Common use of Participation in a Competing Business Clause in Contracts

Participation in a Competing Business. Except as otherwise expressly provided in this Agreement or in the Employment Agreement, during the Term or any Extended Term and for one year after termination of the Executive's employment (such one year being the "Post-Term Period") (regardless of whether the Executive's employment ends at the end of the Term or any Extended Term or at some other point after the end of the Term or any Extended Term), the Executive will not become involved with a Competing Business (as defined below) or serve, directly or indirectly, a Competing Business in any manner, including, without limitation, as a shareholder, member, partner, director, officer, manager, investor, organizer, "founder," employee, consultant, or agent; provided, however, that the Executive may acquire and own an interest not to exceed two percent (2%) of the total equity interest in any publicly held entity whose equity securities are listed on a national securities exchange (even if such entity is a Competing Business). The Executive's non-competition obligations for the Post-Term Period will not apply if (1) the Executive's employment during the Term or any Extended Term is terminated without a cause described in Section 7(a) of the Employment Agreement, (2) the Executive terminates his employment during the Term or any Extended Term for a cause described in subsection 7(b) or subsection 7(j) of the Employment Agreement, or (3) the Bank, the Corporation, or their respective successor(s) decline(s) to employ the Executive after expiration of the Term or any Extended Term except that the Bank may extend the non-competition period as provided in Section 7(e) of the Employment Agreement.

Participation in a Competing Business. Except as otherwise expressly provided in this Agreement or in the Employment Agreement, during the Term or any Extended Term and for one year after termination of the Executive's employment (such one year being the "Post-Term Period") (regardless of whether the Executive's employment ends at the end of the Term or any Extended Term or at some other point after the end of the Term or any Extended Term), the Executive will not become involved with a Competing Business (as defined below) or serve, directly or indirectly, a Competing Business in any manner, including, without limitation, as a shareholder, member, partner, director, officer, manager, investor, organizer, "founder," employee, consultant, or agent; provided, however, that the Executive may acquire and own an interest not to exceed two percent (2%) of the total equity interest in any publicly held entity whose equity securities are listed on a national securities exchange (even if such entity is a Competing Business). The Executive's non-competition obligations for the Post-Term Period will not apply if (1) the Executive's employment during the Term or any Extended Term is terminated without a cause described in Section 7(a) of the Employment Agreement, (2) the Executive terminates his employment during the Term or any Extended Term for a cause described in subsection 7(b) or subsection 7(j) of the Employment Agreement, or (3) the Bank, the Corporationcorporation, or their respective successor(s) decline(s) to employ the Executive after expiration of the Term or any Extended Term except that the Bank may extend the non-competition period as provided in Section 7(e) of the Employment Agreement.