Confidential Information, Non-Competition and Non-Solicitation of the Company. (i) Executive acknowledges that as a result of his employment by the Company, the Executive will obtain secret and confidential information as to the Company and its affiliates, create relationships with customers, suppliers and other persons dealing with the Company and its affiliates, and the Company and its affiliates will suffer substantial damage, which would be difficult to ascertain, if Executive should use such confidential information or take advantage of such relationships and that because of the nature of the information that will be known to Executive and the relationships created it is necessary for the Company and its affiliates to be protected by the prohibition against Competition as set forth herein, as well as the Confidentiality restrictions set forth herein. (ii) Executive acknowledges that the (a) retention of nonclerical employees employed by the Company and its affiliates in which the Company and its affiliates have invested training and depends on for the operation of their businesses is important to the businesses of the Company and its affiliates, that Executive will obtain unique information as to such employees as an executive of the Company and will develop a unique relationship with such persons as a result of being an executive of the Company and (b) retention of customers by the Company and its affiliates in which the Company and its affiliates have invested time and efforts and depends on for the operation of their businesses is important to the businesses of the Company and its affiliates, that Executive will obtain unique information as to such customers as an executive of the Company and will develop a unique relationship with such customers as a result of being an executive of the Company, therefore, in each case it is necessary for the Company and its affiliates to be protected from the Executive's Solicitation of such employees and customers as set forth below. (iii) Executive acknowledges that the provisions of this Agreement are reasonable and necessary for the protection of the businesses of the Company and its affiliates and that part of the compensation paid under this Agreement and the agreement to pay severance in certain instances is in consideration for the agreements in this Section 11. (b) Competition shall mean: (i) participating, directly or indirectly, as an individual proprietor, partners, stockholder, officer, employee, director, joint venturer, investor, lender, consultant or in any capacity whatsoever, within the United States of America, in a business in competition with any business conducted by the Company provided, however, that such participation shall not include (i) the mere ownership of not more than one percent (1%) of the total outstanding stock of a publicly held company; or (ii) any activity engaged in with the prior written approval of the Board. (c) Solicitation shall mean: (i) recruiting, soliciting or inducing, of any nonclerical employee or employees of the Company or its affiliates to terminate their employment with, or otherwise cease their relationship with, the Company or its affiliates or hiring or assisting another person or entity to hire any nonclerical employee of the Company or its affiliates or any person who within six (6) months before had been a nonclerical employee of the Company or its affiliates and were recruited or solicited for such employment or other retention while an employee of the Company or affiliate, or (ii) call upon any Person who or that is, on the Termination Date, or has been, within one year prior to the Termination Date, a customer of the Company or an affiliate or a subsidiary for the purpose of (A) soliciting or selling services in competition with services that the Company or an affiliate or a subsidiary offers or has under development on the Termination Date, or (B) causing any such customers to refrain from doing business with or patronizing the Company or an affiliate or a subsidiary.. (d) If any restriction set forth with regard to Competition or Solicitation is found by any court of competent jurisdiction, or an arbitrator, to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic area as to which it may be enforceable. If any provision of this Section 11 shall be declared to be invalid or unenforceable, in whole or in part, as a result of the foregoing, as a result of public policy or for any other reason, such invalidity shall not affect the remaining provisions of this Section which shall remain in full force and effect. (e) During and after the Employment Term, Executive shall hold in a fiduciary capacity for the benefit of the Company and its affiliates all secret or confidential information, knowledge or data relating to the Company and its affiliates, and their respective businesses, including any confidential information as to customers of the Company and its affiliates, (i) obtained by Executive during his employment by the Company and its affiliates and (ii) not otherwise public knowledge or known within the applicable industry (other than by acts by Executive in violation of this Agreement). The Executive shall not, without prior written consent of the Company, unless compelled pursuant to the order of a court or other governmental or legal body having jurisdiction over such matter, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In the event Executive is compelled by order of a court or other governmental or legal body to communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it, he shall promptly notify the Company of any such order and he shall cooperate fully with the Company in protecting such information to the extent possible under applicable law. (f) Upon termination of his employment with the Company and its affiliates, or at any time as the Company may request, the Executive will promptly deliver to the Company all documents (whether prepared by the Company, an affiliate, the Executive or a third party) relating to the Company, an affiliate or any of their businesses or property which he may possess or have under his direction or control. (g) During the Employment Term and for one (1) year following a termination of Executive's employment for any reason whatsoever, whether by the Company or by Executive and whether or not for Cause or non-extension of the Employment Term, Executive will not enter into Competition with the Company or its affiliates. Furthermore, in the event of any termination of Executive's employment for any reason whatsoever, whether by the Company or by the Executive and whether or not for Cause or non-extension of the Employment Term, the Executive for one (1) year thereafter will not violate paragraph (c) above. (h) In the event of a breach or potential breach or threatened breach of this Section 11, the Executive acknowledges that the Company and its affiliates will be caused irreparable injury and that money damages may not be an adequate remedy and agree that the Company and its affiliates shall be entitled to injunctive relief (in addition to its other remedies at law) to have the provisions of this Section 11 enforced. It is hereby acknowledged that the provisions of this Section 11 are for the benefit of the Company and all of the affiliates of the Company and each such entity may enforce the provisions of this Section 11 and only the applicable entity can waive the rights hereunder with respect to its confidential information and employees. (i) Furthermore, in the event of breach of this Section 11 by the Executive, the Company shall suffer substantial damages that may be difficult to measure. Accordingly, the parties agree that as liquidated damages, and not a penalty, in the event of breach of the Section 11 by Executive while he is receiving amounts under Section 8(c) hereof, Executive shall not be entitled to receive any future amounts pursuant to Section 8(c) hereof and that this provision shall not be an exclusive remedy.
Appears in 2 contracts
Samples: Employment Agreement (Commvault Systems Inc), Employment Agreement (Commvault Systems Inc)
Confidential Information, Non-Competition and Non-Solicitation of the Company. (i) Executive acknowledges that as a result of his employment by the Company, the Executive will obtain secret and confidential information as to the Company and its affiliates, affiliates and create relationships with customers, suppliers and other persons dealing with the Company and its affiliates, affiliates and the Company and its affiliates will suffer substantial irreparable damage, which would be difficult to ascertain, if Executive should use such confidential information or take advantage of such relationships and that because of the nature of the information that will be known to or obtained by Executive and the relationships created it is necessary for the Company and its affiliates to be protected by the prohibition against Competition as set forth herein, as well as the Confidentiality confidentiality restrictions set forth herein.
(ii) Executive acknowledges (A) that the (a) retention of nonclerical employees non clerical employees, employed by the Company and its affiliates in which the Company and its affiliates have invested training and depends on for the operation of their businesses businesses, is important to the businesses of the Company and its affiliates, and (B) that Executive will obtain unique information as to such employees as an executive of the Company and will develop a unique relationship with such persons as a result of being an executive of the Company and (b) retention of customers by the Company and its affiliates in which the Company and its affiliates have invested time and efforts and depends on for the operation of their businesses is important to the businesses of the Company and its affiliatesCompany. Therefore, that Executive will obtain unique information as to such customers as an executive of the Company and will develop a unique relationship with such customers as a result of being an executive of the Company, therefore, in each case it is necessary for the Company and its affiliates to be protected from the Executive's Solicitation (defined below) of such employees and customers as set forth below.
(iii) Executive acknowledges that the provisions of this Agreement are reasonable and necessary for the protection of the businesses of the Company and its affiliates and that part of the compensation paid under this Agreement and the agreement to pay severance in certain instances is in consideration for the agreements in this Section 1110.
(b) Competition COMPETITION shall mean: (i) participating, directly or indirectly, as an individual proprietor, partnerspartner, stockholder, officer, employee, director, joint venturer, investor, lenderlender with equity participation, consultant or in any capacity whatsoever, whatsoever (within the United States of America, or in any country where the Company or its affiliates do business) in a business in competition with any business conducted by the Company Competing Business; provided, however, that such participation shall not include (i) the mere ownership of not more than one ten percent (110%) of the total outstanding stock of a publicly held company; (ii) following a termination of Executive's employment thereunder, the ownership of not more than five percent (5%) of the total outstanding stock of a private company if Executive is neither a member of, or represented on, the board of directors of such private company and does not have an executive officer role in such private company; (iii) the Allowed Activities; or (iiiv) any activity engaged in with the prior written approval of the Board.
. As used herein, "Competing Business" means any business that the Company and/or its subsidiaries and/or any entity in which the Company and/or its subsidiaries holds securities (c) Solicitation shall mean: (i) recruiting, soliciting or inducing, of any nonclerical employee or employees of other than entities in which the Company or its affiliates subsidiaries make a "nominal investment" (determined as described in Section 2(c) hereof)) are engaged in (I) from time to terminate their employment with, or otherwise cease their relationship with, the Company or its affiliates or hiring or assisting another person or entity to hire any nonclerical employee of the Company or its affiliates or any person who within six (6) months before had been a nonclerical employee of the Company or its affiliates and were recruited or solicited for such employment or other retention while an employee of the Company or affiliate, or (ii) call upon any Person who or that is, on the Termination Date, or has been, within one year prior to the Termination Date, a customer of the Company or an affiliate or a subsidiary for the purpose of (A) soliciting or selling services in competition with services that the Company or an affiliate or a subsidiary offers or has under development on the Termination Date, or (B) causing any such customers to refrain from doing business with or patronizing the Company or an affiliate or a subsidiary..
(d) If any restriction set forth with regard to Competition or Solicitation is found by any court of competent jurisdiction, or an arbitrator, to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic area as to which it may be enforceable. If any provision of this Section 11 shall be declared to be invalid or unenforceable, in whole or in part, as a result of the foregoing, as a result of public policy or for any other reason, such invalidity shall not affect the remaining provisions of this Section which shall remain in full force and effect.
(e) During and after the Employment Term, Executive shall hold in a fiduciary capacity for the benefit of the Company and its affiliates all secret or confidential information, knowledge or data relating to the Company and its affiliates, and their respective businesses, including any confidential information as to customers of the Company and its affiliates, (i) obtained by Executive during his employment by the Company and its affiliates and (ii) not otherwise public knowledge or known within the applicable industry (other than by acts by Executive in violation of this Agreement). The Executive shall not, without prior written consent of the Company, unless compelled pursuant to the order of a court or other governmental or legal body having jurisdiction over such matter, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In the event time(while Executive is compelled by order of a court or other governmental or legal body to communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it, he shall promptly notify the Company of any such order and he shall cooperate fully with the Company in protecting such information to the extent possible under applicable law.
(f) Upon termination of his employment with the Company and its affiliates, or at any time as the Company may request, the Executive will promptly deliver to the Company all documents (whether prepared employed by the Company, an affiliate, ) or (II) at the Executive or a third partytime of termination (upon termination of Executive's employment) relating to (consisting principally of the services described in the Company's Registration Statement on Form 10 under the Securities Exchange Act of 1934, an affiliate or as amended, and any amendments thereof). For purposes of their businesses or property which he may possess or have under his direction or control.
(g) During the Employment Term and for one (1) year immediately preceding sentence, but solely following a termination of Executive's employment for any reason whatsoeverhereunder, whether by the Company or by Executive and whether or not for Cause or non-extension of the Employment Term, Executive will not enter into Competition with the Company or its affiliates. Furthermore, in the event of any termination of Executive's employment for any reason whatsoever, whether by the Company or by the Executive and whether or not for Cause or non-extension of the Employment Term, the Executive for one (1) year thereafter will not violate paragraph (c) above.
(h) In the event of a breach or potential breach or threatened breach of this Section 11, the Executive acknowledges that the Company and its affiliates will subsidiaries shall be caused irreparable injury and that money damages may not be deemed to have made a "nominal investment" in an adequate remedy and agree that entity if, at the time of such termination of employment, the Company and its affiliates shall be entitled to injunctive relief subsidiaries own or control less than ten percent (in addition to its other remedies at law10%) to have the provisions of this Section 11 enforced. It is hereby acknowledged that the provisions of this Section 11 are for the benefit of the Company and all outstanding equity interests, on a fully diluted basis, of the affiliates of the Company and each such entity may enforce and are not represented on the provisions board of this Section 11 and only the applicable entity can waive the rights hereunder with respect to its confidential information and employees.
(i) Furthermore, in the event directors of breach of this Section 11 by the Executive, the such entity. The Company shall suffer substantial damages that may be difficult to measure. Accordingly, the parties agree that as liquidated damages, and not furnish Executive with a penalty, in the event list of breach all Competing Businesses on or promptly following termination of the Section 11 by Executive while he is receiving amounts under Section 8(c) hereof, Executive shall not be entitled to receive any future amounts pursuant to Section 8(c) hereof and that this provision shall not be an exclusive remedyhis employment hereunder.
Appears in 2 contracts
Samples: Employment Agreement (Jackpot Enterprises Inc), Employment Agreement (Jackpot Enterprises Inc)
Confidential Information, Non-Competition and Non-Solicitation of the Company. (i) Executive acknowledges that that, as a result of his employment by the Companyhereunder, the Executive will obtain secret and confidential information as to of the Company and its affiliates, create relationships with customers, suppliers and other persons dealing with the Company and its affiliates, and the Company and its affiliates will suffer substantial damage, which would be difficult to ascertainascertain and in an amount which would be difficult to compute, if Executive should use any of such confidential information or take advantage of such relationships and that because of the nature of the information that will be known to Executive and the relationships created Executive, it is necessary for the Company and its affiliates to be protected by the prohibition against Competition as set forth herein, as well as the Confidentiality restrictions set forth herein.
(ii) Executive acknowledges that the (a) retention of nonclerical non-clerical employees employed by of the Company and its affiliates Company, in which the Company and its affiliates have has invested training and on which the Company depends on for the operation of their businesses its business, is important to the businesses of the Company and its affiliates, that Company; Executive will obtain unique information as to such employees as an executive of the Company and will develop a unique relationship with such persons as a result of being an executive of the Company and (b) retention of customers by the Company and its affiliates in which the Company and its affiliates have invested time and efforts and depends on for the operation of their businesses is important to the businesses of the Company and its affiliates, that Executive will obtain unique information as to such customers as an executive of the Company and will develop a unique relationship with such customers as a result of being an executive of the Company; and, therefore, in each case it is necessary for the Company and its affiliates to be protected from the Executive's Solicitation of such employees and customers as set forth below.
(iii) Executive acknowledges that the provisions of this Agreement are reasonable and necessary for the protection of the businesses business of the Company and its affiliates and that part of the compensation paid under this Agreement and the agreement to pay severance in certain instances is in consideration for the agreements in this Section 1113.
(b) Competition As used herein, "Competition" shall mean: (i) participating, directly or indirectly, as an individual proprietor, partnerspartner, stockholder, officer, employee, director, joint venturer, investor, lender, consultant or in any capacity whatsoever, whatsoever (within the United States of America, or in any other country where any Constituent Corporation does business) in a business that owns or operates off price apparel and housewares stores (or any other business in competition with which any business conducted by the Company Constituent Corporation is then engaged); provided, however, that such participation shall not include (i) the mere ownership of not more than one percent (1%) of the total outstanding stock of a publicly publicly-held company; or (ii) any activity engaged in with the prior written approval of the Board.
(c) Solicitation shall mean: (i) recruiting, soliciting or inducing, of any nonclerical employee or employees of the Company or its affiliates to terminate their employment with, or otherwise cease their relationship with, the Company or its affiliates or hiring or assisting another person or entity to hire any nonclerical employee of the Company or its affiliates or any person who within six (6) months before had been a nonclerical employee of the Company or its affiliates and were recruited or solicited for such employment or other retention while an employee of the Company or affiliate, or (ii) call upon any Person who or that is, on the Termination Date, or has been, within one year prior to the Termination Date, a customer of the Company or an affiliate or a subsidiary for the purpose of (A) soliciting or selling services in competition with services that the Company or an affiliate or a subsidiary offers or has under development on the Termination Date, or (B) causing any such customers to refrain from doing business with or patronizing the Company or an affiliate or a subsidiary..
(d) If any restriction set forth with regard to Competition or Solicitation is found by any court of competent jurisdiction, or an arbitrator, to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic area as to which it may be enforceable. If any provision of this Section 11 shall be declared to be invalid or unenforceable, in whole or in part, as a result of the foregoing, as a result of public policy or for any other reason, such invalidity shall not affect the remaining provisions of this Section which shall remain in full force and effect.
(e) During and after the Employment Term, Executive shall hold in a fiduciary capacity for the benefit of the Company and its affiliates all secret or confidential information, knowledge or data relating to the Company and its affiliates, and their respective businesses, including any confidential information as to customers of the Company and its affiliates, (i) obtained by Executive during his employment by the Company and its affiliates and (ii) not otherwise public knowledge or known within the applicable industry (other than by acts by Executive in violation of this Agreement). The Executive shall not, without prior written consent of the Company, unless compelled pursuant to the order of a court or other governmental or legal body having jurisdiction over such matter, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In the event Executive is compelled by order of a court or other governmental or legal body to communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it, he shall promptly notify the Company of any such order and he shall cooperate fully with the Company in protecting such information to the extent possible under applicable law.
(f) Upon termination of his employment with the Company and its affiliates, or at any time as the Company may request, the Executive will promptly deliver to the Company all documents (whether prepared by the Company, an affiliate, the Executive or a third party) relating to the Company, an affiliate or any of their businesses or property which he may possess or have under his direction or control.
(g) During the Employment Term and for one (1) year following a termination of Executive's employment for any reason whatsoever, whether by the Company or by Executive and whether or not for Cause or non-extension of the Employment Term, Executive will not enter into Competition with the Company or its affiliates. Furthermore, in the event of any termination of Executive's employment for any reason whatsoever, whether by the Company or by the Executive and whether or not for Cause or non-extension of the Employment Term, the Executive for one (1) year thereafter will not violate paragraph (c) above.
(h) In the event of a breach or potential breach or threatened breach of this Section 11, the Executive acknowledges that the Company and its affiliates will be caused irreparable injury and that money damages may not be an adequate remedy and agree that the Company and its affiliates shall be entitled to injunctive relief (in addition to its other remedies at law) to have the provisions of this Section 11 enforced. It is hereby acknowledged that the provisions of this Section 11 are for the benefit of the Company and all of the affiliates of the Company and each such entity may enforce the provisions of this Section 11 and only the applicable entity can waive the rights hereunder with respect to its confidential information and employees.
(i) Furthermore, in the event of breach of this Section 11 by the Executive, the Company shall suffer substantial damages that may be difficult to measure. Accordingly, the parties agree that as liquidated damages, and not a penalty, in the event of breach of the Section 11 by Executive while he is receiving amounts under Section 8(c) hereof, Executive shall not be entitled to receive any future amounts pursuant to Section 8(c) hereof and that this provision shall not be an exclusive remedy.
Appears in 2 contracts
Samples: Employment Agreement (Factory 2 U Stores Inc), Employment Agreement (Factory 2 U Stores Inc)
Confidential Information, Non-Competition and Non-Solicitation of the Company. (i) Executive acknowledges that as a result of his employment by the Company, the Executive will obtain secret and confidential information as to the Company and its affiliates, affiliates and create relationships with customers, suppliers and other persons dealing with the Company and its affiliates, affiliates and the Company and its affiliates will suffer substantial irreparable damage, which would be difficult to ascertain, if Executive should use such confidential information or take advantage of such relationships and that because of the nature of the information that will be known to or obtained by Executive and the relationships created it is necessary for the Company and its affiliates to be protected by the prohibition against Competition as set forth herein, as well as the Confidentiality confidentiality restrictions set forth herein.
(ii) Executive acknowledges (A) that the (a) retention of nonclerical employees employees, employed by the Company and its affiliates in which the Company and its affiliates have invested training and depends on for the operation of their businesses businesses, is important to the businesses of the Company and its affiliates, and (B) that Executive will obtain unique information as to such employees as an executive of the Company and will develop a unique relationship with such persons as a result of being an executive of the Company and (b) retention of customers by the Company and its affiliates in which the Company and its affiliates have invested time and efforts and depends on for the operation of their businesses is important to the businesses of the Company and its affiliatesCompany. Therefore, that Executive will obtain unique information as to such customers as an executive of the Company and will develop a unique relationship with such customers as a result of being an executive of the Company, therefore, in each case it is necessary for the Company and its affiliates to be protected from the Executive's Solicitation (defined below) of such employees and customers as set forth below.
(iii) Executive acknowledges that the provisions of this Agreement are reasonable and necessary for the protection of the businesses of the Company and its affiliates and that part of the compensation paid under this Agreement and the agreement to pay severance in certain instances is in consideration for the agreements in this Section 1110.
(b) Competition COMPETITION shall mean: (i) participating, directly or indirectly, as an individual proprietor, partnerspartner, stockholder, officer, employee, director, joint venturer, investor, lenderlender with equity participation, consultant or in any capacity whatsoever, whatsoever (within the United States of America, or in any country where the Company or its affiliates do business) in a business in competition with any business conducted by the Company Competing Business; provided, however, that such participation shall not include (i) the mere ownership of not more than one ten percent (110%) of the total outstanding stock of a publicly held company; (ii) following a termination of Executive's employment hereunder, the ownership of not more than five percent (5%) of the total outstanding stock of a private company if Executive is neither a member of, or represented on, the board of directors of such private company and does not have an executive officer role in such private company; (iii) the Allowed Activities; or (iiiv) any activity engaged in with the prior written approval of the Board.
(c) Solicitation shall mean: (i) recruiting. As used herein, soliciting or inducing, of "Competing Business" means any nonclerical employee or employees of the Company or its affiliates to terminate their employment with, or otherwise cease their relationship with, the Company or its affiliates or hiring or assisting another person or entity to hire any nonclerical employee of the Company or its affiliates or any person who within six (6) months before had been a nonclerical employee of the Company or its affiliates and were recruited or solicited for such employment or other retention while an employee of the Company or affiliate, or (ii) call upon any Person who or that is, on the Termination Date, or has been, within one year prior to the Termination Date, a customer of the Company or an affiliate or a subsidiary for the purpose of (A) soliciting or selling services in competition with services business that the Company or an affiliate or a subsidiary offers or has under development on the Termination Date, or (B) causing and/or its subsidiaries and/or any such customers to refrain from doing business with or patronizing entity in which the Company or an affiliate or a subsidiary..
and/or its subsidiaries holds securities (d) If any restriction set forth with regard to Competition or Solicitation is found by any court of competent jurisdiction, or an arbitrator, to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend over the maximum period of time, range of activities or geographic area as to which it may be enforceable. If any provision of this Section 11 shall be declared to be invalid or unenforceable, in whole or in part, as a result of the foregoing, as a result of public policy or for any other reason, such invalidity shall not affect the remaining provisions of this Section which shall remain in full force and effect.
(e) During and after the Employment Term, Executive shall hold in a fiduciary capacity for the benefit of the Company and its affiliates all secret or confidential information, knowledge or data relating to the Company and its affiliates, and their respective businesses, including any confidential information as to customers of the Company and its affiliates, (i) obtained by Executive during his employment by the Company and its affiliates and (ii) not otherwise public knowledge or known within the applicable industry (other than by acts by Executive in violation of this Agreement). The Executive shall not, without prior written consent of the Company, unless compelled pursuant to the order of a court or other governmental or legal body having jurisdiction over such matter, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In the event Executive is compelled by order of a court or other governmental or legal body to communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it, he shall promptly notify the Company of any such order and he shall cooperate fully with the Company in protecting such information to the extent possible under applicable law.
(f) Upon termination of his employment with the Company and its affiliates, or at any time as the Company may request, the Executive will promptly deliver to the Company all documents (whether prepared by the Company, an affiliate, the Executive or a third party) relating to the Company, an affiliate or any of their businesses or property which he may possess or have under his direction or control.
(g) During the Employment Term and for one (1) year following a termination of Executive's employment for any reason whatsoever, whether by the Company or by Executive and whether or not for Cause or non-extension of the Employment Term, Executive will not enter into Competition with the Company or its affiliates. Furthermore, in the event of any termination of Executive's employment for any reason whatsoever, whether by the Company or by the Executive and whether or not for Cause or non-extension of the Employment Term, the Executive for one (1) year thereafter will not violate paragraph (c) above.
(h) In the event of a breach or potential breach or threatened breach of this Section 11, the Executive acknowledges that the Company and its affiliates will be caused irreparable injury and that money damages may not be an adequate remedy and agree that the Company and its affiliates shall be entitled to injunctive relief (in addition to its other remedies at law) to have the provisions of this Section 11 enforced. It is hereby acknowledged that the provisions of this Section 11 are for the benefit of the Company and all of the affiliates of the Company and each such entity may enforce the provisions of this Section 11 and only the applicable entity can waive the rights hereunder with respect to its confidential information and employees.
(i) Furthermore, in the event of breach of this Section 11 by the Executive, the Company shall suffer substantial damages that may be difficult to measure. Accordingly, the parties agree that as liquidated damages, and not a penalty, in the event of breach of the Section 11 by Executive while he is receiving amounts under Section 8(c) hereof, Executive shall not be entitled to receive any future amounts pursuant to Section 8(c) hereof and that this provision shall not be an exclusive remedy.other
Appears in 1 contract