Common use of Competition and Non-Solicitation Clause in Contracts

Competition and Non-Solicitation. The Employee shall not during the five (5) years following the date of the Agreement: (a) work for or be interested in any business which provides services or products which are directly competitive with services or products offered by the Company or a subsidiary or affiliate of Company. For the purpose of this Agreement, the term "work for or be interested in any business" means that the Employee is a stockholder, director, officer, employee, partner, individual proprietor, lender or consultant with that business, but not if (i) his interest is limited solely to the passive ownership of five percent (5%) or less of any class of the equity or debt securities of a corporation whose shares are listed for trading on a national securities exchange or traded in the over-the-counter market. In the event that any part of this Section 12 is adjudged invalid or unenforceable by any court of record, board of arbitration or judicial or quasi judicial entity having jurisdiction thereof by reason of length of time, geographical coverage, activities covered, or for any other reason, then the invalid or unenforceable provisions of this covenant shall be deemed reformed and amended to the maximum extent permissible under applicable law and shall be enforced and enforceable as so amended in accordance with the intention of the parties as expressed herein. Back to Contents (b) directly or indirectly: (i) solicit the trade of, or trade with, any present or prospective customer of the Company for any business purpose that directly or indirectly competes with the business of Company or a subsidiary or affiliate of Company; or (ii) solicit or induce, or attempt to solicit or induce, any employee of Company to leave Company for any reason whatsoever, or assist or participate in the hiring of any employee of Company to work for another entity.

Appears in 2 contracts

Samples: Employment Agreement (Neutron Enterprises Inc), Employment Agreement (Neutron Enterprises Inc)

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Competition and Non-Solicitation. The Employee shall not during the five two (52) years following the date of the Agreement: (a) work for for, or be interested in in, any business which provides services or products which are directly competitive with services or products offered by the Company or a subsidiary or affiliate of Company. For the purpose of this Agreement, the term "work for or be interested in any business" means that the Employee is a stockholder, director, officer, employee, partner, individual proprietor, lender or consultant with that business, but not if (i) his interest is limited solely to the passive ownership of five percent (5%) or less of any class of the equity or debt securities of a corporation whose shares are listed for trading on a national securities exchange or traded in the over-the-counter market. In the event that any part of this Section 12 is adjudged invalid or unenforceable by any court of record, board of arbitration or judicial or quasi judicial entity having jurisdiction thereof by reason of length of time, geographical coverage, activities covered, or for any other reason, then the invalid or unenforceable provisions of this covenant shall be deemed reformed and amended to the maximum extent permissible under applicable law and shall be enforced and enforceable as so amended in accordance with the intention of the parties as expressed herein. Back to Contents. (b) directly or indirectly: (i) solicit the trade of, or trade with, any present or prospective customer of the Company for any business purpose that directly or indirectly competes with the business of Company or a subsidiary or affiliate of Company; or (ii) solicit or induce, or attempt to solicit or induce, any employee of Company to leave Company for any reason whatsoever, or assist or participate in the hiring of any employee of Company to work for another entity.

Appears in 1 contract

Samples: Employment Agreement (Northern Ethanol, Inc.)

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Competition and Non-Solicitation. The Employee shall not during the five (5) years following the date of the Agreement: (a) work for or be interested in any business which provides services or products which are directly competitive with services or products offered by the Company or a subsidiary or affiliate of Company. For the purpose of this Agreement, the term "work for or be interested in any business" means that the Employee is a stockholder, director, officer, employee, partner, individual proprietor, lender or consultant with that business, but not if (i) his interest is limited solely to the passive ownership of five percent (5%) or less of any class of the equity or debt securities of a corporation whose shares are listed for trading on a national securities exchange or traded in the over-the-counter market. In the event that any part of this Section 12 is adjudged invalid or unenforceable by any court of record, board of arbitration or judicial or quasi judicial entity having jurisdiction thereof by reason of length of time, geographical coverage, activities covered, or for any other reason, then the invalid or unenforceable provisions of this covenant shall be deemed reformed and amended to the maximum extent permissible under applicable law and shall be enforced and enforceable as so amended in accordance with the intention of the parties as expressed herein. Back to Contents. (b) directly or indirectly: (i) solicit the trade of, or trade with, any present or prospective customer of the Company for any business purpose that directly or indirectly competes with the business of Company or a subsidiary or affiliate of Company; or (ii) solicit or induce, or attempt to solicit or induce, any employee of Company to leave Company for any reason whatsoever, or assist or participate in the hiring of any employee of Company to work for another entity.

Appears in 1 contract

Samples: Employment Agreement (Beaconsfield I Inc)

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