Common use of Non Competition and Confidentiality Clause in Contracts

Non Competition and Confidentiality. (a) Executive agrees that, as a condition of receiving benefits under this Agreement, he/she will not render services directly or indirectly to any competing organization located in any market in which MTS is doing business as of Executive's Date of Termination for the period of time during which Executive is receiving benefits under this Agreement or the Change in Control Agreement, in connection with the design, implementation, development, manufacture, marketing, sale, merchandising, leasing, servicing or promotion of any "Conflicting Product" which as used herein means any product, process, system or service of any person, firm, corporation, organization other than MTS, in existence or under development, which is the same as or similar to or competes with, or has a usage allied to, a product, process, system, or service produced, developed, or used by MTS. (b) Executive further agrees and acknowledges his/her existing obligation that, at all times during and subsequent to his/her employment with MTS, he/she will not divulge or appropriate to his/her own use or the uses of others any secret or confidential information pertaining to the business of MTS, or any of its subsidiaries, obtained during his/her employment by MTS or any of its subsidiaries. (c) If Executive violates his/her obligations under subparagraphs (a) and (b) above, any remaining payments or benefits otherwise due Executive pursuant to subparagraphs 4(a) and (b) of this Agreement shall not be paid. This subparagraph (c) specifically does not apply to the subparagraph 4 (a) reduction amount equal to the Qualified Retirement Benefit Supplement, as described in subparagraph 4(d)(v).

Appears in 8 contracts

Samples: Severance Agreement (MTS Systems Corp), Severance Agreement (MTS Systems Corp), Severance Agreement (MTS Systems Corp)

AutoNDA by SimpleDocs

Non Competition and Confidentiality. (a) Executive agrees that, as a condition of receiving benefits under this Agreement, he/she he will not render services directly or indirectly to any competing organization located in any market in which MTS is doing business as of Executive's Date of Termination for the period of time during which Executive is receiving benefits under this Agreement or the Change in Control Agreement, in connection with the design, implementation, development, manufacture, marketing, sale, merchandising, leasing, servicing or promotion of any "Conflicting Product" which as used herein means any product, process, system or service of any person, firm, corporation, organization other than MTS, in existence or under development, which is the same as or similar to or competes with, or has a usage allied to, a product, process, system, or service produced, developed, or used by MTS. (b) Executive further agrees and acknowledges his/her his existing obligation that, at all times during and subsequent to his/her his employment with MTS, he/she he will not divulge or appropriate to his/her his own use or the uses of others any secret or confidential information pertaining to the business of MTS, or any of its subsidiaries, obtained during his/her his employment by MTS or any of its subsidiaries. (c) If Executive violates his/her his obligations under subparagraphs (a) and (b) above, any remaining payments or benefits otherwise due Executive pursuant to subparagraphs 4(a) and (b) of this Agreement shall not be paid. This subparagraph (c) specifically does not apply to the subparagraph 4 (a) reduction amount equal to the Qualified Retirement Benefit Supplement, as described in subparagraph 4(d)(v).

Appears in 2 contracts

Samples: Severance Agreement (MTS Systems Corp), Severance Agreement (MTS Systems Corp)

AutoNDA by SimpleDocs

Non Competition and Confidentiality. (a) Executive agrees that, as a condition of receiving benefits under this Agreement, he/she he will not render services directly or indirectly to any competing organization located in any market in which MTS is doing business as of Executive's Date of Termination for the period of time during which Executive is receiving benefits under this Agreement or the Change in Control Agreement, in connection with the design, implementation, development, manufacture, marketing, sale, merchandising, leasing, servicing or promotion of any "Conflicting Product" which as used herein means any product, process, system or service of any person, firm, corporation, organization other than MTS, in existence or under development, which is the same as or similar to or competes with, or has a usage allied to, a product, process, system, or service produced, developed, or used by MTS. (b) Executive further agrees and acknowledges his/his or her existing obligation that, at all times during and subsequent to his/his or her employment with MTS, he/she he will not divulge or appropriate to his/his or her own use or the uses of others any secret or confidential information pertaining to the business of MTS, or any of its subsidiaries, obtained during his/his or her employment by MTS or any of its subsidiaries. (c) If Executive violates his/his or her obligations under subparagraphs (a) and (b) above, any remaining payments or benefits otherwise due Executive pursuant to subparagraphs 4(a) and (b) of this Agreement shall not be paid. This subparagraph (c) specifically does not apply to the subparagraph 4 (a) reduction amount equal to the Qualified Retirement Benefit Supplement, as described in subparagraph 4(d)(v).

Appears in 1 contract

Samples: Severance Agreement (MTS Systems Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!