Common use of Non-Compete Obligations – Post Termination Clause in Contracts

Non-Compete Obligations – Post Termination. Employee agrees that in the event the Employee’s employment is terminated by the Company pursuant to Section 5 (a)(i) or 5(a)(iii), during the period commencing on the date of termination up to and including the earlier of (i) the repayment in full of the obligations under the Credit Agreement or (ii) July 13, 2015, Employee shall not, directly or indirectly engage in, participate in or assist, as principal or agent, officer, director, employee, franchisee, consultant, partner, shareholder, member or otherwise, alone or in association with any other person, corporation or other entity, any business whose activities, services or products are in competition with the Company in a County, Parish or offshore block, or in the immediately adjacent Counties, Parishes or offshore blocks thereto, in which the Company or any one of its divisions, subsidiaries or affiliated entities owns, leases, operates or has an interest in property, or is currently evaluating a prospect at the time of Employee’s termination of employment or has evaluated a prospect within one (1) year prior to the date of employee’s termination of employment, regardless of whether such prospect is currently producing, a geological concept or otherwise; provided, however, that the foregoing restriction shall not apply in the case of a company the stock of which is traded either on a national or a regional stock exchange or over-the-counter, where Employee owns less than 5% of the stock of such company.

Non-Compete Obligations – Post Termination. Employee agrees that in the event the Employee’s employment is terminated by the Company pursuant to Section 5 (a)(i) or 5(a)(iii), during the period commencing on the date of termination up to and including the earlier of (i) the repayment in full of the obligations under the Credit Agreement or (ii) July 13, 20152012, Employee shall not, directly or indirectly engage in, participate in or assist, as principal or agent, officer, director, employee, franchisee, consultant, partner, shareholder, member or otherwise, alone or in association with any other person, corporation or other entity, any business whose activities, services or products are in competition with the Company in a County, Parish or offshore block, or in the immediately adjacent Counties, Parishes or offshore blocks thereto, in which the Company or any one of its divisions, subsidiaries or affiliated entities owns, leases, operates or has an interest in property, or is currently evaluating a prospect at the time of Employee’s termination of employment or has evaluated a prospect within one (1) year prior to the date of employee’s termination of employment, regardless of whether such prospect is currently producing, a geological concept or otherwise; provided, however, that the foregoing restriction shall not apply in the case of a company the stock of which is traded either on a national or a regional stock exchange or over-the-counter, where Employee owns less than 5% of the stock of such company.

Non-Compete Obligations – Post Termination. Employee agrees that in the event the Employee’s employment is terminated by the Company pursuant to Section 5 (a)(i) or 5(a)(iii), during the period commencing on the date of termination up to and including the earlier of (i) the repayment in full of the obligations under the Credit Agreement or (ii) July 13, 20152014, Employee shall not, directly or indirectly engage in, participate in or assist, as principal or agent, officer, director, employee, franchisee, consultant, partner, shareholder, member or otherwise, alone or in association with any other person, corporation or other entity, any business whose activities, services or products are in competition with the Company in a County, Parish or offshore block, or in the immediately adjacent Counties, Parishes or offshore blocks thereto, in which the Company or any one of its divisions, subsidiaries or affiliated entities owns, leases, operates or has an interest in property, or is currently evaluating a prospect at the time of Employee’s termination of employment or has evaluated a prospect within one (1) year prior to the date of employee’s termination of employment, regardless of whether such prospect is currently producing, a geological concept or otherwise; provided, however, that the foregoing restriction shall not apply in the case of a company the stock of which is traded either on a national or a regional stock exchange or over-the-counter, where Employee owns less than 5% of the stock of such company.