Competition after Termination of Service. The Company shall not pay any benefit, or shall cease paying benefits, under this Agreement if the Director, 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 Director 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 Service. In the event the Company determines that the Director has violated the conditions of this
Competition after Termination of Service. The Company shall not pay any benefit, or shall cease paying benefits, under this Agreement if the Director, 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 Director 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 Service. In the event the Company determines that the Director has violated the conditions of this Section 5.3 after receiving benefits under this Agreement, the Director 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 Director by the Company, as allowed by law. This Section 5.3 shall not be applicable in the case of Termination of Service following a Change of Control nor shall it apply in the event the Director is terminated by the Company without cause (as defined in Section 5.1 above).
Competition after Termination of Service. If the Director, without the prior written consent of the Bank, 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 main office of the Bank), which enterprise is, or may deemed to be, competitive with any business carried on by the Corporation as of the date of termination of the Director’s service or his retirement. This section shall not apply following a Change in Control.
Competition after Termination of Service. The Bank shall not pay any benefit under this Agreement if the Director, within twelve (12) months following Termination of Service, without the prior written consent of the Bank, 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 marketing area of the Bank, which enterprise is, or may deemed to be, competitive with any business carried on by the Bank as of the date of termination of the Director’s service or retirement. This section shall not apply following a Change in Control.
Competition after Termination of Service. The Participant shall forfeit his right to his split dollar benefit if the Participant, without the prior written consent of the Corporation, violates the following described restrictive covenants.
Competition after Termination of Service. The Director shall forfeit his right to any further benefits if the Director, without the prior written consent of the Company, violates any one of the following described restrictive covenants.
Competition after Termination of Service. The Bank shall not pay any benefit under this Agreement if the Director, without the prior written consent of the Bank or, if earlier, within 1 year from the Director’s Termination of Service, engages in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a holder of more than five percent (5%) of the voting shares in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent or trustee, any enterprise conducted within a 25-mile radius of any office of the Bank existing at the time of the Director’s Termination of Service, which enterprise is, or may deemed to be, competitive with the business of banking carried on by the Bank as of the date of the Director’s Termination of Service. This section shall not apply to a Termination of Service (other than a Termination for Cause) following a Change of Control or to an Early Termination which was involuntary on the part of the Director.
Competition after Termination of Service. If the Director, without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, 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 main office of the Company at the xxxxx of Xxxx and Penn Streets), which enterprise is, or may deemed to be competitive with any business carried on by the Company as of the date of the Director's termination of service. This Section 6.3 shall not apply following a Change of Control.
Competition after Termination of Service. The Company shall not pay any benefit under this Agreement if the Director, without the prior written consent of the Company and within 1 year from the Director's Termination of Service, 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 Company, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of the date of termination of the Director's Service or retirement. This section shall not apply following a Change of Control.
Competition after Termination of Service. No benefits shall be payable if, at anytime within three (3) years following the Executive's Termination of Service or Retirement, 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 (within a 50 mile radius from the Company's main office and 25 miles from any branch office) of the business of the Company, which enterprise is, or may be deemed to be, competitive with any business carried on by the Company as of the date of the Executive's Termination of Employment or retirement.
