No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto shall engage in any business or activity which reasonably may detract from or conflict with that Party's respective duties and obligations to other Party as set forth in this Agreement without the prior written consent of the other Party hereto. In addition, during the continuance of this Agreement, and for a period of at least one year following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party shall engage in any business or activity whatsoever which reasonably may be determined by the other Party hereto, in its sole and absolute discretion, to compete with any portion of that Party's business interests as contemplated hereby without the prior written consent of that Party. Furthermore, each of the Parties hereby acknowledges and agrees, for a period of at least one year following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, not to initiate any contact or communication directly with either of the other Party or any of its respective subsidiaries, as the case may be, together with each of the other Party's respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties hereby recognize and agree that a breach a Party of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party that would not be adequately compensated for by monetary award. Accordingly, each of the Parties agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party will also be liable to the other Party hereto, as liquidated damages, for an amount equal to the amount received and earned by that Party as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties are hereby waived.
Appears in 3 contracts
Samples: Executive Services Agreement (Tapimmune Inc), Executive Services Agreement (Tapimmune Inc), Executive Services Agreement (Tapimmune Inc)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto shall Agreement, the Consultant will not engage in any business or activity which reasonably may detract from or conflict with that Party's the Consultant’s respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Companies. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year 18 months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party shall for any reason whatsoever the Consultant will not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter herein determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall will have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 3 contracts
Samples: Management Consulting Services Agreement (Pluris Energy Group Inc), Management Consulting Services Agreement (Pluris Energy Group Inc), Management Consulting Services Agreement (Pluris Energy Group Inc)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto the Employee shall not engage in any business or activity which reasonably may detract from or conflict with that Partythe Employee's respective duties and obligations to other Party the Company as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors. In addition, during the continuance of this Agreement, and for a period of at least one year following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.35.6" hereunder, no Party the Employee shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Employee hereby acknowledges and agrees, for a period of at least one year following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.35.6" hereunder, not to initiate any contact or communication directly with either of the other Party Company or any of its respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Employee hereby recognize recognizes and agree agrees that a breach a Party by the Employee of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Company that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Employee agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Employee will also be liable to the other Party heretoCompany, as liquidated damages, for an amount equal to the amount received and earned by that Party the Employee as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Employee are hereby waived.
Appears in 2 contracts
Samples: Employment Services Agreement (Strategic American Oil Corp), Employment Services Agreement (Strategic American Oil Corp)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto the Employee shall not engage in any business or activity which reasonably may detract from or conflict with that Partythe Employee's respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Company. In addition, during the continuance of this Agreement, and for a period of at least one year nine months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.33.5" hereunder, no Party the Employee shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors of the Company, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors of the Company. Furthermore, each of the Parties Employee hereby acknowledges and agrees, for a period of at least one year nine months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.33.5" hereunder, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors of the Company and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors of the Company to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Employee hereby recognize recognizes and agree agrees that a breach a Party by the Employee of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Employee agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Employee will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Employee as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Employee are hereby waived.
Appears in 2 contracts
Samples: Employment Agreement (Fortune Partners, Inc.), Employment Agreement (Fortune Partners, Inc.)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto the Consultant shall not engage in any business or activity which reasonably may detract from or conflict with that Partythe Consultant's respective duties and obligations to other Party the Company as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors. In addition, during the continuance of this Agreement, and for a period of at least one year following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.35.6" hereunder, no Party the Consultant shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.35.6" hereunder, not to initiate any contact or communication directly with either of the other Party Company or any of its respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Company that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompany, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 2 contracts
Samples: Consulting Services and Option Agreement (Strategic American Oil Corp), Consulting Services and Option Agreement (Strategic American Oil Corp)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto the Consultant shall not engage in any business or activity which reasonably may detract from or conflict with that Party's the Consultant’s respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Company. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party for any reason whatsoever the Consultant shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Director, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 1 contract
Samples: Consulting Services Agreement (Pluris Energy Group Inc)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto shall Agreement, the Consultant will not engage in any business or activity which reasonably may detract from or conflict with that Partythe Consultant's respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Companies. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year 12 months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party shall for any reason whatsoever the Consultant will not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter herein determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall will have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 1 contract
Samples: Management Consulting Services Agreement (Transax International LTD)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto shall Agreement, the Consultant will not engage in any business or activity which reasonably may detract from or conflict with that Party's the Consultant’s respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Companies. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year 6 months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party shall for any reason whatsoever the Consultant will not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Directors, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter herein determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall will have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 1 contract
Samples: Management Consulting Services Agreement (Pluris Energy Group Inc)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto Agreement, and other than the Consultant's existing relationship with Petrogen international, Ltd., a non-reporting company affiliated, with Petrogen., Inc., the Consultant shall not engage in any business or activity which reasonably may detract from or conflict with that Partythe Consultant's respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Company. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year six months following the termination termination, of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party for any reason whatsoever the Consultant shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Director, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication communication, to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable Amended Management Consulting Services Agreement Petrogen Corp jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 1 contract
Samples: Management Consulting Services Agreement (Petrogen Corp)
No conflict, no competition and non-circumvention. During the continuance of this Agreement neither Party hereto the Consultant shall not engage in any business or activity which reasonably may detract from or conflict with that Partythe Consultant's respective duties and obligations to other Party the Companies as set forth in this Agreement without the prior written consent of the other Party heretoBoard of Directors of the Company. In addition, during the continuance of this Agreement, Agreement and for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunder, no Party for any reason whatsoever the Consultant shall not engage in any business or activity whatsoever which reasonably may be determined by the other Party heretoBoard of Director, in its sole and absolute discretion, to compete with any portion of that Party's business the Business interests as contemplated hereby without the prior written consent of that Partythe Board of Directors. Furthermore, each of the Parties Consultant hereby acknowledges and agrees, for a period of at least one year six months following the termination of this Agreement in accordance with either of sections "3.2", "3.3", "3.4", "3.5", "3.6" or "5.3" hereunderfor any reason whatsoever, not to initiate any contact or communication directly with either of the other Party Companies or any of its their respective subsidiaries, as the case may be, together with each of the other Party's their respective directors, officers, representatives, agents or employees, without the prior written consent of the other Party hereto Board of Directors and, notwithstanding the generality of the foregoing, further acknowledges and agrees, even with the prior written consent of the other Party Board of Directors to such contact or communication, to limit such contact or communication to discussions outside the scope of any confidential information (as hereinafter determined). For the purposes of the foregoing the Parties Consultant hereby recognize recognizes and agree agrees that a breach a Party by the Consultant of any of the covenants herein contained would result in irreparable harm and significant damage to the other Party Companies that would not be adequately compensated for by monetary award. Accordingly, each of the Parties Consultant agrees that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, a Party the Consultant will also be liable to the other Party heretoCompanies, as liquidated damages, for an amount equal to the amount received and earned by that Party the Consultant as a result of and with respect to any such breach. The Parties hereby acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, the Parties agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances. In addition, the Parties further acknowledge and agree that all restrictions or obligations in this Agreement are necessary and fundamental to the protection of their respective business the Business interests and are reasonable and valid, and all defenses to the strict enforcement thereof by the Parties Consultant are hereby waived.
Appears in 1 contract