Common use of Non-competition Payments Clause in Contracts

Non-competition Payments. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of Three Thousand Five Hundred Eighty-Three and 83/100 ($3,583.83) per month, beginning not later than two (2) months after Employee’s Retirement Date, for a period of ten (10) years following Employee’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s Covenant Not to Compete as provided herein. Non-Competition payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all on income or other taxes or assessments, if any, applicable on said payment. For and in consideration of said monthly Non-Competition Payment to Employee, Employee agrees that he will not become an officer or employee of, provide any consultation to nor participate in any manner with any other entity of any type or description involved in any major element of business which Employer is performing at Employee’s Retirement Date nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. Any such involvement which Employee has been authorized to have by Employer prior to Employee’s Retirement Date may be continued without being a violation of this Covenant Not to Compete. This Covenant Not to Compete by Employee is limited to the geographic area of North Carolina, shall exist for and during the term of all payments to be made under this Covenant Not to Compete, whether made directly by Employer or as otherwise provided herein, plus a term of twelve (12) months thereafter, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than five percent (5%) in a business or other entity which is in competition with Employer which is not owned, directly or indirectly, prior to Employee’s Retirement Date. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not to Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition to injunctive relief, whether at law or in equity, including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not to Compete, then Employee’s right to any of the payments becoming due under Paragraphs 3. and 4. of this Agreement after the date of such breach shall be forever forfeited and Employee’s designated beneficiary’s or Employee’s Estate’s right to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee’s Covenant Not to Compete shall be deemed a material breach of the Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee’s designated beneficiary or Employee’s’ Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Non-competition Payments. In the event Employee retires from employment on Following Employee’s Retirement Datefrom his employment with Employer, Employer shall pay to Employee shall be paid by Employer the sum of Three Thousand Five Hundred Eighty-Three NINE HUNDRED SIXTEEN and 83/100 67/100 Dollars ($3,583.83916.67) per month, beginning not later than two (2) months after Employee’s Retirement DateRetirement, for a period of ten (10) years following Employee’s Retirement Date or until his death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s agreement in this Paragraph 2 below (Employee’s “Covenant Not to Compete as provided hereinTo Compete”). Payments hereunder (“Non-Competition payments hereunder competition Payments”) shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all on income or other taxes or assessments, if any, applicable on said paymentthose payments. For and in consideration of said monthly Non-Competition Payment competition Payments to Employee, Employee agrees that he will not to become an officer or employee of, provide any consultation to to, nor participate in any manner with with, any other entity of any type or description involved in any major element of business which Employer is performing at the time of Employee’s Retirement Date Retirement, nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without the consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. Any such involvement which Employee has been authorized to have by Employer prior to Employee’s Retirement Date may be continued without being a violation of this Covenant Not to Compete. This Covenant Not to To Compete by Employee is limited to the geographic area consisting of North Carolinathe counties in which Employer shall maintain a banking or other business office at the time of Employee’s Retirement, shall exist for and during the term of all payments to be made under this Covenant Not to CompeteParagraph 2, whether made directly by Employer or as otherwise provided herein, plus a term of twelve (12) months thereafter, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than five percent (5%) % in a business or other entity which is in competition with Employer which is not owned, directly or indirectly, prior to Employee’s Retirement DateEmployer. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not to To Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition to injunctive relief, whether at law or in equity, including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not to To Compete, then Employee’s right to any of the payments becoming due under Paragraphs 3. 1 and 4. 2 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee’s designated beneficiary’s beneficiary(ies) or Employee’s Estate’s right estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee’s Covenant Not to To Compete shall be deemed a material breach of the this Agreement. If Employee should die during said ten (10) the ten-year period, payments period during which Non-competition Payments are being made under this Paragraph 2, then those payments shall terminate. Future terminate and future payments, if any, shall be made to Employee’s designated beneficiary beneficiary(ies) or Employee’s’ Estate shall be made ’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Non-competition Payments. In the event Employee retires from employment on Following Employee’s Retirement from his employment with Employer on or before the Retirement Date, Employer shall pay to Employee shall be paid by Employer the sum of Three Sixteen Thousand Five Six Hundred Eighty-Three Sixteen and 83/100 No/100 Dollars ($3,583.8316,616.00) per month, beginning not later than two (2) months after Employee’s Retirement DateRetirement, for a period of ten (10) years following Employee’s Retirement Date or until his death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s agreement in this Paragraph 2 below (Employee’s “Covenant Not to Compete as provided hereinTo Compete”). Payments hereunder (“Non-Competition payments hereunder competition Payments”) shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all on income or other taxes or assessments, if any, applicable on said paymentthose payments. For and in consideration of said monthly Non-Competition Payment competition Payments to Employee, Employee agrees that he will not to become an officer or employee of, provide any consultation to to, nor participate in any manner with with, any other entity of any type or description involved in any major element of business which Employer is performing at the time of Employee’s Retirement Date Retirement, nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without the consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. Any such involvement which Employee has been authorized to have by Employer prior to Employee’s Retirement Date may be continued without being a violation of this Covenant Not to Compete. This Covenant Not to To Compete by Employee is limited to the geographic area consisting of North Carolinathe counties in which Employer shall maintain a banking or other business office at the time of Employee’s Retirement, shall exist for and during the term of all payments to be made under this Covenant Not to CompeteParagraph 2, whether made directly by Employer or as otherwise provided herein, plus a term of twelve (12) months thereafter, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than five percent (5%) % in a business or other entity which is in competition with Employer which is not owned, directly or indirectly, prior to Employee’s Retirement DateEmployer. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not to To Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition to injunctive relief, whether at law or in equity, including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not to To Compete, then Employee’s right to any of the payments becoming due under Paragraphs 3. 1 and 4. 2 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee’s designated beneficiary’s beneficiary(ies) or Employee’s Estate’s right estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee’s Covenant Not to To Compete shall be deemed a material breach of the this Agreement. If Employee should die during said ten (10) the ten-year period, payments period during which Non-competition Payments are being made under this Paragraph 2, then those payments shall terminate. Future terminate and future payments, if any, shall be made to Employee’s designated beneficiary beneficiary(ies) or Employee’s’ Estate shall be made ’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Non-competition Payments. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of Three Thousand Five Hundred Eighty-Three and 83/100 Dollars ($3,583.83) per month, beginning not later than two (2) months after Employee’s Retirement Date, for a period of ten (10) years following Employee’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s Covenant Not to Compete as provided herein. Non-Competition payments Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all on income or other taxes or assessments, if any, applicable on said payment. For and in consideration of said monthly Non-Competition Payment to Employee, Employee agrees that he will not become an officer or employee of, provide any consultation to nor participate in any manner with any other entity of any type or description involved in any major element of business which Employer is performing at Employee’s Retirement Date nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. Any such involvement which Employee has been authorized to have by Employer prior to Employee’s Retirement Date may be continued without being a violation of this Covenant Not to Compete. This Covenant Not to Compete by Employee is limited to the geographic area of North Carolina, shall exist for and during the term of all payments to be made under this Covenant Not to Compete, whether made directly by Employer or as otherwise provided herein, plus a term of twelve (12) months thereafter, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than five percent (5%) in a business or other entity which is in competition with Employer which is not owned, directly or indirectly, prior to Employee’s Retirement Date. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not to Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition to injunctive relief, whether at law or in equity, including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not to Compete, then Employee’s right to any of the payments becoming due under Paragraphs 3. and 4. of this Agreement after the date of such breach shall be forever forfeited and Employee’s designated beneficiary’s or Employee’s Estate’s right to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee’s Covenant Not to Compete shall be deemed a material breach of the Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee’s designated beneficiary or Employee’s’ ’s Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.