Common use of Non-Piracy Clause in Contracts

Non-Piracy. In exchange for the benefits promised in this Agreement and other valuable consideration, Executive agrees that for a period of eighteen (18) months after Executive's employment ceases, for any reason, including the expiration or nonrenewal of the Agreement at the end of the Term, Executive will not, directly or indirectly, solicit, divert from the Bank or do business with any "Customer" of the Bank with whom Executive had "Material Contact" during the last twelve (12) months of Executive's employment or about whom Executive obtained non-public information while acting within the scope of his employment during the last twelve (12) months of employment, if the purpose of such solicitation, diversion or transaction is to provide products or services that are the same as or substantially similar to those offered by the Bank at the time Executive's employment ceases. "Material Contact" means that Executive personally communicated with the Customer, either orally or in writing, for the purpose of providing, offering to provide or assisting in providing products or services of the Bank. "Customer" means any person or entity with whom the Bank had a depository or other contractual relationship, pursuant to which the Bank provided products or services during the last twelve (12) months of Executive's employment.

Appears in 2 contracts

Samples: Employment Agreement (Old Point Financial Corp), Employment Agreement (Old Point Financial Corp)

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Non-Piracy. In exchange for the benefits promised in this Agreement and other valuable consideration, the Executive agrees that for a period equal to the greater of eighteen (18i) the remainder of the Term of this Agreement or (ii) twelve (12) months after Executive's his employment ceases, ceases for any reason, including the expiration or nonrenewal of the Agreement at the end of the Term, Executive he will not, directly or indirectly, solicit, divert from the Bank Company or do business with any "Customer" depositors or other customers of the Bank with whom Executive he had "Material Contact" material contact during the last twelve twenty-four (1224) months of Executive's his employment or about whom Executive he obtained non-public any information while acting within the scope of his employment during the last twelve twenty-four (1224) months of his employment, if the purpose of such solicitation, diversion or transaction is to provide products or services that are the same as or substantially similar to those offered by the Bank at the time Executive's ’s employment ceases. "Material Contact" contact” means that Executive personally communicated with the Customer, either orally or in writing, for the purpose of providing, offering to provide or assisting in providing products or services of the Bank. "Customer" means any person or entity with whom the Bank had a depository or other contractual relationship, pursuant to which the Bank provided products or services during the last twelve (12) within twenty-four months of the cessation of Executive's ’s employment.

Appears in 2 contracts

Samples: Employment Agreement (Virginia Commerce Bancorp Inc), Employment Agreement (Virginia Commerce Bancorp Inc)

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Non-Piracy. In exchange for the benefits promised in this Agreement and other valuable consideration, the Executive agrees that for a period equal to the greater of eighteen (18i) the remainder of the Term of this Agreement or (ii) twelve (12) months after Executive's his employment ceases, ceases for any reason, including the expiration or nonrenewal of the Agreement at the end of the Term, Executive he will not, directly or indirectly, solicit, divert from the Bank or do business with any "Customer" depositors or other customers of the Bank with whom Executive he had "Material Contact" material contact during the last twelve twenty-four (1224) months of Executive's his employment or about whom Executive he obtained non-public any information while acting within the scope of his employment during the last twelve twenty-four (1224) months of employment, if the purpose of such solicitation, diversion or transaction is to provide products or services that are the same as or substantially similar to those offered by the Bank at the time Executive's ’s employment ceases. "Material Contact" contact” means that Executive personally communicated with the Customer, either orally or in writing, for the purpose of providing, offering to provide or assisting in providing products or services of the Bank. "Customer" means any person or entity with whom the Bank had a depository or other contractual relationship, pursuant to which the Bank provided products or services during the last twelve (12) within twenty-four months of the cessation of Executive's ’s employment.

Appears in 1 contract

Samples: Employment Agreement (Virginia Commerce Bancorp Inc)

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