Termination for Cause or for Other Than Good Reason. If Executive is terminated by the Company for Cause, or if Executive terminates Executive’s employment for something other than Good Reason, then: a) the Agreement shall terminate without further obligation by the Company, other than to pay to Executive all salary and benefits owed to Executive prior to the Date of Termination; and b) Executive shall not, during the Restricted Period, directly or indirectly, (i) prepare to engage, or engage, in competition with the Company within the Restricted Area related to the Industry or (ii) acquire direct or indirect interest, or an option to acquire such an interest, in a company engaged in competition with the Company in the Restricted Area (other than an interest of not more than five percent (5%) of the outstanding stock of any company which is publicly traded on a national stock exchange or the over-the-counter market). Executive acknowledges that a breach or threatened breach by Executive of this Section 5 of this Agreement will give rise to irreparable injury to the Company and that money damages will not be adequate relief for such injury and, accordingly, Executive agrees that the Company shall be entitled to obtain equitable relief, including, but not limited to, specific performance, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or prohibit such breach or threatened breach, in addition to any other legal remedies which may be available, including the recovery of money damages.
Appears in 5 contracts
Samples: Change of Control Agreement (Bank First Corp), Change of Control Agreement (Bank First Corp), Change of Control Agreement (Bank First Corp)
Termination for Cause or for Other Than Good Reason. If Executive CEO is terminated by the Company for Cause, or if Executive CEO terminates ExecutiveCEO’s employment for something other than Good Reason, then:
a) the Agreement shall terminate without further obligation by the Company, other than to pay to Executive CEO all salary and benefits owed to Executive CEO prior to the Date of Termination; and and
b) Executive CEO shall not, during the Restricted Period, directly or indirectly, (i) prepare to engage, or engage, in competition with the Company within the Restricted Area related to the Industry or (ii) acquire direct or indirect interest, or an option to acquire such an interest, in a company engaged in competition with the Company in the Restricted Area (other than an interest of not more than five percent (5%) of the outstanding stock of any company which is publicly traded on a national stock exchange or the over-the-counter market). Executive CEO acknowledges that a breach or threatened breach by Executive CEO of this Section 5 of this Agreement will give rise to irreparable injury to the Company and that money damages will not be adequate relief for such injury and, accordingly, Executive CEO agrees that the Company shall be entitled to obtain equitable relief, including, but not limited to, specific performance, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or prohibit such breach or threatened breach, in addition to any other legal remedies which may be available, including the recovery of money damages.
Appears in 1 contract
