Common use of Covenant Not to Engage in Competitive Activities Clause in Contracts

Covenant Not to Engage in Competitive Activities. Executive acknowledges that by virtue of his employment with the Company, he will obtain knowledge, training, experience and access to the Company’s proprietary and confidential information to such an extent that if he were to work for or otherwise provide services to a competitor of the Company, that competitor inevitably would gain an unfair competitive advantage by means of its access to Executive’s knowledge, training, experience and familiarity with the Company. Therefore, in consideration for (i) the offer of this Agreement for a specific term, (ii) the right to post-termination liquidated damages on the terms provided in Section 6, and (iii) the opportunity to participate in the Company’s long-term incentive plan, Executive covenants to the fullest extent permitted by law that he will not engage in Competitive Activities (as that term is defined in Section 7(b)) while he remains employed by the Company and until one year after the date of termination of his employment for any reason (and, in the case of activities described in Section 7(b)(iii), until two years after the date of termination of his employment for any reason). Executive further acknowledges that this covenant not to compete and other restrictive covenants in this Agreement are fair and reasonable, that enforcement of the provisions of this Agreement will not cause Executive undue hardship, and that the provisions of this Agreement are reasonably necessary and commensurate with the need to protect the Company and its business interests and property from irreparable harm. Executive agrees that because of the widespread nature of the Company’s business, breach of this Agreement by engaging in Competitive Activities anywhere in the United States would irreparably injure the Company and that, therefore, a more limited geographic restriction is neither feasible nor appropriate. Executive represents to the Company that Executive’s education, training and experience are such that this covenant not to compete will not jeopardize or significantly interfere with Executive’s ability to secure other gainful employment.

Covenant Not to Engage in Competitive Activities. Executive acknowledges that by virtue of his employment with the Company, he will obtain knowledge, training, experience and access to the Company’s 's proprietary and confidential information to such an extent that if he were to work for or otherwise provide services to a competitor of the Company, that competitor inevitably would gain an unfair competitive advantage by means of its access to Executive’s 's knowledge, training, experience and familiarity with the Company. Therefore, in consideration for (i) the offer of this Agreement for a specific term, (ii) the right to post-termination liquidated damages on the terms provided in Section 6, and (iii) the opportunity to participate in the Company’s 's long-term incentive plan, Executive covenants to the fullest extent permitted by law that he will not engage in Competitive Activities (as that term is defined in Section 7(b)) while he remains employed by the Company and until one year after the date of termination of his employment for any reason (and, in the case of activities described in Section 7(b)(iii), until two years after the date of termination of his employment for any reason). Executive further acknowledges that this covenant not to compete and other restrictive covenants in this Agreement are fair and reasonable, that enforcement of the provisions of this Agreement will not cause Executive undue hardship, and that the provisions of this Agreement are reasonably necessary and commensurate with the need to protect the Company and its business interests and property from irreparable harm. Executive agrees that because of the widespread nature of the Company’s 's business, breach of this Agreement by engaging in Competitive Activities anywhere in the United States would irreparably injure the Company and that, therefore, a more limited geographic restriction is neither feasible nor appropriate. Executive represents to the Company that Executive’s 's education, training and experience are such that this covenant not to compete will not jeopardize or significantly interfere with Executive’s 's ability to secure other gainful employment.

Covenant Not to Engage in Competitive Activities. Executive acknowledges that by virtue of his employment with the Company, he will obtain knowledge, training, experience and access to the Company’s 's proprietary and confidential information to such an extent that if he were to work for or otherwise provide services to a competitor of the Company, that competitor inevitably would gain an unfair competitive advantage by means of its access to Executive’s 's knowledge, training, experience and familiarity with the Company. Therefore, in consideration for (i) the offer of this Agreement for a specific term, (ii) the right to post-termination liquidated damages on the terms provided in Section 6, and (iii) the opportunity to participate in the Company’s 's long-term incentive plan, Executive covenants to the fullest extent permitted by law that he will not engage in Competitive Activities (as that term is defined in Section 7(b)) while he remains employed by the Company and until one year after the date of termination of his employment for any reason (and, in the case of activities described in Section 7(b)(iii), until two years after the date of termination of his employment for any reason). Executive further acknowledges that this covenant not to compete and other restrictive covenants in this Agreement are fair and reasonable, that enforcement of the provisions of this Agreement will not cause Executive undue hardship, and that the provisions of this Agreement are reasonably necessary and commensurate with the need to protect the Company and its business interests and property from irreparable harm. Executive agrees that because of the widespread nature of the Company’s business, breach of this Agreement by engaging in Competitive Activities anywhere in the United States would irreparably injure the Company and that, therefore, a more limited geographic restriction is neither feasible nor appropriate. Executive represents to the Company that Executive’s education, training and experience are such that this covenant not to compete will not jeopardize or significantly interfere with Executive’s ability to secure other gainful employment.