Termination of Agreements and Plans Non-Competition and Non-Solicitation Agreement Contract Clauses (4)

Grouped Into 1 Collection of Similar Clauses From Business Contracts

This page contains Termination of Agreements and Plans Non-Competition and Non-Solicitation Agreement clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Termination of Agreements and Plans Non-Competition and Non-Solicitation Agreement. As of the Effective Time, except for this Amendment Agreement or as otherwise expressly provided in this Amendment Agreement, the Existing Change in Control Agreement shall be terminated and of no further force or effect, and TRCB, OceanFirst Bank and OFFC shall have no continuing obligation to make any payment or to provide any benefit to Executive under the Existing Change in Control Agreement; provided, however, that: (a) the terms of Section 9(d) of the Existing Change in Control Agreement s...hall survive following the Merger and shall apply to this Amendment Agreement; (b) the terms of the non-competition and non-solicitation provisions contained in Section 15 of the Existing Change in Control Agreement shall survive following the Merger, and, for the avoidance of doubt, the parties agree that the term "Bank" in Section 15 of the Existing Change in Control Agreement shall refer to TRCB as constituted immediately before the Effective Time; and (c) Section 15 of the Existing Change in Control Agreement shall be amended to provide, in addition to the provisions thereof, that in the event of a breach of Section 15 of the Existing Change in Control Agreement, TRCB, OFFC, and/or OceanFirst Bank may require, as liquidated damages, reimbursement or forfeiture of a pro-rata (based on the period of time of the noncompetition restriction and when such a breach occurred) amount paid as consideration for Executive's agreement to the noncompetition provisions under Section 15 of the Existing Change in Control Agreement. View More
Found in TWO RIVER BANCORP contract
Termination of Agreements and Plans Non-Competition and Non-Solicitation Agreement. As of the Effective Time, except for this Amendment Agreement or as otherwise expressly provided in this Amendment Agreement, the Existing Change in Control Employment Agreement shall be terminated and of no further force or effect, and TRCB, OceanFirst Bank and OFFC shall have no continuing obligation to make any payment or to provide any benefit to Executive under the Existing Change in Control Employment Agreement; provided, however, that: (a) the terms of Section 9(d) of the Existing Change ...in Control Employment Agreement shall survive following the Merger and shall apply to this Amendment Agreement; (b) the terms of the non-competition and non-solicitation provisions contained in Section 15 of the Existing Change in Control Employment Agreement shall survive following the Merger, and, for the avoidance of doubt, the parties agree that the term "Bank" in Section 15 of the Existing Change in Control Employment Agreement shall refer to TRCB as constituted immediately before the Effective Time; and (c) Section 15 of the Existing Change in Control Employment Agreement shall be amended to provide, in addition to the provisions thereof, that in the event of a breach of Section 15 of the Existing Change in Control Employment Agreement, TRCB, OFFC, and/or OceanFirst Bank may require, as liquidated damages, reimbursement or forfeiture of a pro-rata (based on the period of time of the noncompetition restriction and when such a breach occurred) amount paid as consideration for Executive's agreement to the noncompetition provisions under Section 15 of the Existing Change in Control Employment Agreement. View More
Found in TWO RIVER BANCORP contract
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