Common use of Background of Agreement Clause in Contracts

Background of Agreement. Employee desires to continue in the employ of the Employer, and desires certain protections and benefits; and Employee is currently employed pursuant to an employment agreement with an expiration date of May 31, 2007, which Employee and Employer desire to mutually terminate, with no liability on the part of either of them arising out of such termination; Employee and the Employer deem it to be in their respective best interests to enter into an agreement providing for compensation and benefits for Employee pursuant to the terms stated in this Agreement; and The Employer desires to place reasonable restraints upon Employee’s ability to compete with the Employer during a specified period immediately following Employee’s termination from employment; Accordingly, in consideration of the mutual promises and agreements contained herein, the parties hereto agree to the following: