THE MERGER
Each of the directors of SR Bancorp and Somerset Bank immediately prior to the Effective Time shall continue as directors of SR Bancorp and Somerset Bank immediately after the Effective Time. Effective as of the Effective Time, SR Bancorp and Somerset Bank shall (i) increase the size of their Board of Directors by three members, and (ii) appoint David M. Orbach, and two other persons from the Regal Bancorp board to be selected by SR Bancorp in consultation with Regal Bancorp (the “Regal Bancorp Designees”), to the Board of Directors of SR Bancorp and Somerset Bank, with one former Regal Bancorp director being appointed to each of the three terms of directors comprising the SR Bancorp and Somerset Bank Boards. Additionally, effective as of the Effective Time, David M. Orbach shall serve as an employee of Somerset Bank and as the Executive Chairman of the Board of Directors of SR Bancorp and Executive Vice Chairman of Somerset Bank, with such duties and on such terms as set forth in SR BANCORP DISCLOSURE SCHEDULE 2.5, pursuant to an employment agreement between David M. Orbach and each of SR Bancorp and Somerset Bank to be executed concurrently with the execution and delivery of this Agreement and to be effective as of the Effective Time (the “Orbach Agreement”).
【参考訳】発効時直前の SR Bancorp および Somerset Bank の各取締役は、発効時後も引き続き SR Bancorp および Somerset Bank の取締役を務めるものとする。発効時以降、SR Bancorp および Somerset Bank は、(i)取締役会の人数を 3 名増員し、(ii)David M. Orbach. Orbach、および Regal Bancorp と協議の上、SR Bancorp が選出する Regal Bancorp の取締役会の他の 2 名（以下「Regal Bancorp の被指名人」）を SR Bancorp および Somerset Bank の取締役会に任命し、Regal Bancorp の元取締役 1 名が SR Bancorp および Somerset Bank の取締役会を構成する 3 任期の各取締役に任命される。また、発効時より、デビッド・M・オーバックは、サマセット・バンクの従業員として、また SR Bancorp の取締役会執行会長およびサマセット・バンクの取締役会執行副会長として、SR BANCORP DISCLOSURE SCHEDULE 2. 5 に規定される職務と条件で、デビッド・M・オーバックと SR Bancorp および Somerset Bank との間で締結される雇用契約（以下「オーバック契約」）に基づき、本契約の締結および引渡しと同時に締結され、発効時に発効する。
