Common use of PERFORMANCE FOR COMPETITORS Clause in Contracts

PERFORMANCE FOR COMPETITORS. Notwithstanding any other provision of this Agreement, Grantee shall immediately forfeit all Performance Shares (whether or not vested) and all rights under this Agreement if, prior to the payment of the Performance Shares, Grantee accepts employment with a Competitor (as defined herein) or Grantee owns more than 2% of the common stock of, or is employed by, advises, represents or assists in any other way any Competitor and if the Company, in its sole discretion, determines that such actions by Grantee are, or could be, detrimental to the Company. For the purposes of this Agreement, “Competitor” means a person or entity that competes with, or intends to compete with the Company with respect to any product sold or service performed by the Company in any state or country in which the Company sells such products or performs such services, and if the Company, in its sole discretion, determines that such actions by Grantee are detrimental to the Company. Notwithstanding the foregoing, if Grantee is an attorney, Grantee may, subject to the applicable rules of ethics and the nondisclosure provisions herein, perform services solely in his or her capacity as an outside attorney on behalf of any person or entity, even if such person or entity competes with the Company or sells goods or services similar to those the Company sells.

Appears in 2 contracts

Samples: Performance Share Agreement (Qwest Communications International Inc), Restricted Stock Agreement (Qwest Communications International Inc)

AutoNDA by SimpleDocs

PERFORMANCE FOR COMPETITORS. Notwithstanding any other provision of this Agreement, Grantee shall immediately forfeit all Performance Shares (whether or not vested) and all rights under this Agreement the Restricted Stock Award, if, prior to the payment of the Performance Shares, Grantee accepts employment with a Competitor (as defined herein) or during the [12][18] month period beginning on the date of Grantee’s termination of employment, Grantee owns more than 2% of the common stock of, or is employed by, advises, represents or assists in any other way any Competitor and if the Company, in its sole discretion, determines that such actions by Grantee are, or could be, detrimental to the Company. For the purposes of this Agreement, “Competitor” means a person or entity that competes with, or intends to compete with the Company with respect to any product sold or service performed by the Company in any state or country in which the Company sells such products or performs such services, and if the Company, in its sole discretion, determines that such actions by Grantee are detrimental to the Company. Notwithstanding the foregoing, if Grantee is an attorney, Grantee may, subject to the applicable rules of ethics and the nondisclosure provisions herein, perform services solely in his or her capacity as an outside attorney on behalf of any person or entity, even if such person or entity competes with the Company Qwest or sells goods or services similar to those the Company Qwest sells.

Appears in 1 contract

Samples: Restricted Stock Agreement (Qwest Communications International Inc)

AutoNDA by SimpleDocs

PERFORMANCE FOR COMPETITORS. Notwithstanding any other provision of this Agreement, Grantee shall immediately forfeit all Performance Shares (whether or not vested) and all rights under this Agreement the Restricted Stock Award, if, prior to the payment of the Performance Shares, Grantee accepts employment with a Competitor (as defined herein) or during the 18 month period beginning on the date of Grantee’s termination of employment, Grantee owns more than 2% of the common stock of, or is employed by, advises, represents or assists in any other way any Competitor and if the Company, in its sole discretion, determines that such actions by Grantee are, or could be, detrimental to the Company. For the purposes of this Agreement, “Competitor” means a person or entity that competes with, or intends to compete with the Company with respect to any product sold or service performed by the Company in any state or country in which the Company sells such products or performs such services, and if the Company, in its sole discretion, determines that such actions by Grantee are detrimental to the Company. Notwithstanding the foregoing, if Grantee is an attorney, Grantee may, subject to the applicable rules of ethics and the nondisclosure provisions herein, perform services solely in his or her capacity as an outside attorney on behalf of any person or entity, even if such person or entity competes with the Company Qwest or sells goods or services similar to those the Company Qwest sells.

Appears in 1 contract

Samples: Restricted Stock Agreement (Qwest Communications International Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.