Common use of Nothing in the Agreement Clause in Contracts

Nothing in the Agreement. shall prohibit Employee from serving on the board of directors of any profit or non-profit corporation not in direct competition with Bancorp or the Bank or with any other subsidiary, sister or affiliated corporation of Bancorp. In addition, Employee may own stock in any other corporation whether or not the stock is publicly traded; provided, that if such corporation operates a business in competition with Bancorp Employee may not own more than five percent (5%) of the outstanding shares of such corporation.

Nothing in the Agreement. shall prohibit Employee from serving on the board of directors of any profit or non-profit corporation not in direct competition with Bancorp or the Bank or with any other subsidiary, sister or affiliated corporation of Bancorpthe Bank. In addition, Employee may own stock in any other corporation whether or not the stock is publicly traded; provided, that if such corporation operates a business in competition with Bancorp the Bank Employee may not own more than five percent (5%) of the outstanding shares of such corporation.