Common use of Competition; Confidential Information Clause in Contracts

Competition; Confidential Information. The Executive and the Company recognize that due to the nature of his engagements hereunder, and the relationship of the Executive to the Company, the Executive has had access to and has acquired, will have access to and will acquire, and has assisted in and may assist in developing, confidential and proprietary information relating to the business and operations of the Company and its affiliates, including, without limiting the generality of the foregoing, information with respect to their present and prospective products, systems, customers, agents, processes, and sales and marketing methods. The Executive acknowledges that such information has been and will continue to be of central importance to the business of the Company and its affiliates and that disclosure of it to or its use by others could cause substantial loss to the Company. The Executive and the Company also recognize that an important part of the Executive’s duties will be to develop goodwill for the Company and its affiliates through his personal contact with customers, agents and others having business relationships with the Company and its affiliates, and that there is a danger that this good will, a proprietary asset of the Company and its affiliates, may follow the Executive if and when his relationship with the Company is terminated. Executive acknowledges that his services to be rendered hereunder have a unique value to the Company, for the loss of which the Company cannot be adequately compensated by damages in an action at law.

Competition; Confidential Information. The Executive and the Company ------------------------------------- Companies recognize that due to the nature of his association with the Companies and of his engagements hereunder, and the relationship of the Executive to the CompanyCompanies, both in the past as an organizer and in the future hereunder, the Executive has had access to and has acquired, will have access to and will acquire, and has assisted in and may assist in developing, confidential and proprietary information relating to the business and operations of the Company Companies and its their affiliates, including, without limiting the generality of the foregoing, information with respect to their its present and prospective products, systems, customers, agents, processesaccounts, deposits, loans, and sales and marketing methods. The Executive acknowledges that such information has been and will continue to be of central importance to the business of the Company Companies and its their affiliates and that disclosure of it to or its use by others could cause substantial loss to the CompanyCompanies. The Executive and the Company Companies also recognize that an important part of the Executive’s 's duties will be to develop goodwill good will for the Company Companies and its their affiliates through his personal contact with customers, agents and others having business relationships with the Company Companies and its their affiliates, and that there is a danger that this good will, a proprietary asset of the Company Companies and its their affiliates, may follow the Executive if and when his relationship with the Company Companies is terminated. The Executive acknowledges that his services to be rendered hereunder have a unique value to the Company, for the loss of which the Company cannot be adequately compensated by damages in an action at law.accordingly agrees as follows: