Common use of Noncompetition Provision Clause in Contracts

Noncompetition Provision. Executive acknowledges that the development of personal contacts and relationships is an essential element in the financial services industry, that the Company has invested considerable time and money in his development of such contacts and relationships, that the Company could suffer irreparable harm if he were to leave employment and solicit the business of Company customers, and that it is reasonable to protect the Company against competitive activities by Executive. Executive covenants and agrees, in recognition of the foregoing and in consideration of the mutual promises contained herein, that in the event of a voluntary termination of employment by Executive pursuant to Section 5(iii) of the Bank Agreement, or upon expiration of the Bank Agreement as a result of Executive's election (but not as the result of an election by the Company) not to continue automatic annual renewals, Executive shall not accept employment with any Significant Competitor of the Bank or Company for a period of twelve (12) months following such termination. For purposes of this Agreement, the term Significant Competitor means any financial institution including, but not limited to, any commercial bank, savings bank, savings and loan association, credit union, or mortgage banking corporation which, at the time of termination of this Agreement, or during the period of this covenant not to compete, has a home, branch or other office in Milwaukee County or which has, during the twelve (12) months preceding Executive's termination, originated, or which during the period of this covenant not to compete originates, more than $50,000,000 in commercial or mortgage loans secured by real property in any such county.