Corporation and Bank. The Executive shall not engage in any business or commercial activities, duties or pursuits which compete with the business or commercial activities of Corporation or Bank, nor may the Executive serve as a director or officer or in any other capacity in a company which competes with Corporation or Bank.
Corporation and Bank hereby employ Executive and Executive hereby accepts employment with Corporation and Bank, under the terms and conditions set forth in this Agreement.
Corporation and Bank. However, Executive shall not be entitled to receive any additional compensation from Corporation and Bank for failure to take a vacation unless an emergency work situation arises where Executive is required to work in lieu of a vacation in order to meet the Corporation's or Bank's needs. Executive shall not be able to accumulate unused vacation time from one year to the next, except to the extent authorized by the Boards of Directors of Corporation and Bank.
Corporation and Bank hereby employ Executive and Executive hereby accepts employment with Corporation and Bank, under the terms and conditions set forth in this Agreement. As consideration for this Agreement, Executive hereby agrees to release Corporation, Hanover Bancorp Inc. and Bank of any obligations, duties or responsibilities, and Executive agrees to relinquish any and all rights, including but not limited to any payments, compensation or sums of money he may otherwise be entitled, or he may have, under the Severance Agreement dated March 22, 1995 between Executive, Hanover Bancorp Inc. and Bank.
Corporation and Bank. Executive shall devote his full time, attention and energies to the business of Corporation, Bank and their subsidiaries during the Employment Period (as
Corporation and Bank. Executive shall devote his full time, attention and energies to the business of Corporation and Bank during the Employment Period (as defined in Section 3 of this Agreement); provided, however, that this Section 2 shall not be construed as preventing Executive from (a) engaging in activities incident or necessary to personal
Corporation and Bank. You hereby agree to keep the Boards of Directors of the Corporation and the Bank fully advised concerning the operations of the Bank and Corporation. You agree to serve as a director of the Corporation and Bank, as well as a member of any committee of the Boards of Directors of the Corporation and the Bank to which you may be elected or appointed. In addition, you agree to serve as a director and/or officer of any other subsidiary of the Corporation or the Bank to which you may be elected or appointed.
Corporation and Bank hereby employ Executive and Executive hereby accepts employment with Corporation and Bank, under the terms and conditions set forth in this Agreement. As consideration for this Agreement, Executive hereby agrees to release Corporation and Bank of any obligations, duties or responsibilities, and Executive agrees to relinquish any and all rights, including but not limited to any payments, compensation or sums of money he may otherwise be entitled, or he may have, under the Change in Control Agreement executed by Corporation, Bank and Executive on or about July 12, 1999.
