Confidentiality Obligations of the Executive; Noncompetition; Nonsolicitation. (a) Executive acknowledges that all secret or confidential information, knowledge or data relating to the Company or any of its Affiliates and their respective businesses that Executive obtains during Executive’s employment by the Company or any of its Affiliates and that is not public knowledge (other than as a result of the Executive’s violation of this Section 14(a)) (“Confidential Information”) is highly sensitive and proprietary and includes, without limitation: product design information, manufacturing processes and methods, information regarding new product development, information regarding strategic or tactical planning, information regarding pending or planned competitive bids, and information regarding key employees. Executive shall not communicate, divulge or disseminate Confidential Information at any time during or after Executive’s employment with the Company, except with the prior written consent of the Company or as otherwise required by law or legal process. All computer software, telephone lists, customer lists, price lists, contract forms, catalogs, records, files and know-how acquired while an employee of the Company are acknowledged to be the property of the Company and shall not be duplicated, removed from the Company’s possession or premises or made use of other than in pursuit of the Company’s business or as may otherwise be required by law or any legal process, and, upon termination of employment for any reason, Executive shall deliver to the Company, without further demand, all such items and any copies thereof which are then in his or her possession or under his or her control. (b) While employed and for a one-year period beginning on Executive’s termination of employment, Executive will not, except upon prior written permission signed by an authorized officer of the Company, consult with or advise or, directly or indirectly, as owner, partner, officer or employee, engage in business with any company in competition with the Company or with any corporation or entity controlled by, controlling or under common control with any such company. Notwithstanding the foregoing, Executive may make and retain investments in not more than three percent of the equity of any such company if such equity is listed on a national securities exchange or regularly traded in an over-the-counter market. (c) While employed and for a one-year period beginning on Executive’s termination of employment, Executive will not, directly or indirectly, solicit for employment or employ on behalf of any organization other than the Company or one of its Affiliates or employ any person employed by the Company or any of its Affiliates, nor will Executive, directly or indirectly, solicit for employment on behalf of any organization other than the Company or one of its Affiliates or be involved in any way in the hiring process of any person known by Executive (after reasonable inquiry) to be employed at the time by the Company or any of its Affiliates. (d) In the event of a breach of Executive’s covenants under this Section 14, it is understood and agreed that the Company shall be entitled to injunctive relief as well as any other legal or equitable remedies. Executive acknowledges and agrees that the covenants, obligations and agreements of the Executive in this Section 14 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain Executive from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies that the Company may have. The Company and Executive hereby irrevocably submit to the exclusive jurisdiction of the courts of Wisconsin and the Federal courts of the United States of America, located in Milwaukee, Wisconsin, in respect of all disputes involving Confidential Information, trade secrets or the violation of the provisions of this Section 14.
Appears in 13 contracts
Samples: Key Executive Employment and Severance Agreement (Bucyrus International Inc), Key Executive Employment and Severance Agreement (Bucyrus International Inc), Key Executive Employment and Severance Agreement (Bucyrus International Inc)
Confidentiality Obligations of the Executive; Noncompetition; Nonsolicitation. (a) Executive acknowledges that all secret or confidential information, knowledge or data relating to the Company or any of its Affiliates and their respective businesses that Executive obtains during Executive’s employment by the Company or any of its Affiliates and that is not public knowledge (other than as a result of the Executive’s violation of this Section 14(a)) (“Confidential Information”) is highly sensitive and proprietary and includes, without limitation: product design information, manufacturing processes and methods, information regarding new product development, information regarding strategic or tactical planning, information regarding pending or planned competitive bids, and information regarding key employees. Executive shall not communicate, divulge or disseminate Confidential Information at any time during or after Executive’s employment with the Company, except with the prior written consent of the Company or as otherwise required by law or legal process. All computer software, telephone lists, customer lists, price lists, contract forms, catalogs, records, files and know-how acquired while an employee of the Company are acknowledged to be the property of the Company and shall not be duplicated, removed from the Company’s possession or premises or made use of other than in pursuit of the Company’s business or as may otherwise be required by law or any legal process, and, upon termination of employment for any reason, Executive shall deliver to the Company, without further demand, all such items and any copies thereof which are then in his or her possession or under his or her control.
(b) While employed and for a one-year period beginning on Executive’s termination of employment, Executive will not, except upon prior written permission signed by an authorized officer of the Company, consult with or advise or, directly or indirectly, as owner, partner, officer or employee, engage in business with any company in competition with the Company or with any corporation or entity controlled by, controlling or under common control with any such company. Notwithstanding the foregoing, Executive may make and retain investments in not more than three percent of the equity of any such company if such equity is listed on a national securities exchange or regularly traded in an over-the-counter market.
(c) While employed and for a one-year period beginning on Executive’s termination of employment, Executive will not, directly or indirectly, solicit for employment or employ on behalf of any organization other than the Company or one of its Affiliates or employ any person employed by the Company or any of its Affiliates, nor will Executive, directly or indirectly, solicit for employment on behalf of any organization other than the Company or one of its Affiliates or be involved in any way in the hiring process of any person known by Executive (after reasonable inquiry) to be employed at the time by the Company or any of its Affiliates.
(d) In the event of a breach of Executive’s covenants under this Section 14, it is understood and agreed that the Company shall be entitled to injunctive relief as well as any other legal or equitable remedies. Executive acknowledges and agrees that the covenants, obligations and agreements of the Executive in this Section 14 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain Executive from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies that the Company may have. The Company and Executive hereby irrevocably submit to the exclusive jurisdiction of the courts of Wisconsin and the Federal courts of the United States of America, located in Milwaukee, Wisconsin, in respect of all disputes involving Confidential Information, trade secrets or the violation of the provisions of this Section 14.
Appears in 1 contract
Samples: Key Executive Employment and Severance Agreement (Bucyrus International Inc)