Common use of Acknowledgment of Need for Restrictive Covenants Clause in Contracts

Acknowledgment of Need for Restrictive Covenants. The Executive acknowledges the necessity of the restrictive covenants set forth herein to protect the Company’s legitimate interests in the Confidential Information, Work Product, business and the goodwill with creditors, counterparties, bankers, analysts, investors, employees and the financial community in general that the Company has established at its substantial investment; and protect the Company as a result of providing the Executive with trade secrets, Confidential Information and other specialized and valuable knowledge, training, and insight regarding the Company’s business and operations. The Executive further agrees and acknowledges that the restrictive covenants are a reasonable limitation as to time, geographic area and scope of activities to be restricted and that such promises do not impose a greater restraint on the Executive than is necessary to protect the goodwill, Confidential Information, Work Product and other legitimate business interests of the Company.