Common use of Additional Restrictive Covenants Clause in Contracts

Additional Restrictive Covenants. A. Executive acknowledges and agrees that given the extent and nature of the confidential and proprietary information he/she will obtain during the course of his/her employment with the Company, it would be inevitable that such confidential information would be disclosed or utilized by the Executive should he/she obtain employment from, or otherwise become associated with, an entity or person that is engaged in a business or enterprise that directly competes with the Company. Consequently, if in any period during which the Executive is receiving payments from the Company as a severance benefit, including but not limited to severance pay pursuant to Section 7, Executive shall, without prior written consent of the Company’s Board of Directors, directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed by, render service to or be connected in any manner with, any enterprise which is engaged in any business directly competitive with that of the Company, then Company may, in its sole discretion, permanently and/or temporarily cancel and/or suspend any remaining severance payments to Executive. Cancellation or suspension of payments to Executive under this Section 12(A) shall not be deemed a breach of this Agreement by Company. The provisions of this Section 12(A) shall not apply to any passive investment representing an interest of less than two percent (2%) of an outstanding class of publicly-traded securities of any company or other enterprise.

Additional Restrictive Covenants. A. Executive acknowledges and agrees that given the extent and nature of the confidential and proprietary information he/she will obtain during the course of his/her employment with the Company, it would be inevitable that such confidential information would be disclosed or utilized by the Executive should he/she obtain employment from, or otherwise become associated with, an entity or person that is engaged in a business or enterprise that directly competes with the Company. Consequently, if in any period during which the Executive is receiving payments from the Company as a severance benefit, including but not limited to severance pay Severance Compensation pursuant to Section 7, Executive shall, without prior written consent of the Company’s Board of DirectorsBoard, directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed by, render service to or be connected in any manner with, any enterprise which is engaged in any business directly competitive with that of the Company, then Company may, in its sole discretion, permanently and/or temporarily cancel and/or suspend any remaining severance payments to Executive. Cancellation or suspension of payments to Executive under this Section 12(A) shall not be deemed a breach of this Agreement by Company. The provisions of this Section 12(A) shall not apply to any passive investment representing an interest of less than two percent (2%) of an outstanding class of publicly-traded securities of any company or other enterprise.

Additional Restrictive Covenants. A. Executive acknowledges and agrees that given the extent and nature of the confidential and proprietary information he/she will obtain during the course of his/her employment with the Company, it would be inevitable that such confidential information would be disclosed or utilized by the Executive should he/she obtain employment from, or otherwise become associated with, an entity or person that is engaged in a business or enterprise that directly competes with the Company. Consequently, if in any period during which the Executive is receiving payments from the Company as a severance benefit, including but not limited to severance pay pursuant to Section 7, Executive shall, without prior written consent of the Company’s 's Board of Directors, directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed by, render service to or be connected in any manner with, any enterprise which is engaged in any business directly competitive with that of the Company, then Company may, in its sole discretion, permanently and/or temporarily cancel and/or suspend any remaining severance payments to Executive. Cancellation or suspension of payments to Executive under this Section 12(A) shall not be deemed a breach of this Agreement by Company. The provisions of this Section 12(A) shall not apply to any passive investment representing an interest of less than two percent (2%) of an outstanding class of publicly-traded securities of any company or other enterprise.