Common use of Non-Compete Clause Clause in Contracts

Non-Compete Clause. Except as stated in the second paragraph of this subsection, the Executive expressly agrees that, as consideration for the agreements of the Bank contained herein and as a condition to the performance by the Bank of its obligations hereunder, throughout the entire period beginning at the time of termination of employment until the final payment is made to Executive, as provided herein, he will not, without the prior written consent of the Bank, engage in, become interested, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, nor become associated with, in the capacity of an employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area of the business of the Bank which enterprise is, or may deemed to be, competitive with any business carried on by the Bank as of the date of the termination of the Executive's employment or his retirement. The parties agree that if, for any reason, any covenant contained herein is held by a court or other tribunal to be unenforceable or invalid, that such court or tribunal will have the authority to limit such covenant to that which the court or tribunal deems proper under the circumstances and to enforce such covenant as limited. Notwithstanding the foregoing, Executive agrees to honor the terms of this Non-Compete Clause and not to contest its enforceability. In the event Executive's termination follows a Change in Control or other material change in the Bank's structure or business activities, Executive shall be entitled to his Supplemental Retirement Income Benefit whether or not he enters into an arrangement that is deemed to be competitive with the Bank.