Common use of Protective Covenant Clause in Contracts

Protective Covenant. Unless Executive first secures Buyer’s consent, Executive will not disclose or use, at any time, any secret or confidential information of Seller or Seller Bank of which Executive became informed during the Executive’s employment, whether or not developed by the Executive. The term “confidential information: includes, without limitation, financial information, business plans, prospects, and opportunities (such as lending relationships, financial product developments, or possible acquisitions or dispositions of business or facilities) which have been discussed or considered by the Seller or Seller Bank’s management, but does not include any information which has become part of the public domain by means other than Executive’s non-observance of the Executive’s obligations hereunder.