Common use of Noncompetition and Nonsolicitation Agreement Clause in Contracts

Noncompetition and Nonsolicitation Agreement. If this Agreement is terminated by the Company for Cause pursuant to Section 5.1(i) or by Executive for any reason other than pursuant to clauses (iii) or (iv) of Section 5.2, Executive shall not enter into an employment relationship or a consulting arrangement with any other bank, thrift, lending or financial institution which has as its primary business strategy Internet banking (hereinafter a "competitor") within one year of the anniversary of the date of such termination (the "Noncompete Period"). The obligations contained in this Section 9 shall not prohibit Executive from being an owner of not more than 5% of the outstanding stock of any class of a corporation, which is publicly traded, so long as Executive has no active participation in the business of such corporation.

Noncompetition and Nonsolicitation Agreement. If this Agreement is terminated by the Company for Cause pursuant to Section 5.1(i5.1(iv) or by Executive for any reason other than pursuant to clauses (iiiSection 5.2(i) or (iv) of Section 5.2iii), Executive shall not enter into an employment relationship or a consulting arrangement with any other bank, thrift, lending or financial institution which has as its primary business strategy Internet banking of any type headquartered or having a physical presence in the State of South Carolina (hereinafter a "competitor") within one year five years of the anniversary of the date of such termination the Change in Control (the "Noncompete Period"). The obligations contained in this Section 9 shall not prohibit Executive from being an owner of not more than 5% of the outstanding stock of any class of a corporation, corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.