Competition Restriction. During the Term and for twenty-four (24) months thereafter, if ▇▇▇▇▇▇ receives compensation under paragraph 8(d), she shall not become or serve as an officer, director, founder or employee of any financial institution with its main office in King, Snohomish or ▇▇▇▇▇▇ Counties, or any other financial institution which, in the judgment of the Board, is in substantial competition with Cascade, unless ▇▇▇▇▇▇ has first obtained the Board’s written consent. In the event ▇▇▇▇▇▇ breaches this condition, which breach is not corrected within fifteen (15) days of notice to ▇▇▇▇▇▇ of such breach, ▇▇▇▇▇▇ shall forfeit all right to receive all benefits or other payments remaining unpaid on the date of any such breach, and shall refund any payments received pursuant to paragraph 8(d) hereof, and all unexercised stock options which will be forfeited.
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Sources: Employment Agreement (Cascade Financial Corp), Employment Agreement (Cascade Financial Corp)