Common use of Noncompetition and Nonsolicitation Agreement Clause in Contracts

Noncompetition and Nonsolicitation Agreement. If this Agreement is terminated by the Company pursuant to Section 5.1 or by Executive pursuant to Section 5.2, Executive shall not enter into an employment relationship or a consulting arrangement with any other federally insured depository institution headquartered or having a physical presence in the states of South Carolina or North Carolina (hereinafter a "competitor") for a period of ten (10) years from the Effective Time (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.

Appears in 2 contracts

Samples: Reorganization Agreement (Anchor Financial Corp), Stock Option Agreement (Carolina First Corp)

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Noncompetition and Nonsolicitation Agreement. If this Agreement is terminated by the Company pursuant to Section 5.1 or by Executive pursuant to Section 5.2, Executive shall not enter into an employment relationship or a consulting arrangement with any other federally insured depository institution headquartered or having a physical presence in the states of South Carolina or North Carolina (hereinafter a "competitor") for a period of ten eight (10) 8) years from the Effective Time (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.

Appears in 2 contracts

Samples: Stock Option Agreement (Carolina First Corp), Reorganization Agreement (Anchor Financial Corp)

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