Conditional Nature of Severance Payments. The Executive agrees and acknowledges that the Executive’s right to receive the severance payments set forth in Section 3.3 (to the extent the Executive is otherwise entitled to such payments) shall be conditioned upon compliance with the restrictions in this Section 5 and of Article III of the Technology and Intellectual Property Purchase Agreement to which Executive is a party.
Conditional Nature of Severance Payments. Notwithstanding any other provision of Section 3 or any other provision of this Agreement to the contrary:
Conditional Nature of Severance Payments. Notwithstanding any other provision of Section 3 or any other provision of this Agreement to the contrary:
(a) NONSOLICITATION. Employee understands and agrees that because of his employment with the Company that he will acquire or have access to certain information of a confidential and secret nature derived from the operations of the Company’s and its Affiliated Companies’ business. Employee further understands and agrees that all correspondence, customer and investor lists and information, loan pricing techniques, underwriting methods, systems and products of the Company are confidential and trade secrets (“Confidential Information”) and the disclosure or unauthorized use of such information would be detrimental to the Company. Employee understands and agrees that the nature of the Company's business is such that if Employee were to directly solicit, interfere with, or attempt to interfere with any of the Company’s customer relationships or to directly or indirectly solicit, interfere with, or attempt to interfere with any of the Company’s other employees relationships that existed at Employee’s Termination Date and during the one (1) year period following the termination of Employee's employment with the Company, then it would be injurious to the Company. Therefore in consideration of the Employee and the Company complying with the terms of his employment, Employee agrees:
(i) that, without the prior written consent of the Company, he will not directly or indirectly solicit interfere with or attempt to interfere with any of the Company’s customer relationships or other employee relationships that existed at Employee’s Termination Date and during the one (1) year period of time thereafter;
(ii) to assist in the avoidance of the unauthorized disclosure of the Company's Confidential Information, in addition to other remedies available to the Company and its Affiliated Companies, Employee understands and agrees that his right to receive the severance consideration described in Sections 3.2, 3.3, and 3.4, above (to the extent Employee is otherwise entitled to such payments thereunder) shall be conditioned upon Employee not: i) directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise); or ii) acquiring any ownership interest in or participating in the financing, operation, management or control of, any person, firm, corporation or business that directl...
Conditional Nature of Severance Payments. Notwithstanding any other provision of this Section 5 or any other provision of this Agreement to the contrary:
Conditional Nature of Severance Payments. The parties agree that the following sections of Executive's Employment Agreement with the Company, dated as of the Effective Date, or as such sections may be amended from time to time, shall be incorporated herein and shall be deemed to be operative provisions of this Agreement notwithstanding any future termination of such Employment Agreement: (i) Section 9, Nondisclosure of Trade Secrets and Confidential Information, (ii) Section 10, Nonrecruitment, Nonsolicitation and Noncompetition Covenaxxx, (xxx) Xxxxxxx 00, Xxxxxxxxx xx Xxxxxxxxx Xxxxx, (xx) Xxxxxxx 00, Xxxxxx xx Materials and Return of Materials, (v) Section 13, Inventions, Discoveries and Improvements, and (vi) Section 14, Works Made for Hire.
Conditional Nature of Severance Payments. The receipt of any severance or other benefits pursuant to Section 7 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company within two and one-half (2 1/2) months following the end of the calendar year in which the Executive’s termination of employment occurs. No severance or other benefits will be paid or provided until the separation agreement and release of claims becomes effective.
Conditional Nature of Severance Payments. (a) Noncompete. Executive acknowledges that the nature of the ---------- Company's business is such that if Executive were to become employed by, or substantially involved in, the business of a competitor of the Company during the twelve (12) months following the termination of Executive's employment with the Company, it would be very difficult for the Executive not to rely on or use the Company's trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company's trade secrets and confidential information, Executive agrees and acknowledges that Executive's right to receive the severance payments set forth above (to the extent Executive is otherwise entitled to such payments) shall be conditioned upon the Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interested in or participating in the financing, operation, management or control of, any person, firm, corporation or business that competes with Company or is a customer of the Company, including, but not limited to, Adidas/Salomon, AcrTeryx, Xxxxxx, Xxxx Alpine, Marmot, Moonstone, Mountain Hardware, Nike and Patagonia. Upon any breach of this section, all severance payments pursuant to this Agreement shall immediately cease.
Conditional Nature of Severance Payments. The receipt of any severance or other benefits pursuant to Section 8 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company within two and one-half (2 1/2) months following the end of the calendar year in which the Executive’s termination of employment occurs. No severance or other benefits will be paid or provided until the separation agreement and release of claims becomes effective. Executive further agrees and acknowledges that Executive’s right to receive the severance payments set forth in Section 8 (to the extent Executive is otherwise entitled to such payments) will be conditioned upon Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of any person, firm, corporation or business that directly competes with the Company (or any parent or subsidiary of the Company) or is a customer of the Company (or any parent or subsidiary of the Company), in each case during the six (6) month period in which Employee is eligible to receive severance payments. Upon any breach of this section, all severance payments pursuant to Section 8 of this Agreement will immediately cease.
Conditional Nature of Severance Payments. (a) Noncompete. Executive acknowledges that the nature of the Company’s business is such that if Executive were to become employed by, or substantially involved in, the business of a competitor of the Company following the termination of Executive’s employment with the Company, it would be very difficult for Executive not to rely on or use the Company’s trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company’s trade secrets and confidential information, Executive agrees and acknowledges that Executive’s right to receive the severance payments set forth in Section 7 (to the extent Executive is otherwise entitled to such payments) shall be conditioned upon Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of, any person, firm, corporation or business that competes with Company or is a customer of the Company. Upon any breach of this section, all severance payments pursuant to this Agreement shall immediately cease.
Conditional Nature of Severance Payments. (a) THREE-MONTH PROBATIONARY PERIOD. For the avoidance of doubt, the parties acknowledge and agree that the Company shall not be obligated to pay any severance pay to Employee under Section 3.2(b), 3.3(b), or 3.3(c), unless, inter alia, Employee has been employed with the Company for at least three (3) months prior to the date on which Employee’s employment is terminated.
