This Agreement shall be binding upon Executive and on Old Point, its successors and assigns, effective on the date first above written subject to the approval by the Holding Company Board and the Board of Directors of the Bank. Old Point will require any successor to all or substantially all of the business and/or assets of Old Point to assume expressly and agree to perform this Agreement in the same manner and to the same extent that Old Point would be required to perform it if no such succession had taken place. This Agreement shall be freely assignable by Old Point.