Common use of Competition After Termination of Employment Clause in Contracts

Competition After Termination of Employment. The Company shall not pay any benefit, or shall cease paying benefits, under this Agreement 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 other federally insured depository institution headquartered or having a physical presence within a fifty (50) mile radius of the office of the Company or its affiliates in which the Executive was most recently employed, which institution is, or may deemed to be, competitive with any business carried on by the Company, within a period of two (2) years following Termination of Employment. In the event the Company determines that the Executive has violated the conditions of this Section 5.3 after receiving benefits under this Agreement, the Executive shall repay to the Company an amount equal to the benefits paid hereunder, with interest computed at an annual rate of eight percent (8%). In the event that the Company has a right to recoup any benefits paid hereunder, the Company shall also have the right to offset any other payments to be made to the Executive by the Company, as allowed by law. This Section 5.3 shall not be applicable in the case of Termination of Employment following a Change of Control nor shall it apply in the event the Executive is terminated by the Company without cause (as defined in Section 5.1 above).