Common use of Covenant Against Competition; Other Covenants Clause in Contracts

Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business of the Company is the acquisition, development and ownership of interests in hotel and resort properties including full service hotels and resorts, limited service hotels, extended stay hotels and upper upscale and luxury resorts (such business, and any and all other businesses that after the date hereof, and from time to time during the Term, become material with respect to the Company's then-overall business, herein being collectively referred to as the "Business"); (ii) the Company knows of a limited number of persons who have developed the Company's Business; (iii) the Company's Business is, in part, national in scope; (iii) the Executive's work for the Company and its subsidiaries (and the predecessors of either) has given and will continue to give the Executive access to the confidential affairs and proprietary information of the Company and to "trade secrets", as defined in Section 688.002(4) of the Florida Statutes, the Company and its subsidiaries; (v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. In light of the foregoing, during the Term and (i) in the case of a termination by the Company for Cause, a termination by the Company without Cause, a termination by the Executive without Good Reason or a termination of Executive's employment after non-renewal of this Agreement, for a period of one (1) year and (ii) as to Section 6.1(b) and (d), at any time during and after the Executive's employment with the Company and its subsidiaries (and the predecessors of either),

Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business of the Company is the acquisition, development and ownership of interests in hotel and resort properties including full service hotels and resorts, limited service hotels, extended stay hotels and upper upscale and luxury resorts (such business, and any and all other businesses that after the date hereof, and from time to time during the Term, become material with respect to the Company's then-overall business, herein being collectively referred to as the "Business"); (ii) the Company knows of a limited number of persons who have developed the Company's Business; (iii) the Company's Business is, in part, national in scope; (iii) the Executive's work for the Company and its subsidiaries (and the predecessors of either) has given and will continue to give the Executive access to the confidential affairs and proprietary information of the Company and to "trade secrets", as defined in Section 688.002(4) of the Florida Statutes, the Company and its subsidiaries; (v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. In light of the foregoing, during the Term and (i) in the case of a termination by the Company for Cause, a termination by the Company without Cause, a termination by the Executive without Good Reason or a termination of Executive's employment after non-renewal of this Agreement, for a period of one (1) year year, (ii) in the case of a termination by the Executive with Good Reason as defined in Section 5.1(b)(vi) hereof, for a period of two (2) years and (iiiii) as to Section 6.1(b) and (d), at any time during and after the Executive's employment with the Company and its subsidiaries (and the predecessors of either),

Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business of the Company (which expressly includes for purposes of this Section 6, its successors and assigns, any holding or parent company and the direct and indirect subsidiaries of the Company, its successors and assigns and any such holding or parent company) is the acquisitionoperation of a commodities exchange for the trading and/or clearing of futures and options contracts, development risk management or other derivative instruments on commodities in the energy and ownership of interests in hotel and resort properties including full service hotels and resorts, limited service hotels, extended stay hotels and upper upscale and luxury resorts metals sectors (such business, and together with the operation of a commodities exchange for the trading and/or clearing of any and all other businesses futures or options contracts that after may in the date hereoffuture, and from time to time during the Termpendency of executive's employment, become material with respect to be listed by the Company or any entity that is then an affiliate of the Company's then-overall business, herein being collectively referred to as the "Business"); (ii) the Company knows is one of a the limited number of persons who entities in both the United States and in the world that have developed the Company's Businesssuch a business; (iii) the Company's Business is, in part, both national and international in scopescope and an integral part of the Company's Business is the expansion of its products on a global scale and the establishment of essential elements of the Business in numerous portions of the world; (iiiiv) the Executive's work for the Company and its subsidiaries (and the predecessors of either) has given and will continue to give the Executive him access to the confidential affairs and certain confidential, proprietary information of the Company and to "trade secrets", as defined in Section 688.002(4) of the Florida Statutes, the Company and its subsidiariesCompany; (v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. In light of the foregoingAccordingly, during the Term and (i) in the case of a termination by the Company for Cause, a termination by the Company without Cause, a termination by the Executive without Good Reason or a termination of Executive's employment after non-renewal of this Agreement, for a period of one (1) year covenants and (ii) as to Section 6.1(b) and (d), at any time during and after the Executive's employment with the Company and its subsidiaries (and the predecessors of either),agrees that: