Common use of Covenant of Nondisclosure Clause in Contracts

Covenant of Nondisclosure. Executive acknowledges and agrees that as a direct result of Executive’s employment by the Company, Executive will have access to, learn about, and become familiar with the Confidential Information. The parties acknowledge and agree that the Confidential Information is a valuable, unique asset of the Company Group and that the Company Group has expended a great deal of time, money and other resources in identifying, researching, preparing, maintaining, and updating the Confidential Information. Accordingly, Executive agrees and covenants that, during Executive’s employment with the Company, Executive will maintain the Confidential Information in strictest confidence and Executive will not, at any time, disclose, use or induce or assist in the use or disclosure of the Confidential Information, except as necessary for the performance of Executive’s duties as a Company Executive. Furthermore, Executive agrees that Executive will not, at any time after the termination of Executive’s employment with the Company, directly or indirectly, utilize or disclose, or assist others with obtaining, utilizing or disclosing, the Confidential Information. In addition, in the event that Executive becomes aware of any act or threat of action on the part of any person, to obtain or disclose Confidential Information, Executive agrees to provide written notification (within 48 hours of Executive becoming so aware) of such act or threat of action to the Board or the Company’s President and CEO.

Covenant of Nondisclosure. Executive acknowledges and agrees that as a direct result of Executive’s employment by the Company, Executive will have access to, learn about, and become familiar with the Confidential Information. The parties acknowledge and agree that the Confidential Information is a valuable, unique asset of the Company Group and that the Company Group has expended a great deal of time, money and other resources in identifying, researching, preparing, maintaining, and updating the Confidential Information. Accordingly, Executive agrees and covenants that, during Executive’s employment with the Company, Executive will maintain the Confidential Information in strictest confidence and Executive will not, at any time, disclose, use or induce or assist in the use or disclosure of the Confidential Information, except as necessary for the performance of Executive’s duties as a Company Executive. Furthermore, Executive agrees that Executive will not, at any time after the termination of Executive’s employment with the Company, directly or indirectly, utilize or disclose, or assist others with obtaining, utilizing or disclosing, the Confidential Information. In addition, in the event that Executive becomes aware of any act or threat of action on the part of any person, to obtain or disclose Confidential Information, Executive agrees to provide immediate written notification (within 48 hours of Executive becoming so aware) of such act or threat of action this to the Board or Board, the Company’s President and CEOCEO and to Executive’s direct supervisor.