NON-COMPETITION FOLLOWING SERVICE. (a) DIRECTOR AGREES NOT TO COMPETE The Director expressly agrees that, as consideration for the covenants of the Bank contained herein and as a condition to the performance by the Bank of its obligations hereunder, from and after any voluntary or involuntary termination of service, other than a termination of service related to a Change in Control, and continuing throughout the Payout Period or, with respect to Section 8.3 (c), for two years following termination of service, he will not without the prior written consent of the Bank, serve as an officer or director or employee of any bank holding company, bank, savings association or mortgage company with its principal office within the bank's trading area, and which offers products or services in the bank's trading area competing with those offered by the Bank.
Appears in 8 contracts
Samples: Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.), Director Supplemental Retirement Income and Deferred Compensation Agreement (Magyar Bancorp, Inc.)
