Document:

tm205361-1_10k_DIV_11-ex4-6 - none - 1.1259045s

    
      ​

      
         

      

      
        Exhibit 4.6​

        Description of Standard AVB Financial Corp.’s Securities 

        Unless otherwise indicated or the context otherwise requires, references in this Exhibit 4.6 to “we, “us” and “our” refer collectively to Standard AVB Financial Corp. (“Standard”) and Standard Bank, PaSB (the “Bank”), or to either of those entities, depending on the context. 

        General 

        Under its articles of incorporation, Standard is authorized to issue 40,000,000 shares of common stock, par value of  $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. Each share of Standard’s common stock has the same relative rights as, and is identical in all respects with, each other share of common stock. All outstanding shares of our common stock are duly authorized, fully paid and nonassessable. 

        Common Stock 

        
          Dividends.   Standard may pay dividends up to an amount equal to the excess of its capital surplus over payments that would be owed upon dissolution to stockholders whose preferential rights upon dissolution are superior to those receiving the dividend, and to an amount that would not make it insolvent, as and when declared by its Board of Directors. Standard is also prohibited from paying dividends that would reduce Standard’s capital below the then adjusted balance of its liquidation account. The holders of common stock of Standard will be entitled to receive and share equally in dividends as may be declared by the Board of Directors out of funds legally available therefor. If Standard issues shares of preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends. 

        
          Voting Rights.   The holders of common stock of Standard have exclusive voting rights in Standard. They elect Standard’s Board of Directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented to them by the Board of Directors. Generally, each holder of common stock is entitled to one vote per share and does not have any right to cumulate votes in the election of directors. Any person who beneficially owns more than 10% of the then-outstanding shares of Standard’s common stock, however, is not entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If Standard issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Certain matters require an 80% stockholder vote. 

        
          Pre-Emptive Rights, Redemption.   Holders of Standard common stock do not have pre-emptive rights with respect to any shares that may be issued, unless such preemptive rights are approved by the Board of Directors. The common stock is not subject to redemption. 

        
          Liquidation Rights.   In the event of liquidation, dissolution or winding up of Standard, the holders of Standard common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of the assets of Standard available for distribution. If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution. 

        Preferred Stock 

        Preferred stock may be issued with preferences and designations as the Board of Directors may from time to time determine. The Board of Directors may, without stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the voting strength of the holders of the common stock and may assist management in impeding an unfriendly takeover or attempted change in control. 

        Maryland Law and Articles of Incorporation and Bylaws of Standard and the Bank 

        
          Anti-Takeover Article and Bylaw Provisions.   Standard’s articles of incorporation and bylaws contain a number of provisions relating to corporate governance and rights of stockholders that might discourage future takeover attempts. As a result, stockholders who might desire to participate in such transactions may 

      

      
         

      

      

    

    
      ​

      
         

      

      
        not have an opportunity to do so. In addition, these provisions may also render the removal of the Board of Directors or management of Standard more difficult. 

        
          Directors.   The Board of Directors is divided into three classes. The members of each class are elected for a term of three years and only one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of Standard’s directors. The bylaws establish qualifications for Board members, including a residency requirement, an age restriction, restrictions on affiliations with competitors of the Bank and restrictions based upon prior legal or regulatory violations. Further, the bylaws impose notice and information requirements in connection with the nomination by stockholders of candidates for election to the Board of Directors or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders. Such notice and information requirements are applicable to all stockholder business proposals and nominations, and are in addition to any requirements under the federal securities laws. 

        
          Evaluation of Offers.   The articles of incorporation of Standard provide that its Board of Directors, when evaluating a transaction that would or may involve a change in control of Standard (whether by purchases of its securities, merger, consolidation, share exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy solicitation or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of Standard and its stockholders and in making any recommendation to the stockholders, give due consideration to all relevant factors, including, but not limited to: 

        •

        the economic effect, both immediate and long-term, upon Standard’s stockholders, including stockholders, if any, who do not participate in the transaction; 

        ​

        •

        the social and economic effect on the present and future employees, creditors and customers of, and others dealing with, Standard and its subsidiaries and on the communities in which Standard and its subsidiaries operate or are located; 

        ​

        •

        whether the proposal is acceptable based on the historical, current or projected future operating results or financial condition of Standard; 

        ​

        •

        whether a more favorable price could be obtained for Standard’s stock or other securities in the future; 

        ​

        •

        the reputation and business practices of the other entity to be involved in the transaction and its management and affiliates as they would affect the employees of Standard and its subsidiaries; 

        ​

        •

        the future value of the stock or any other securities of Standard or the other entity to be involved in the proposed transaction; 

        ​

        •

        any antitrust or other legal and regulatory issues that are raised by the proposal; 

        ​

        •

        the business and historical, current or expected future financial condition or operating results of the other entity to be involved in the transaction, including, but not limited to, debt service and other existing financial obligations, financial obligations to be incurred in connection with the proposed transaction, and other likely financial obligations of the other entity to be involved in the proposed transaction; and 

        ​

        •

        the ability of Standard to fulfill its objectives as a financial institution holding company and on the ability of its subsidiary financial institution(s) to fulfill the objectives of a federally insured financial institution under applicable statutes and regulations. 

        ​

        If the Board of Directors determines that any proposed transaction should be rejected, it may take any lawful action to defeat such transaction. 

        
          Restrictions on Call of Special Meetings.   The bylaws provide that special meetings of stockholders can be called by the President, by a majority of the whole Board of Directors or upon the written request of stockholders entitled to cast at least a majority of all votes entitled to vote at the meeting. 

        
          Prohibition of Cumulative Voting.   The articles of incorporation prohibit cumulative voting for the election of directors. 

      

      
         

      

      

    

    
      ​

      
         

      

      
        
          Limitation of Voting Rights.   The articles of incorporation provide that in no event will any person who beneficially owns more than 10% of the then-outstanding shares of common stock, be entitled or permitted to vote any of the shares of common stock held in excess of the 10% limit; provided that such 10% limit shall not apply if a majority of the unaffiliated directors approve the acquisition of shares in excess of the 10% limit prior to such acquisition. 

        
          Restrictions on Removing Directors from Office.   The articles of incorporation provide that directors may be removed only for cause, and only by the affirmative vote of the holders of at least 80% of the voting power of all of Standard’s then-outstanding capital stock entitled to vote generally in the election of directors (after giving effect to the limitation on voting rights discussed above in “Limitation of Voting Rights”), voting together as a single class. 

        
          Authorized but Unissued Shares.   Standard has authorized but unissued shares of common and preferred stock. See “General.” Standard is authorized to issue preferred stock from time to time in one or more series subject to applicable provisions of law, and the Board of Directors is authorized to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of such shares. In addition, the articles of incorporation provide that a majority of the whole Board may, without action by the stockholders, amend the articles of incorporation to increase or decrease the aggregate number of shares of stock of any class or series that Standard has the authority to issue. In the event of a proposed merger, tender offer or other attempt to gain control of Standard that the Board of Directors does not approve, it would be possible for the Board of Directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to deter a future attempt to gain control of Standard. The Board of Directors has no present plan or understanding to issue any preferred stock. 

        
          Amendments to Articles of Incorporation and Bylaws.   Except as provided under “Authorized but Unissued Shares,” above, regarding the amendment of the articles of incorporation by the Board of Directors to increase or decrease the number of shares authorized for issuance, or as otherwise allowed by law, any amendment to the articles of incorporation must be approved by Standard’s Board of Directors and also by a majority of the outstanding shares of its voting stock; provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend the following provisions: 

        (i)   The limitation on voting rights of persons who directly or indirectly beneficially own more than 10% of the outstanding shares of common stock; 

        (ii)   The division of the Board of Directors into three staggered classes; 

        (iii)   The ability of the Board of Directors to fill vacancies on the Board; 

        (iv)   The requirement that at least 80% of the votes eligible to be cast by stockholders must vote to remove directors, and that stockholders can only remove directors for cause; 

        (v)   The ability of the Board of Directors to amend and repeal the bylaws; 

        (vi)   The ability of the Board of Directors to evaluate a variety of factors in evaluating offers to purchase or otherwise acquire Standard; 

        (vii)   The authority of the Board of Directors to provide for the issuance of preferred stock; 

        (viii)   The validity and effectiveness of any action lawfully authorized by the affirmative vote of the holders of a majority of the total number of outstanding shares of common stock; 

        (ix)   The number of stockholders constituting a quorum or required for stockholder consent; 

        (x)   The indemnification of current and former directors and officers, as well as employees and other agents, by Standard; 

        (xi)   The limitation of liability of officers and directors to Standard for money damages; 

        (xii)   The inability of stockholders to cumulate their votes in the election of directors; 

      

      
         

      

      

    

    
      ​

      
         

      

      
        (xiii)   The advance notice requirements for stockholder proposals and nominations; and 

        (xiv)   The provision of the articles of incorporation requiring approval of at least 80% of the outstanding voting stock to amend the provisions of the articles of incorporation provided in (i) through (xiii) of this list. 

        The articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of Standard’s directors or by the stockholders by the affirmative vote of at least 80% of the total votes eligible to be voted at a duly constituted meeting of stockholders. Any amendment of this supermajority requirement for amendment of the bylaws would also require the approval of 80% of the outstanding voting stock. 

        
          Business Combinations with Interested Stockholders.   Under Maryland law, as may be made applicable by the Board of Directors of Standard at any time pursuant to its bylaws, “business combinations” between Standard and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange or, in circumstances specified in the statute, certain transfers of assets, certain stock issuances and transfers, liquidation plans and reclassifications involving interested stockholders and their affiliates or issuance or reclassification of equity securities. Maryland law defines an interested stockholder as: (i) any person who beneficially owns 10% or more of the voting power of Standard voting stock after the date on which Standard had 100 or more beneficial owners of its stock; or (ii) an affiliate or associate of Standard at any time after the date on which Standard had 100 or more beneficial owners of its stock who, within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of Standard. A person is not an interested stockholder under the statute if the Board of Directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, the Board of Directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the Board of Directors. 

        Any business combination between Standard and an interested stockholder generally must be recommended by the Board of Directors of Standard and approved by the affirmative vote of at least: (i) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of Standard, and (ii) two-thirds of the votes entitled to be cast by holders of voting stock of Standard other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority vote requirements do not apply if Standard’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. 

        Change in Control Law and Regulations 

        Under the Change in Bank Control Act, no person may acquire control of an insured bank or its parent holding company unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition. The Federal Reserve Board takes into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition. In addition, federal regulations provide that no company may acquire control of a bank without the prior approval of the Federal Reserve Board. Any company that acquires such control becomes a “bank holding company” subject to registration, examination and regulation by the Federal Reserve Board. 

        Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the company’s directors, or a determination by the Federal Reserve Board that the acquirer has the power to direct, or directly or indirectly exercise a controlling influence over, the management or policies of the institution. Acquisition of more than 10% of any class of a bank holding company’s voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where, as is the case with Standard, the issuer has registered securities under Section 12 of the 

      

      
         

      

      

    

    
      ​

      
         

      

      
        Securities Exchange Act of 1934. Federal Reserve Board regulations provide that parties seeking to rebut control will be provided an opportunity to do so in writing. 

        Benefit Plans 

        In addition to the provisions of Standard’s articles of incorporation and bylaws described above, benefit plans of Standard and the Bank that may authorize the issuance of equity to its board of directors, officers and employees contain or may contain provisions which also may discourage hostile takeover attempts which the board of directors of the Bank might conclude are not in the best interests of Standard and the Bank or Standard’s stockholders.tm205361-1_10k_DIV_12-ex10-8 - none - 1.1610585s

    
      ​

      
         

      

      
        Exhibit 10.8​

        [FORM OF] 
TWO-YEAR CHANGE IN CONTROL AGREEMENT 

        This Change in Control Agreement (the “Agreement”) is made effective as of the     th day of                         (the “Effective Date”), by and between Standard Bank, PaSB, a Pennsylvania state-chartered savings bank (the “Bank”) and                   (the “Executive”). 

        WITNESSETH 

        WHEREAS, Executive is currently employed as                   of the Bank; 

        WHEREAS, the Bank desires to assure itself of the Executive’s continued active participation in the business of the Bank; and 

        WHEREAS, in order to induce Executive to remain in the employ of the Bank and in consideration of Executive’s agreeing to remain in the employ of the Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that his employment with the Bank is terminated under specified circumstances. 

        NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 

        1.   TERM OF AGREEMENT 

        
          Two Year Contract; Annual Renewal.   The term of this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of two years. Commencing on the first anniversary date of this Agreement (the “Anniversary Date”) and continuing on each Anniversary Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is always two years; provided, however, that in order for this Agreement to renew, the disinterested members of the Board of Directors of the Bank (the “Board”) must take the following actions within the time frames set forth below prior to each Anniversary Date: (i) at least thirty (30) days prior to the Anniversary Date, conduct or review a comprehensive performance evaluation of Executive for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the Board’s meeting. If the decision of such disinterested members of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”) prior to any Anniversary Date, such that this Agreement shall terminate at the end of twenty-four (24) months following such Anniversary Date. Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then the term of this Agreement shall be extended and shall terminate twenty-four (24) months following the date on which the Change in Control occurs. 

        2.   DEFINITIONS 

        (a)   Change in Control.   For purposes of this Agreement, a “Change in Control” means any of the following events: 

        (1)

        
          Merger:   Standard AVB Financial Corp. (the “Company”) or the Bank merges into or consolidates with another entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation; 

        ​

        (2)

        
          Acquisition of Significant Share Ownership:   A person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of 

        ​

      

      
         

      

      

    

    
      ​

      
         

      

      
        the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; 

        (3)

        
          Change in Board Composition:   During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or 

        ​

        (4)

        
          Sale of Assets:   The Company or the Bank sells to a third party all or substantially all of its assets. 

        ​

        (b)   Good Reason shall mean a termination by Executive following a Change in Control if, without Executive’s express written consent, any of the following occurs: 

        (1)

        failure to elect or reelect or to appoint or reappoint Executive to the title and position that the Executive held immediately prior to the Change in Control; 

        ​

        (2)

        a material change in Executive’s position to become one of lesser responsibility, importance or scope then the position Executive held immediately prior to the Change in Control; 

        ​

        (3)

        a liquidation or dissolution of the Bank other than liquidations or dissolutions that are caused by reorganizations that do not affect the status of Executive; 

        ​

        (4)

        a material reduction in Executive’s base salary and benefits; or 

        ​

        (5)

        a relocation of Executive’s principal place of employment by more than 30 miles from its location as of the date of this Agreement; 

        ​

        provided, however, that prior to any termination of employment for Good Reason, Executive must first provide written notice to the Bank (or its successor) within ninety (90) days following the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Bank received the written notice from Executive. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period. 

        (c)   Termination for Cause shall mean termination because of, in the good faith determination of the Board, Executive’s: 

        (1)

        personal dishonesty; 

        ​

        (2)

        incompetence; 

        ​

        (3)

        willful misconduct; 

        ​

        (4)

        breach of fiduciary duty involving personal profit; 

        ​

        (5)

        material breach of the Bank’s Code of Ethics; 

        ​

        (6)

        material violation of the Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the reputation of the Bank; 

        ​

        (7)

        intentional failure to perform stated duties under this Agreement after written notice thereof from the Board; 

        ​

      

      
         

      

      

    

    
      ​

      
         

      

      
        (8)

        willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or 

        ​

        (9)

        material breach by Executive of any provision of this Agreement. 

        ​

        A determination of whether Executive’s employment shall be terminated for Cause shall be made at a meeting of the Board called and held for such purpose, at which the Board makes a finding that in good faith opinion of the Board an event set forth in clauses (1), (2), (3), (4), (5), (6), (7), (8), or (9) above has occurred and specifying the particulars thereof in detail. 

        (d)   For purposes of this Agreement, any termination of Executive’s employment shall be construed to require a “Separation from Service” in accordance with Code Section 409A and the regulations promulgated thereunder, such that the Bank and Executive reasonably anticipate that the level of bona fide services Executive would perform after termination of employment would permanently decrease to a level that is less than 20% of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36)-month period. 

        3.   BENEFITS UPON TERMINATION 

        (a)   If Executive’s employment by the Bank shall be terminated subsequent to a Change in Control and during the term of this Agreement by (i) the Bank for other than Cause, or (ii) Executive for Good Reason, then the Bank shall: 

        (1)

        pay Executive, or in the event of Executive’s subsequent death, Executive’s beneficiary or beneficiaries or estate, as applicable, a cash severance amount equal to: 

        ​

        (i)

        Two (2) times Executive’s base salary in effect as of the Date of Termination, 

        ​

        (ii)

        the highest rate of bonus earned by Executive from the Bank in any one of the three calendar years immediately preceding the year in which the termination occurs, and 

        ​

        (iii)

        payable by lump sum within ten (10) business days of the Date of Termination. 

        ​

        (2)

        cause to be continued at no cost to Executive, non-taxable medical, health, vision and dental coverage substantially identical to the coverage maintained by the Bank for Executive prior to Executive’s termination for eighteen (18) months. Notwithstanding the foregoing, if applicable law (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons. 

        ​

        (b)   In no event shall the payments or benefits to be made or provided to Executive under Section 3 hereof  (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Section 280G of the Code. The reduction of the Termination Benefits provided by this Section 3 shall be applied to the cash severance benefits otherwise payable under Section 3(a) hereof. 

        4.   NOTICE OF TERMINATION 

        Any purported termination by the Bank or by Executive in connection with or following a Change in Control shall be communicated by Notice of Termination to the other party hereto. For purposes of this 

      

      
         

      

      

    

    
      ​

      
         

      

      
        Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the Date of Termination and, in the event of termination by Executive, the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. “Date of Termination” shall mean the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall be immediate). In no event shall the Date of Termination exceed thirty (30) days from the date the Notice of Termination is given. 

        5.   SOURCE OF PAYMENTS 

        All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. 

        6.   REQUIRED REGULATORY PROVISIONS 

        (a)   If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 

        (b)   If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 

        (c)   If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

        (d)   All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System (collectively, the “Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

        (e)   Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359. 

        7.   NO ATTACHMENT 

        Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. 

        8.   ENTIRE AGREEMENT; MODIFICATION AND WAIVER 

        (a)   This Agreement contains the entire understanding between the parties hereto and supersedes any prior agreement between the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this 

      

      
         

      

      

    

    
      ​

      
         

      

      
        Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to her without reference to this Agreement. 

        (b)   This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

        (c)   No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 

        9.   SEVERABILITY 

        If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 

        10.   HEADINGS FOR REFERENCE ONLY 

        The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 

        11.   GOVERNING LAW 

        This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania but only to the extent not superseded by federal law. 

        12.   ARBITRATION 

        Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a single arbitrator, mutually acceptable to the Bank and Executive, sitting in a location selected by the Bank within fifty (50) miles from the main office of the Bank, in accordance with the rules of the American Arbitration Association’s National Rules for the Resolution of Employment Disputes then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 

        13.   PAYMENT OF LEGAL FEES 

        To the extent that such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been resolved in Executive’s favor, and such reimbursement shall occur no later than sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor. 

        14.   OBLIGATIONS OF BANK 

        The termination of Executive’s employment, other than following a Change in Control, shall not result in any obligation of the Bank under this Agreement. 

        15.   SUCCESSORS AND ASSIGNS 

        The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 

        [Signature Page Follows] 

      

      
         

      

      

    

    
      ​

      
         

      

      
        SIGNATURES 

        
          IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, as of the Effective Date. 

        STANDARD BANK, PaSB 

        By:     

          

        EXECUTIVE 

        By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]