committee may terminate Executive’s employment hereunder without
Cause upon 30 days’ written notice to Executive. Executive shall continue to
perform his job fully until such termination becomes effective and shall do
nothing to damage the interest of the Company. Executive’s failure to perform
his job fully prior to his termination of employment shall constitute grounds
for immediate termination for Cause. Notwithstanding the foregoing, the Audit
Committee, in its sole discretion, may place the Executive on paid leave for
all or part of such thirty (30) day notice period.
	 
	 	(e)  	Resignation by Executive. Resignation shall require
thirty (30) days’ written notice to the Audit Committee. Executive shall
continue to perform his job fully until such resignation becomes effective
unless otherwise stipulated by the Audit Committee in writing and shall do
nothing to damage the interests of Company. Executive’s failure to provide
adequate notice of resignation to the Audit Committee, or to perform his job
fully prior to his termination of employment, shall constitute grounds for
immediate termination for Cause.
	 
	 	(f)  	Termination Immediately Prior to the Effective Time.
Executive’s employment shall automatically terminate immediately prior to the
Effective Time (as defined in that certain Agreement and Plan of Merger, dated
as of July 16, 2004, between The PNC Financial Services Group, Inc. and Riggs
National Corporation).
	 
	 	(g)  	Effect of Termination. The Executive shall only be
entitled to severance benefits specified in this Section 4(g) and shall not be
eligible for severance benefits under any plan, program or policy of the
Company.

	 	(1)  	Death or Disability. If
Executive’s employment terminates by reason of his death or
disability, Executive, either

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directly or through his personal representative or estate
(whichever the case may be), shall be entitled to amounts equal to
the sum of the unpaid portion of Executive’s base salary until the
end of the then existing Term, payable in equal bi-weekly
installments pursuant to Section 3(a), subject to Section 5(h)).

	 	(2)  	Termination For Cause. If
Executive’s employment is terminated by the Audit Committee for
Cause, then the Company shall have no obligation to make any further
payments or provide any further benefits hereunder for any period
subsequent to the date of such termination.
	 
	 	(3)  	Termination without Cause. If
Executive’s employment is terminated by the Audit Committee without
Cause, the Executive shall continue to be entitled to payment of his
base salary until the end of the then existing Term, payable in equal
bi-weekly installments pursuant to Section 3(a), subject to Sections
5(h) and 12.
	 
	 	(4)  	Termination for Resignation. In
the event Executive resigns from his position, then the Company shall
have no obligation to make any further payments or provide any
further benefits hereunder for any period subsequent to the date of
such termination.
	 
	 	(5)  	Termination upon Expiration of the
Term. Upon the expiration of the then existing Term, the Company
shall have no further obligations to Executive under this Agreement
and any continuation of Executive’s employment shall be “at will”.
	 
	 	(6)  	Termination Immediately Prior to the
Effective Time. If Executive’s employment terminates pursuant to
Section 4(f), the Executive shall continue to be entitled to payment
of his base salary until the end of the then existing Term, payable
in equal bi-weekly installments pursuant to Section 3(a), subject to
Sections 5(h) and 12.

	 	(h)  	Condition. The Company shall not be required to make
the payments and provide the benefits specified in this Section 4 unless
Executive executes and delivers to the Company an agreement releasing the
Company, its affiliates and its officers, directors and employees from all
liability (other than the payments and benefits under this Agreement) in a
form reasonably satisfactory to the Company and such agreement has become
effective and irrevocable.

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	 	5.  	Restrictive Covenants.

	 	(a)  	Confidential Information. Executive acknowledges
that, during the course of his employment hereunder, he will have access to
confidential information, documents and other materials relating to the
Company and its affiliates which are not generally known to persons outside
the Company (whether conceived or developed by Executive or others) and
confidential information, documents and other materials entrusted to the
Company and its affiliates by third parties, including, without limitation,
financial information, trade secrets, techniques, know-how, marketing and
other business plans, data, strategies and forecasts, and the substance of
arrangements and agreements with customers, suppliers and others
(collectively, “Confidential Information”). Any Confidential Information
conceived or developed by Executive during employment will be the exclusive
property of the Company and its affiliates. Except as specifically authorized
by the Company and its affiliates, Executive will not (during or after his
employment hereunder) disclose Confidential Information for his own purposes
or for the benefit of any third person, firm or entity other than (i) as may
be legally required in response to any final and enforceable summons, order or
subpoena issued by a court or governmental agency, upon reasonable prior
notice to the Company of the proposed disclosure thereof, or (ii) such
Confidential Information which is or becomes available to the general public
through no act or failure to act by Executive.
	 
	 	(b)  	Company Documents. Upon the
termination of his employment for any reason, Executive will deliver
to the Company all documents, data files and other tangible property
containing Confidential Information which are then in his possession
or control.
	 
	 	(c)  	Nonsolicitation. During his employment and for a
period of one (1) year after the Executive’s termination for any reason of his
employment (including the expiration of the Term), Executive will not,
directly or indirectly, solicit, induce or otherwise attempt to influence (i)
any employee of the Company or any subsidiary or other affiliate thereof to
leave employment therewith or (ii) any client of the Company for the purposes
of providing products or services.

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	 	(d)  	Remedies. Executive acknowledges and agrees that
damages in an action at law for breach of any of the provisions of this
Section 5 will be difficult to determine and will not afford a full and
adequate remedy and, therefore, agrees that the Company, in addition to
seeking damages in an action at law, may seek specific performance and such
equitable or other remedies as may be available for breach of this Section 5,
including, without limitation, the issuance of a temporary or permanent
injunction, without the necessity of a bond.
	 
	 	(e)  	Survival. The obligations set forth in this Section
5 shall survive the termination of Executive’s employment for such periods as
are specified.
	 
	 	(f)  	Validity. The terms and provisions of this Section 5
are intended to be separate and divisible provisions and, if, for any reason,
any one or more of them is held to be invalid or unenforceable, neither the
validity nor the enforceability of any other provision of this Agreement shall
thereby be affected. The parties hereto acknowledge that the potential
restrictions imposed by this Section 5 are reasonable in both duration and
scope and in all other respects. If for any reason any court of competent
jurisdiction shall find any provisions of this Section 5 unreasonable in
duration or geographic scope or otherwise, Executive and the Company agree
that the restrictions and prohibitions contained herein shall be effective to
the fullest extent allowed under applicable law in such jurisdiction.
	 
	 	(g)  	Consideration. The parties acknowledge that this
Agreement would not have been entered into and the benefits described in
Section 3 or 4(g) would not have been promised in the absence of Executive’s
promises under Section 5.
	 
	 	(h)  	Cessation of Payments. In the event that Executive
breaches Section 5(a), 5(b) or 5(c), the Company’s obligation to make or
provide payments or benefits under Section 3 or 4(g) shall cease.

	 	6.  	Dispute Resolution.

	 	(a)  	All disputes arising out of or concerning the terms or
conditions of employment of Executive by Company, including without being
limited to any controversy or claim between Executive and Company arising out
of or relating to this Agreement or any aspect of his employment with the

-6-

 

Company or the termination of that employment, but excluding
disputes which require injunctive or other equitable relief
arising out of Section 5, shall be resolved timely and exclusively
by final and binding arbitration, pursuant to the National Rules
for the Resolution of Employment Disputes (the “Rules”) of the
American Arbitration Association (the “AAA”) then in effect, to be
held in the Washington, D.C. metropolitan area, and such
arbitration shall be the sole and exclusive forum for
determination of any such dispute. Arbitration must be demanded
within sixty (60) calendar days of the time when the demanding
party knows or should have known of the event or events giving
rise to the claim. Notwithstanding the foregoing, any disputes
relating to or arising from the provisions of Section 5 of this
Agreement shall not be arbitrated or otherwise subject to the
requirements of this Section 6.

	 	(b)  	The parties stipulate that the decision of the arbitration
with respect to any dispute within subsection (a) of this Section 6 shall be
the sole and exclusive remedy. The parties hereby acknowledge that since
arbitration is the exclusive remedy for any such dispute, neither party has
the right to resort to any federal, state or local court or administrative
agency for relief concerning any such dispute and that the decision of the
arbitrator shall be a complete defense to any suit, action or proceeding
instituted in any federal, state or local court or before any administrative
agency with respect to any such dispute which is arbitrable as set forth in
subsection (a) of this Section 6.
	 
	 	(c)  	The award of the arbitrator may be enforced by, and entered
as a judgment in any local, state or federal court sitting in Washington, D.C.
and shall be considered final, conclusive and binding.
	 
	 	(d)  	The parties recognize that this Section 6 means that certain
claims will be brought before an impartial arbitrator or panel of arbitrators
instead of before a court of law and/or a jury, but desire the many benefits
of the arbitration process over court proceedings, including without
limitation, speed of resolution, lower costs and fees, and more flexible rules
of evidence. The arbitrator or arbitrators duly selected pursuant to the
Rules of the AAA shall have the same power and authority to order any remedy
for violation of a statute, regulation, or ordinance as a court would have.

	 	7.  	Copyright.

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In the event any work performed by Executive in his capacity as
an employee of the Company is entitled to copyright or intellectual property
protection, he agrees that such work will be deemed to be work for hire and
the Company shall be the owner of the same, or, if such work cannot be deemed
work for hire, he agrees to transfer all rights to such work to the Company or
grant the Company an exclusive license to use such work, for $1.00.

	 	8.  	Notices.

Any notice under this Agreement must be in writing and will be
deemed to have been given when personally delivered or mailed by first-class
or express mail to the recipient as follows:

If to Executive:

at his primary residential address as shown on records with the
Company.

If to the Company:

Riggs Bank N.A.

800 17th Street, N.W.

Washington, D.C. 20006

Attn: Lawrence Hebert

	 	9.  	Governing Law; Forum.

This Agreement shall be governed by and construed in accordance
with the laws of the District of Columbia without regard to its conflicts of
law provisions. Each of the parties irrevocably and unconditionally consents
that any arbitration, suit, action or proceeding relating to or arising out of
this Agreement shall be exclusively brought in a state or federal court
sitting in the District of Columbia metropolitan area, and each party hereby
irrevocably waives, to the fullest extent permitted by law, any objection that
it may have, whether now or in the future, to the laying of the venue in, or
to the jurisdiction of, any and each of such courts for the purpose of any
such suit, action, proceeding or judgment and further waives any claim that
any such suit, action, proceeding or judgment has been brought in an
inconvenient forum, and each party hereby submits to such jurisdiction.

COMPANY AND EXECUTIVE EXPRESSLY HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY
ACTION, COUNTERCLAIM OR PROCEEDING BASED UPON, OR

-8-

 

RELATED TO, DIRECTLY OR INDIRECTLY, THE SUBJECT MATTER OF THIS AGREEMENT.
THIS WAIVER APPLIES TO ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS AND
PROCEEDINGS, INCLUDING PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT.

	 	10.  	Severability.

Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under applicable law. If any provision of
this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the interpretation of
this Agreement in any other jurisdiction.

	 	11.  	Withholding.

The Company may withhold from any amounts payable under this
Agreement such Federal, state, local or foreign taxes as shall be required to
be withheld pursuant to any applicable law or regulation.

	 	12.  	Certain Payments.

Anything in this Agreement to the contrary notwithstanding, the Company shall not
be obligated to make any payment hereunder that would be prohibited as a
“golden parachute payment” or “indemnification payment” under Section 18(k) of
the Federal Deposit Insurance Act.

	 	13.  	Successors and Assigns.

The services and duties to be performed by Executive hereunder
are personal and may not be assigned. This Agreement shall be binding upon
and inure to the benefit of the Company, its successors and assigns, and
Executive, and his heirs and representatives. Any successor entity to the
Company shall unconditionally assume, by written instrument delivered to
Executive (or his beneficiary or estate), all of the obligations of the
Company hereunder.

	 	14.  	Complete Agreement.

The provisions of this Agreement supersede in their entirety any
prior agreement, memorandum or understanding, and this Agreement constitutes
the entire agreement between the parties,

-9-

 

concerning the subject matter hereof. No amendment hereto, or waivers or
releases of obligations or liabilities hereunder, shall be effective
unless agreed to in writing by the parties hereto, or their respective
successors and legal representatives.

	 	15.  	Counterparts.

This Agreement may be executed in several counterparts, each of
which, when so executed and delivered, shall be deemed an original, but all of
which together shall constitute one and the same agreement.

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     IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
above written.

	 	 	 
	

	 	RIGGS BANK N.A.
	 
	 	 
	

	 	/s/ Lawrence I. Hebert 
	

	 	Lawrence I. Hebert
	

	 	President and CEO
	 
	 	 
	

	 	ERNEST D. BRITA
	 
	 	 
	

	 	/s/ Ernest D. Brita

-11-

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