Common use of Competitive Employment Clause in Contracts

Competitive Employment. If during the period that the Executive is receiving severance payments as herein provided, he shall become an officer, director, employee or consultant to a bank or bank holding company which provides (or whose subsidiaries or affiliates provide) trust, loan or retail banking facilities in the same county as such facilities are provided by any subsidiary or affiliate of the Employer, and which is in direct competition with the Employer, then the Employer may elect to notify the Executive by certified mail, return receipt requested, that it considers the employment of the Executive as competitive employment in accordance with this Article of this Agreement. The Executive may, within sixty (60) days of receipt of such notice from the Employer terminate such competitive employment and certify the same to the Employer by certified mail, return receipt requested. However, if he shall fail to so terminate his employment and certify the same to the Employer within sixty (60) days of receipt of the notice as herein provided, no subsequent severance payments shall be due or payable following such sixtieth day, notwithstanding any other provision of this Agreement. However, this provision shall in no event affect Executive's entitlement to receive all severance payments due prior to the sixtieth day after receipt by the Executive of such notice, nor shall it in any way require Executive not to engage in such competitive employment.

Competitive Employment. If during the period that the Executive is receiving severance payments as herein provided, he shall become an officer, director, employee or consultant to a bank or bank holding company which provides (or whose subsidiaries or affiliates provide) trust, loan or retail banking facilities in the same county as such facilities are provided by any subsidiary or affiliate of the Employer, and which is in direct competition with the Employer, then the Employer may elect to notify the Executive by certified mail, return receipt requested, that it considers the employment of the Executive as competitive employment in accordance with this Article of this Agreement. The Executive may, within sixty thirty (6030) days of receipt of such notice from the Employer Employer, terminate such competitive employment and certify the same to the Employer by certified mail, return receipt requested. However, if he shall fail to so terminate his employment and certify the same to the Employer within sixty thirty (6030) days of receipt of the notice as herein provided, no subsequent severance payments shall be due or payable following such sixtieth thirtieth day, notwithstanding any other provision of this Agreement. However, this provision shall in no event affect Executive's entitlement to receive all severance payments due prior to the sixtieth thirtieth day after receipt by the Executive of such notice, nor shall it in any way require Executive not to engage in such competitive employment.

Competitive Employment. If during the period that the Executive is receiving severance payments as herein provided, he shall become an officer, director, employee or consultant to a bank or bank holding company which provides (or whose subsidiaries or affiliates provide) trust, loan or retail banking facilities in the same county as such facilities are provided by any subsidiary or affiliate of the Employer, and which is in direct competition with the Employer, then the Employer may elect to notify the Executive by certified mail, return receipt requested, that it considers the employment of the Executive as competitive employment in accordance with this Article of this Agreement. The Executive may, within sixty (60) days of receipt of such notice from the Employer terminate such competitive employment and certify the same to the Employer by certified mail, return receipt requested. However, if he shall fail to so terminate his employment and certify the same to the Employer within sixty (60) days of receipt of the notice as herein provided, no subsequent severance payments shall be due or payable following such sixtieth day, notwithstanding any other provision of this Agreement. However, this provision shall in no event affect Executive's entitlement to receive all severance payments due prior to the sixtieth day after receipt by the Executive of such notice, nor shall it in any way require Executive not to engage in such competitive employment.. 4