Common use of Forfeiture Provision Clause in Contracts

Forfeiture Provision. The Executive’s benefits under this Agreement shall be forfeited upon the Executive’s entering into “competition” with the Bank at any time during the twelve (12) month period after his employment is terminated for any reason. For purposes of this section, “competition” shall mean the Executive’s engaging in any manner, directly or indirectly, individually, as a stockholder, partner, member, consultant, or agent of any company or other business organization or otherwise that engages in the development, marketing, selling or maintenance of any line of business that the Bank actively conducts (the “Company Business”) in any county in which the Holding Company, the Bank or an affiliated entity has an office or facility (the “Noncompete Area”). Notwithstanding the previous sentence, “competition” shall not include the Executive’s ownership of no more than two percent (2%) of the debt or equity securities of corporations listed on a registered securities exchange that directly or indirectly engage in the Company Business in the Noncompete Area. In addition, the provisions of this Section 5.4 shall not apply if the Executive is terminated after a Change in Control (as defined in Section 1.5) for reasons other than Cause.

Forfeiture Provision. The Executive’s benefits under this Agreement shall be forfeited upon the Executive’s entering into “competition” with the Bank at any time during the twelve eighteen (1218) month period after his employment is terminated for any reason. For purposes of this section, “competition” shall mean the Executive’s engaging in any manner, directly or indirectly, individually, as a stockholder, partner, member, consultant, or agent of any company or other business organization or otherwise that engages in the development, marketing, selling or maintenance of any line of business that the Bank actively conducts (the “Company Business”) in any county in which the Holding Company, the Bank or an affiliated entity has an office or facility (the “Noncompete Area”). Notwithstanding the previous sentence, “competition” shall not include the Executive’s ownership of no more than two percent (2%) of the debt or equity securities of corporations listed on a registered securities exchange that directly or indirectly engage in the Company Business in the Noncompete Area. In addition, the provisions of this Section 5.4 shall not apply if the Executive is terminated after a Change in Control (as defined in Section 1.5) for reasons other than Cause.

Forfeiture Provision. The Executive’s benefits under this Agreement shall be forfeited upon the Executive’s entering into “competition” with the Bank at any time during the twelve twenty-four (1224) month period after his employment is terminated for any reason. For purposes of this section, “competition” shall mean the Executive’s engaging in any manner, directly or indirectly, individually, as a stockholder, partner, member, consultant, or agent of any company or other business organization or otherwise that engages in the development, marketing, selling or maintenance of any line of business that the Bank actively conducts (the “Company Business”) in any county in which the Holding Company, the Bank or an affiliated entity has an office or facility (the “Noncompete Area”). Notwithstanding the previous sentence, “competition” shall not include the Executive’s ownership of no more than two percent (2%) of the debt or equity securities of corporations listed on a registered securities exchange that directly or indirectly engage in the Company Business in the Noncompete Area. In addition, the provisions of this Section 5.4 shall not apply if the Executive is terminated after a Change in Control (as defined in Section 1.5) for reasons other than Cause.