Common use of Covenant of Duty of Loyalty Clause in Contracts

Covenant of Duty of Loyalty. The Executive agrees that during the time that he is working for the Company and the Bank, he will owe the Company, the Bank, and any Affiliated Companies a duty of loyalty, and that as part of this duty of loyalty, he shall not engage in any form of business activity representing competition with the Bank, the Company or any Affiliated Companies. Similarly, the Executive, while employed by the Bank and the Company, shall not appropriate for the Executive’s own use any business opportunity for the Bank, the Company or the Affiliated Companies, or otherwise engage in conduct where the Executive’s own business interests are developed instead of the business interests of the Company, the Bank and the Affiliated Companies.

Covenant of Duty of Loyalty. The Executive agrees that during the time that he she is working for the Company and the Bank, he she will owe the Company, the Bank, and any Affiliated Companies a duty of loyalty, and that as part of this duty of loyalty, he she shall not engage in any form of business activity representing competition with the Bank, the Company or any Affiliated Companies. Similarly, the Executive, while employed by the Bank and the Company, shall not appropriate for the Executive’s own use any business opportunity for the Bank, the Company or the Affiliated Companies, or otherwise engage in conduct where the Executive’s own business interests are developed instead of the business interests of the Company, the Bank and the Affiliated Companies.