Common use of Competition Restriction Clause in Contracts

Competition Restriction. During the Term and for the period for which Executive receives compensation under paragraph 7(a), and for twenty-four (24) months after termination of his/her employment, if Executive receives compensation under paragraph 7(a) or 8, he/she shall not become or serve as an officer, director, founder or employee of any financial institution with its main office in Kitsap, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ or Clallam Counties, or any other financial institution which, in the judgment of the Board, is in substantial competition with Westsound, unless Executive has first obtained the Board's written consent. In the event Executive breaches this condition, which breach is not corrected within fifteen (15) days of notice to Executive of such breach, Executive 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 7(a) or 8 hereof, and all unexercised stock options which will be forfeited.

Competition Restriction. During the Term and for the period for which Executive ▇▇▇▇▇▇▇ receives compensation under paragraph 7(a8(a), and for twenty-four (24) months after termination of his/her his employment, if Executive ▇▇▇▇▇▇▇ receives compensation under paragraph 7(a8(a) or 89, he/she he shall not become or serve as an officer, director, founder or employee of any financial institution with its main office in Kitsap, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ or Clallam Counties, or any other financial institution which, in the judgment of the Board, is in substantial competition with Westsound, unless Executive ▇▇▇▇▇▇▇ has first obtained the Board's written consent. In the event Executive ▇▇▇▇▇▇▇ breaches this condition, which breach is not corrected within fifteen (15) days of notice to Executive ▇▇▇▇▇▇▇ of such breach, Executive ▇▇▇▇▇▇▇ 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 7(a8(a) or 8 9 hereof, and all unexercised stock options which will be forfeited.

Competition Restriction. During the Term and for the period for which Executive ▇▇▇▇▇▇▇ receives compensation under paragraph 7(a), and for twenty-four (24) months after termination of his/her his employment, if Executive ▇▇▇▇▇▇▇ receives compensation under paragraph 7(a) or 8, he/she he shall not become or serve as an officer, director, founder or employee of any financial institution with its main office in Kitsap, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ or Clallam Counties, or any other financial institution which, in the judgment of the Board, is in substantial competition with Westsound, unless Executive ▇▇▇▇▇▇▇ has first obtained the Board's written consent. In the event Executive ▇▇▇▇▇▇▇ breaches this condition, which breach is not corrected within fifteen (15) days of notice to Executive ▇▇▇▇▇▇▇ of such breach, Executive ▇▇▇▇▇▇▇ 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 7(a) or 8 hereof, and all unexercised stock options which will be forfeited.