Legitimate Business Interests Noncompetition Contract Clauses (6)
Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Legitimate Business Interests Noncompetition clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Legitimate Business Interests Noncompetition. (a) Legitimate Business Interests. The Executive acknowledges and agrees that in the performance of his or her duties of employment with the Bank he or she will be in contact with customers, potential customers and/or information about customers or potential customers of the Parent or the Bank either in person, through the mails, by telephone or by other electronic means. The Executive also acknowledges and agrees that trade secrets and confidential information of the Parent or the Bank that wil...l be gained by Executive during his or her employment with the Bank, have been developed by the Parent and the Bank through substantial expenditures of time, effort and financial resources and constitute valuable and unique property of the Parent and the Bank. The Executive further understands, acknowledges and agrees that the foregoing makes it necessary for the protection of the Parent's and the Bank's businesses that the Executive not divert business or customers from the Parent and the Bank and that the Executive maintain the confidentiality and integrity of the confidential information as provided in this Agreement. 5 (b) Non-competition. (i) Notwithstanding anything in this Agreement to the contrary, the Executive agrees that during the period of time the Executive is retained to provide services to the Bank, and thereafter for a period of one (1) year subsequent to the termination of the Executive's services to the Bank for any of the reasons set forth in Section 8(c), the Executive will not enter the employ of, or have any interest in, directly or indirectly (either as executive, partner, director, officer, consultant, principal, agent or employee), any other bank or financial institution or any entity which either accepts deposits or makes loans (whether presently existing or subsequently established) and which has an office located within a radius of 50 miles of any office of the Bank, provided, however, that the foregoing shall not preclude any ownership by the Executive of an amount not to exceed 5% of the equity securities of any entity which is subject to the periodic reporting requirements of the 1934 Act and the shares of the Parent's common stock owned by the Executive at the time of termination of employment. (ii) Notwithstanding anything in this Agreement to the contrary, if the Executive's employment is terminated for any of the reasons set forth in Sections 8(a), 8(b), 8(d), 8(e), 8(f), and/or 8(g), then for a period of sixty (60) days subsequent to the effective date of such termination of Executive's services to the Bank, the Executive will not enter the employ of, or have any interest in, directly or indirectly (either as executive, partner, director, officer, consultant, principal, agent or employee), any other bank or financial institution or any entity which either accepts deposits or makes loans (whether presently existing or subsequently established) and which has an office located within a radius of 50 miles of any office of the Bank, provided, however, that the foregoing shall not preclude any ownership by the Executive of an amount not to exceed 5% of the equity securities of any entity which is subject to the periodic reporting requirements of the 1934 Act and the shares of the Parent's common stock owned by the Executive at the time of termination of employment.View More
Legitimate Business Interests Noncompetition. (a) Legitimate Business Interests. The Executive acknowledges and agrees that in the performance of his or her duties of employment with the Bank Group he or she will be in contact with customers, potential customers and/or information about customers or potential customers of the Parent or the Bank Group either in person, through the mails, by telephone or by other electronic means. The Executive also acknowledges and agrees that trade secrets and confidential information of the Parent or the B...ank Group that will be gained by the Executive during his or her employment with the Bank, Bank Group, have been developed by the Parent and the Bank Group through substantial expenditures of time, effort and financial resources and constitute valuable and unique property of the Parent and the Bank. Bank Group. The Executive further understands, acknowledges and agrees that the foregoing makes it necessary for the protection of the Parent's and the Bank's Bank Group's businesses that the Executive not divert business or customers from the Parent and the Bank Group and that the Executive maintain the confidentiality and integrity of the confidential information Confidential Information as provided in this Agreement. 5 (b) Non-competition. (i) Noncompetition. Notwithstanding anything in this Agreement to the contrary, the Executive agrees that during the period of time the Executive is retained to provide services to the Bank, and thereafter for a period of one (1) year subsequent to the termination or expiration of the Executive's services to the Bank Group for any of the reasons set forth in Section 8(c), whatsoever, the Executive will not enter the employ of, or have any interest in, directly or indirectly (either as executive, partner, director, officer, consultant, principal, agent agent, employee or employee), investor), any other bank or financial institution or any entity which either accepts deposits or deposits, makes loans (whether presently existing or subsequently established) similar to the types of loans made by the Bank (or for which the Bank plans on making based on a then-existing plan to do so) as of the date of the Executive's termination, or engages in any other business being conducted by the Bank (or for which the Bank plans on conducting based on a then-existing agreement to do so) as of the date of the Executive's termination, and/or any holding company or other affiliate for or of any of the foregoing, and which has an office located within a radius of 50 fifty (50) miles of any office of the Bank, Bank as of the date of Executive's termination; provided, however, that the foregoing shall not preclude any ownership by the Executive of an amount not to exceed 5% five percent (5%) of the equity securities of any entity which is subject to the periodic reporting requirements of the 1934 Act (so long as the Executive has no active participation in the business of such entity and does not have, other than in his capacity as a common shareholder, the right to elect or appoint a member to the board of directors or comparable governing body of such entity or of any of its affiliates) and the shares of the Parent's common stock owned by the Executive at the time of termination or expiration of employment. (ii) Notwithstanding anything in this Agreement 13 13. Nonsolicitation; Noninterference; Non-Disparagement. (a) The Executive agrees that during the period of time the Executive is retained to provide services to the contrary, if the Executive's employment is terminated for any of the reasons set forth in Sections 8(a), 8(b), 8(d), 8(e), 8(f), and/or 8(g), then Bank Group, and thereafter for a period of sixty (60) days twelve (12) months subsequent to the effective date termination or expiration of such termination of the Executive's services to the Bank, Bank Group for any reason whatsoever, the Executive will not enter the employ of, or have any interest in, not, directly or indirectly (either as executive, partner, director, officer, consultant, principal, agent or employee), through any other bank person or entity, (i) solicit for employment by the Executive, or anyone else, or employ (directly or indirectly) any employee of the Bank Group or any person who was an employee of the Bank Group within twelve (12) months prior to such proposed employment or solicitation of employment; (ii) induce, or attempt to induce, any employee of the Bank Group to terminate such employee's employment; (iii) induce, or attempt to induce, anyone having a business relationship with the Bank Group to terminate or curtail such relationship or enter into a similar relationship with another financial institution or financial services company or, on behalf of himself or anyone else, compete with the Bank Group; (iv) knowingly make any entity which either accepts deposits untrue statement concerning the Bank Group or makes loans (whether presently existing their directors or subsequently established) and which has an office located within a radius of 50 miles of officers to anyone; or (v) permit anyone controlled by the Executive, or any office person acting on behalf of the Bank, provided, however, that Executive or anyone controlled by an employee of the foregoing shall not preclude Executive, to do any ownership by of the foregoing. (b) The Executive of an amount agrees not to exceed 5% hold himself out in any manner as a director, officer, employee, agent or in any other manner as a representative of Parent, the Bank or any of their respective direct or indirect affiliates from and after the termination or expiration of the equity securities of any entity which is subject to the periodic reporting requirements of the 1934 Act Term and the shares of the Parent's common stock owned by the Executive at the time of termination of employment. going forward. View More
