Common use of Not to Compete Clause in Contracts

Not to Compete. NO HIRE COVENANT During the employment period and for eighteen months after termination of employment with the Employer or Bank for any reason, the Employee shall not compete, directly or indirectly, with the Employer or Bank or its affiliates within 40 miles of any geographic area in which the Employer or Bank or its affiliates conduct business at the time of termination of the employment period. As used herein, "compete" shall include without limitation, working for or serving any bank, saving association, credit union, mortgage broker or similar company, or any affiliate thereof, as an employee, officer, director, consultant or advisor. If it is judicially determined that this agreement not to compete, or any portion thereof, is non-enforceable under applicable law(s) (statute, common law or otherwise), then it is hereby agreed by the Employee and the Employer and the Bank that the non-enforceable portion of the agreement not to compete shall be and hereby are redrafted to conform with those applicable laws, while leaving the remaining portions of the agreement not to compete intact. By agreeing to this contractual modification prospectively at this time, the parties intend to make this agreement not to compete legal under the law(s) of all applicable states so that the entire agreement not to compete and/or the entire Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or non-enforceable. Such modifications shall not affect the payments made to Employee under this agreement. The Employee acknowledges that his skills are such that he can be gainfully employed in non-competitive employment and that the agreement not to compete will in no way prevent him from earning a living. While employed by the Employer or Bank and for a eighteen month period immediately following the Date Of Termination of such employment, the Employee shall not, in any capacity for anyone other than the Employer or Bank, recruit, hire, or assist others in recruiting or hiring, any person who is, or within the preceding eighteen month period was, an employee of or consultant for the Employer or Bank.

Not to Compete. NO HIRE COVENANT During the employment period and for eighteen months after termination of employment with the Employer or Bank for any reason, the Employee shall not compete, directly or indirectly, with the Employer or Bank or its affiliates within 40 miles of any geographic area in which the Employer or Bank or its affiliates conduct business at the time of termination of the employment period. As used herein, "compete" shall include without limitation, working for or serving any bank, saving association, credit unionunion , mortgage broker or similar company, or any affiliate thereof, as an employee, officer, director, consultant or advisor. If it is judicially determined that this agreement not to compete, or any portion thereof, is non-enforceable under applicable law(s) (statute, common law or otherwise), then it is hereby agreed by the Employee and the Employer and the Bank that the non-enforceable portion of the agreement not to compete shall be and hereby are redrafted to conform with those applicable laws, while leaving the remaining portions of the agreement not to compete intact. By agreeing to this contractual modification prospectively at this time, the parties intend to make this agreement not to compete legal under the law(s) of all applicable states so that the entire agreement not to compete and/or the entire Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or non-enforceable. Such modifications shall not affect the payments made to Employee under this agreement. The Employee acknowledges that his skills are such that he can be gainfully employed in non-competitive employment and that the agreement not to compete will in no way prevent him from earning a living. While employed by the Employer or Bank and for a eighteen month period immediately following the Date Of Termination of such employment, the Employee shall not, in any capacity for anyone other than the Employer or BankEmployer, recruit, hire, or assist others in recruiting or hiring, any person who is, or within the preceding eighteen month period was, an employee of or consultant for the Employer or BankEmployer.