Current and Future Non-Compete Promises Clause Samples

Current and Future Non-Compete Promises. In exchange for the Company’s promises in Section 5 above, and all other consideration provided pursuant to this Agreement, and in order to enforce his agreement not to disclose Confidential Information, Executive agrees that he will not, during the Employment Period, and for an additional period of 24 months if entitled to severance compensation, or twelve (12) months if not entitled to receive severance compensation, (the “Non-Compete Period”) directly or indirectly, without the prior written consent of the Company, participate or engage in, whether as a director, officer, employee, advisor, lender, consultant, stockholder, partner, joint venturer, owner or in any other capacity, any business engaged in the business of furnishing oilfield services (including, without limitation, fluid hauling and disposal services, trucking services, frac tank rentals, fishing and rental tools, pressure pumping services, contract drilling, workover, completion and well maintenance, construction and field consulting) in any state or country in which Key operates, including those states and countries, and those types of businesses, in which Executive knew, at the time of his termination, that the Key Companies had plans to engage (collectively, the “Market Area”); provided, however, that Executive shall not be deemed to be participating or engaging in any such business solely by virtue of Executive’s ownership of not more than five percent of any class of stock or other securities which is publicly traded on a national securities exchange or in a recognized over-the-counter market.