Noncompetition Requirement

Noncompetition Requirement. The agreement by the Participant with the Company, contained within each Unit Agreement, that during the Term and for a period of three hundred sixty-five days (365) following the Participant's separation from service with the Bank for any reason whatsoever (except where the employment of the Participant is terminated pursuant to Section 8. (c) of the Plan), Participant 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 Participant 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 Bank common stock owned by the Participant at the time of termination of employment View More