Document:

NONCOMPETITION AGREEMENT

EXHIBIT 10.11

 

NONCOMPETITION AGREEMENT

 

This Noncompetition

Agreement (this “Agreement”) is entered into this 6th  day of November, 2001, by and between

MB-MidCity, Inc. (the “Corporation”) and E. M. Bakwin (the “Executive”).

 

Whereas, prior to the merger

(the “Merger”) of MidCity Financial Corporation (“MCFC”) into the Corporation,

which after consummation of the Merger shall be named MB Financial, Inc., the

Executive is employed as Chief Executive Officer of MCFC, the holding company

of The Mid-City National Bank of Chicago (“MCNB”), and

 

Whereas, following

consummation of the Merger, the Executive shall not be so employed,

 

Now therefore, in

consideration of the mutual covenants and agreements hereinafter set forth, the

Corporation and the Executive hereby agree as follows:

 

1.     The Executive hereby

covenants and agrees that, during the five year period following the

consummation of the Merger (the “Noncompete Period”), he shall not, without the

written consent of the Corporation and MCNB (or their respective successors),

 

(a)          become an

officer, employee, consultant, director or trustee of, or provide services

directly or indirectly for compensation in any capacity whatsoever to, any

savings bank, savings and loan association, savings and loan holding company,

bank or bank holding company, or any direct or indirect subsidiary or affiliate

of any such entity (other than the Corporation and its subsidiaries or

affiliates) if such entity or any of its direct or indirect subsidiaries or

affiliates maintains an office in the State of Illinois or in any other state

where the Corporation or MCNB (or their respective successors) or any of their

respective subsidiaries or affiliates maintain an office;

 

(b)         solicit or

offer employment to any officer or employee of the Corporation or any of its

subsidiaries or affiliates, or take any action intended, or that a reasonable

person acting in like circumstances would expect, to have the effect of causing

any officer or employee of, or person or entity (including but not limited to

customers and vendors) doing business with, the Corporation or any of its

subsidiaries or affiliates to terminate his, her or its employment or business

relationship with the Corporation or any of its subsidiaries or affiliates; or

 

(c)          provide any information,

advice or recommendation with respect to any officer or employee of the

Corporation or any of its subsidiaries or affiliates to any savings bank,

savings and loan association, savings and loan holding company, bank or bank

holding company or any direct or indirect subsidiary or affiliate of such

entity, that is intended, or that a reasonable person acting in like

circumstances would expect, to have the effect of causing any such officer or

employee to terminate his or her

 

 

employment and accept employment or become affiliated with, or provide

services for compensation in any capacity whatsoever to, such other entity.

 

2.     The Company covenants and

agrees that it shall pay to the Executive the sum of $50,000 per year during

the Noncompete Period in approximately equal monthly installments.

 

3.     After the expiration of

three years following the consummation of the Merger, the Executive may elect

to terminate this Agreement by written notice delivered to the Corporation, to

the attention of its Chief Executive Officer, specifying the date on which this

Agreement shall terminate (the “Termination Date”).   In the event that the Executive so terminates this Agreement, as

of the Termination Date, the obligations of the Executive under Section 1 of

this Agreement and the obligations of the Corporation under Section 2 of this

Agreement shall terminate.

 

4.     The Executive acknowledges

that the restraints placed upon him under this Agreement are fair and

reasonable under the circumstances and that if he should commit a breach of any

of the provisions of Section 1 of this Agreement the Corporation’s remedies at

law would be inadequate to compensate it for its damages.  The parties agree that in the event of any

breach by the Executive of any of the provisions of Section 1 of this

Agreement, the Corporation shall be entitled to injunctive relief in addition

to its remedies at law, and if the Corporation is required in any injunction

proceeding to post a bond, the parties agree that it shall be in a nominal amount.

 

5.     This Agreement shall be

governed by the laws of the State of Illinois.

 

6.     This Agreement represents

the entire agreement between the Corporation and the Executive concerning its

subject matter and may not be modified except by a written agreement signed by

the parties.

 

	

   

  	

  MB-MidCity, Inc.

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  
	

   

  	

  Its:

  
	

   

  	

   

  
	

   

  	

  Executive

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  E. M. Bakwin

  

 

2NONCOMPETITION AGREEMENT

EXHIBIT

10.12

 

NONCOMPETITION

AGREEMENT

 

This

Noncompetition Agreement (this “Agreement”) is entered into this 6th

day of November, 2001, by and between MB-MidCity, Inc. (the “Corporation”) and

E.M. Bakwin (the “Executive”).

 

Whereas, prior

to the merger (the “Merger”) of MidCity Financial Corporation (“MCFC”) into the

Corporation, which after consummation of the Merger shall be named MB

Financial, Inc., the Executive is employed as President of MCFC and prior to

the merger (the "Bank Merger") of certain bank subsidiaries of the

Corporation into The Mid-City National Bank of Chicago ("MCNB") is

employed as Chief Executive Officer of MCNB, and

 

Whereas,

following consummation of the Merger and the Bank Merger, the Executive shall

not be so employed,

 

Now therefore,

in consideration of the mutual covenants and agreements hereinafter set forth,

the Corporation and the Executive hereby agree as follows:

 

1.     The

Executive hereby covenants and agrees that, during the five year period

following the consummation of the Merger (the “Noncompete Period”), he shall

not, without the written consent of the Corporation and MCNB (or their

respective successors),

 

(a)          become an officer, employee, consultant,

director or trustee of, or provide services directly or indirectly for

compensation in any capacity whatsoever to, any savings bank, savings and loan

association, savings and loan holding company, bank or bank holding company, or

any direct or indirect subsidiary or affiliate of any such entity (other than

the Corporation and its subsidiaries or affiliates) if such entity or any of

its direct or indirect subsidiaries or affiliates maintains an office in the

State of Illinois or in any other state where the Corporation or MCNB (or their

respective successors) or any of their respective subsidiaries or affiliates

maintain an office;

 

(b)         solicit or offer employment to any officer or

employee of the Corporation or any of its subsidiaries or affiliates, or take

any action intended, or that a reasonable person acting in like circumstances

would expect, to have the effect of causing any officer or employee of, or

person or entity (including but not limited to customers and vendors) doing

business with, the Corporation or any of its subsidiaries or affiliates to

terminate his, her or its employment or business relationship with the

Corporation or any of its subsidiaries or affiliates; or

 

(c)          provide any information, advice or

recommendation with respect to any officer or employee of the Corporation or

any of its subsidiaries or affiliates to any savings bank, savings and loan

association, savings and loan holding company, bank or bank holding company or

any direct or indirect subsidiary or affiliate of such entity, that is

 

intended, or that a

reasonable person acting in like circumstances would expect, to have the

effect of causing any such officer or employee to terminate his or her

 

employment and accept employment or become

affiliated with, or provide services for compensation in any capacity

whatsoever to, such other entity.

 

2.     The

Company covenants and agrees that it shall pay to the Executive the sum of

$50,000 per year during the Noncompete Period in approximately equal monthly

installments.

 

3.     After

the expiration of three years following the consummation of the Merger, the

Executive may elect to terminate this Agreement by written notice delivered to

the Corporation, to the attention of its Chief Executive Officer, specifying

the date on which this Agreement shall terminate (the “Termination Date”).  In the event that the Executive so

terminates this Agreement, as of the Termination Date, the obligations of the

Executive under Section 1 of this Agreement and the obligations of the

Corporation under Section 2 of this Agreement shall terminate.

 

4.     The

Executive acknowledges that the restraints placed upon him under this Agreement

are fair and reasonable under the circumstances and that if he should commit a

breach of any of the provisions of Section 1 of this Agreement the

Corporation’s remedies at law would be inadequate to compensate it for its

damages.  The parties agree that in the

event of any breach by the Executive of any of the provisions of Section 1 of

this Agreement, the Corporation shall be entitled to injunctive relief in addition

to its remedies at law, and if the Corporation is required in any injunction

proceeding to post a bond, the parties agree that it shall be in a nominal

amount.

 

5.     This

Agreement shall be governed by the laws of the State of Illinois.

 

6.     This

Agreement represents the entire agreement between the Corporation and the

Executive concerning its subject matter and may not be modified except by a

written agreement signed by the parties.

 

	

   

  	

  MB-MidCity,

  Inc.

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  
	

   

  	

  Its:

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Executive

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  Kenneth A.

  Skopec

  

 

2

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