Common use of Competition After Termination of Employment Clause in Contracts

Competition After Termination of Employment. No benefits shall be payable if the Executive, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 50 mile radius) of the business of the Bank within 2 years after Separation from Service, which enterprise is, or may be deemed to be, competitive with any business carried on by the Company as of the date of termination of the Executive’s employment or his retirement.

Competition After Termination of Employment. No benefits shall be payable if the Executive, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 50 mile radius) of the business of the Bank within 2 years after Separation from ServiceCompany, which enterprise is, or may be deemed to be, competitive with any business carried on by the Company as of the date of termination of the Executive’s 's employment or his retirement. This section shall not apply following a Change of Control.