Common use of Forfeiture Provision Clause in Contracts

Forfeiture Provision. While Executive is employed by the Bank and during the period of time the Executive is receiving any benefit payments pursuant to this Agreement, the Executive will not, for himself or on behalf of, or in conjunction with any other person or persons, company, partnership, limited liability company, proprietorship, trust, company, bank, financial services institution, or other entity, directly or indirectly, own, manage, operate, control, be employed by, consult with, participate in, or be connected in any manner with the ownership, employment, management, operation, consulting or control of any financial services institution that competes with Bank. In the event of any actual breach by the Executive of the provisions of this forfeiture provision, all payments under this Agreement payable to the Executive shall irrevocably terminate and no further amount shall be due or payable to the Executive pursuant to this Agreement. Executive specifically acknowledges that the restrictions as set forth above are reasonable and bear a valid connection with the business operations of Bank, and specifically admits that Executive is capable of obtaining suitable employment not in competition with Bank. If anyone of the restrictions contained herein shall for any reason be held to be excessively broad as to duration or geographical area, it shall be deemed amended by limiting and reducing it so as to be valid and enforceable to the extent compatible with applicable state law as it shall then appear. Executive acknowledges that the Bank would not have entered into this Agreement without the forfeiture provision contained herein. This forfeiture provision shall not prohibit the Executive from owning stock in any publicly traded company provided Executive's ownership is five percent (5%) or less of the issued and outstanding stock of such publicly traded company and the Executive has no corporate responsibility other than the Executive's rights as a stockholder.

Forfeiture Provision. While Executive is employed by the Bank and during two (2) year period following the period of time Executive’s Separation from Service, if the Executive is receiving entitled to receive any benefit payments benefits pursuant to this Agreement, the Executive will not, for himself or on behalf of, or in conjunction with any other person or persons, company, partnership, limited liability company, proprietorship, trust, trust company, bank, financial services institution, or other entity, directly or indirectly, own, manage, operate, control, be employed by, consult with, participate in, or be connected in any manner with the ownership, employment, management, operation, consulting or control of any financial services institution that competes with the Bank within fifty (50) miles of the Bank’s offices, or any other market served by the Company at the time payment of benefits commence. In the event of any actual breach by the Executive of the provisions of this forfeiture provisionSection 6.4, all payments under this Agreement payable to the Executive shall irrevocably forfeit and terminate and no further amount shall be due or payable to the Executive pursuant to this Agreement. The Executive specifically acknowledges that the restrictions as set forth above are reasonable and bear a valid connection with the business operations of the Bank, and specifically admits that Executive is capable of obtaining suitable employment not in competition with the Bank. If anyone any one of the restrictions contained herein shall for any reason be held to be excessively broad as to duration or geographical area, it shall be deemed amended by limiting and reducing it so as to be valid and enforceable to the extent compatible with applicable state law as it shall then appear. Executive acknowledges that the Bank would not have entered into this Agreement without the forfeiture provision Section 6.4 contained herein. This forfeiture provision Section 6.4 shall not prohibit the Executive from owning stock in any publicly traded company provided the Executive's ’s stock ownership is five percent (5%) or less of the issued and outstanding stock of such publicly traded company and the Executive has no corporate responsibility other than the Executive's ’s rights as a stockholder. This section shall not apply following a Change in Control.