Common use of RESTRICTIVE COVENANT NOT TO COMPETE Clause in Contracts

RESTRICTIVE COVENANT NOT TO COMPETE. In consideration of the agreements hereunder, the Executive agrees that in addition to any other limitation, for a period of twenty-four (24) months after his termination of Employment, either by his voluntary termination of employment in breach of this Agreement or his termination for Cause or termination other than for Cause, he will not within a 100-mile radius of the main office of the Company manage, operate or be employed by, participate in, or be connected in any manner with the management, operation, or control of any banking business, savings and loan business, or financial services business. The Executive further agrees, he will not solicit the business or patronage, directly or indirectly, from any customers of the Company and the Executive will not seek to or assist others to persuade any employee of the Company engaged in similar work or related to the Company’s work to discontinue employment with the Bank or seek employment or engage in any business of the Company. The Executive agrees to disclose the contents of this Agreement to any subsequent employer following the termination of this Agreement. Irreparable harm shall be presumed if the Executive breaches any covenant of this Agreement. The faithful observance of all covenants in this Agreement is an essential condition to the Executive’s employment and the Company is depending upon absolute compliance. Damages would probably be very difficult to ascertain if the Executive breached any covenant in this Agreement. This Agreement is intended to protect the proprietary rights of the Company in many important ways. In light of these facts, the Executive agrees that any court of competent jurisdiction should immediately enjoin any breach of this Agreement, upon the request of the Company, and the Executive specifically releases the Company from the requirement to post any bond in connection with a temporary or interlocutory injunctive relief, to the extent permitted by law. This remedy shall be in addition to any specific damages that the Company may be entitled to as a result of the breach of this Agreement.

RESTRICTIVE COVENANT NOT TO COMPETE. In consideration of the agreements hereunder, the Executive agrees that in addition to any other limitation, for a period of twenty-four (24) months after his termination of Employment, either by his voluntary termination of employment in breach of this Agreement or Agreement, his termination for Cause or termination other than for Cause, or his termination for Good Reason, he will not within a 100-mile radius of the main office of the Company manage, operate or be employed by, participate in, or be connected in any manner with the management, operation, or control of any banking business, savings and loan business, or financial services business. The Executive further agrees, he will not solicit the business or patronage, directly or indirectly, from any customers of the Company and the Executive will not seek to or assist others to persuade any employee of the Company engaged in similar work or related to the Company’s work to discontinue employment with the Bank or seek employment or engage in any business of the Company. The Executive agrees to disclose the contents of this Agreement to any subsequent employer following the termination of this Agreement. Irreparable harm shall be presumed if the Executive breaches any covenant of this Agreement. The faithful observance of all covenants in this Agreement is an essential condition to the Executive’s employment and the Company is depending upon absolute compliance. Damages would probably be very difficult to ascertain if the Executive breached any covenant in this Agreement. This Agreement is intended to protect the proprietary rights of the Company in many important ways. In light of these facts, the Executive agrees that any court of competent jurisdiction should immediately enjoin any breach of this Agreement, upon the request of the Company, and the Executive specifically releases the Company from the requirement to post any bond in connection with a temporary or interlocutory injunctive relief, to the extent permitted by law. This remedy shall be in addition to any specific damages that the Company may be entitled to as a result of the breach of this Agreement.