Common use of Non-Compete Covenant Clause in Contracts

Non-Compete Covenant. The Company and the Employee agree that the Company's successful operation depends, in significant part, on the Employee's special knowledge and expertise in Finance. Consequently, during the Employment Term and for a period of six (6) months after the date of termination of the Employee's employment with the Company (for any reason whatsoever) or the expiration of this Agreement at the expiration of the Employment Term, the Employee, in further consideration of the Company's agreement to employ the Employee as provided herein, agrees not (a) to engage, directly or indirectly, personally or as an employee, agent, consultant, partner (whether general or limited), member, manager, officer, director, shareholder or otherwise, in any business activities that are the same as those in which the Company engages or proposes to engage (as indicated by the Company's business plan on the date of the expiration of the Employment Term) for or on behalf of himself or any other person, firm, company, corporation or business organization or entity that competes with the Company in the consumer products industry, (b) to engage in such activities with any other person, firm, company, partnership, corporation or business organization or entity engaged in or about to become engaged in such activities for or on behalf of such other person, firm, company, partnership, corporation or business organization or entity, or (c) to entice, induce or encourage any of the Company's other employees or any of its officers, directors or consultants to engage in any activity that, were it done by the Employee, would violate any provision of this Section 5.1; provided, however, that notwithstanding the immediately preceding restrictions set forth in clauses (a), (b) and (c) of this Section 5.1, the Employee shall be allowed to own up to five percent (5%) of the issued and outstanding voting stock or interests of any company or mutual fund that competes directly or indirectly with the Company if such stock or interests are traded on a national securities market or on the NASDAQ Stock Market. The restrictions set forth in this Section 5.1 shall only apply in the State of Utah. The Employee expressly agrees and acknowledges that (i) this covenant not to compete is reasonable as to time and geographic scope and area and does not place any unreasonable burden on the Employee, (ii) the general public will not be harmed as a result of the enforcement of this covenant not to compete, (iii) the Employee has had an opportunity to discuss the terms and conditions of this Agreement generally and this Section 5 specifically with his personal legal counsel, and (iv) the Employee understands and hereby agrees to each and every term and condition of this covenant not to compete.

Non-Compete Covenant. The Company and the Employee agree that the Company's successful operation depends, in significant part, on the Employee's special knowledge and expertise in Finance. Consequently, during the Employment Term and for a period of six two (62) months years after the date of termination of the Employee's employment with the Company (for any reason whatsoever) or the expiration of this Agreement at the expiration of the Employment Term, the Employee, in further consideration of the Company's agreement to employ the Employee as provided herein, agrees not (a) to engage, directly or indirectly, personally or as an employee, agent, consultant, partner (whether general or limited), member, manager, officer, director, shareholder or otherwise, in any business activities that are the same as those in which the Company engages or proposes to engage (as indicated by the Company's business plan on the date of the expiration of the Employment Term) for or on behalf of himself or any other person, firm, company, corporation or business organization or entity that competes with the Company in the consumer products industry, (b) to engage in such activities with any other person, firm, company, partnership, corporation or business organization or entity engaged in or about to become engaged in such activities for or on behalf of such other person, firm, company, partnership, corporation or business organization or entity, or (c) to entice, induce or encourage any of the Company's other employees or any of its officers, directors or consultants to engage in any activity that, were it done by the Employee, would violate any provision of this Section 5.1; provided, however, that notwithstanding the immediately preceding restrictions set forth in clauses (a), (b) and (c) of this Section 5.1, the Employee shall be allowed to own up to five percent (5%) of the issued and outstanding voting stock or interests of any company or mutual fund that competes directly or indirectly with the Company if such stock or interests are traded on a national securities market or on the NASDAQ Stock Market. The restrictions set forth in this Section 5.1 shall only apply in the State of Utah. The Employee expressly agrees and acknowledges that (i) this covenant not to compete is reasonable as to time and geographic scope and area and does not place any unreasonable burden on the Employee, (ii) the general public will not be harmed as a result of the enforcement of this covenant not to compete, (iii) the Employee has had an opportunity to discuss the terms and conditions of this Agreement generally and this Section 5 specifically with his personal legal counsel, and (iv) the Employee understands and hereby agrees to each and every term and condition of this covenant not to compete.

Non-Compete Covenant. The Company and the Employee agree that the Company's successful operation depends, in significant partto a great extent, on the Employee's special knowledge and expertise in Financebusiness and international commerce and finance. Consequently, during the Employment Term and for a period of six two (62) months years after the date of termination of the Employee's employment with the Company (for any reason whatsoever) or the expiration of this Agreement at the expiration of the Employment Term, the Employee, in further consideration of the Company's agreement to employ the Employee as provided herein, agrees not (a) to engage, directly or indirectly, personally or as an employee, agent, consultant, partner (whether general or limited), member, manager, officer, director, shareholder or otherwise, in any business activities that are the same as or similar to those in which the Company engages or proposes to engage (as indicated by the Company's business plan on the date of the expiration of the Employment Term) for or on behalf of himself or any other person, firm, company, corporation or business organization or entity that competes with the Company in the consumer products industry, (b) to engage in such activities with any other person, firm, company, partnership, corporation or business organization or entity engaged in or about to become engaged in such activities for or on behalf of such other person, firm, company, partnership, corporation or business organization or entity, or (c) to entice, induce or encourage any of the Company's other employees or any of its officers, directors or consultants to engage in any activity that, were it done by the Employee, would violate any provision of this Section 5.16.1; provided, however, that notwithstanding the immediately preceding restrictions set forth in clauses (a), (b) and (c) of this Section 5.16.1, the Employee shall be allowed to own up to five percent (5%) of the issued and outstanding voting stock or interests of any company or mutual fund that competes directly or indirectly with the Company if such stock or interests are traded on a national securities market or on the NASDAQ Stock Market. The restrictions set forth in this Section 5.1 6.1 shall only apply in the State of Utah. The Employee expressly agrees and acknowledges that (i) this covenant not to compete is reasonable as to time and geographic scope and area and does not place any unreasonable burden on the Employee, (ii) the general public will not be harmed as a result of the enforcement of this covenant not to compete, (iii) the Employee has had an opportunity to discuss the terms and conditions of this Agreement generally and this Section 5 specifically with his Employee's personal legal counselcounsel has reviewed this covenant not to compete, and (iv) the Employee understands and hereby agrees to each and every term and condition of this covenant not to compete.