Common use of Remedies for Breach of Restrictive Covenant Clause in Contracts

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 12 contracts

Samples: Employment Agreement (MidWestOne Financial Group, Inc.), Employment Agreement (MidWestOne Financial Group, Inc.), Employment Agreement (MidWestOne Financial Group, Inc.)

AutoNDA by SimpleDocs

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 7 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive.

Appears in 9 contracts

Samples: Employment Agreement (MidWestOne Financial Group, Inc.), Employment Agreement (MidWestOne Financial Group, Inc.), Employment Agreement (MidWestOne Financial Group, Inc.)

Remedies for Breach of Restrictive Covenant. (i) Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area area, and scope. . (ii) Executive further acknowledges that (A) the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that (C) any violation of these restrictions would cause substantial injury to seriously, adversely, and irreparably injure the Company and such interests, and that (D) such restrictions were a material inducement to the Company to employ Executive and to enter into this Agreement. . (iii) Executive must, and the Company may, communicate the existence and terms of this Agreement to any third party with whom Executive may seek or obtain future employment or other similar arrangement. (iv) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Section 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall not be required to provide any amounts or benefits under this Agreement and shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. , without any requirement that the Company post bond. (v) If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 8 contracts

Samples: Employment Agreement (Trinity Capital Corp), Employment Agreement (Trinity Capital Corp), Employment Agreement (Landmark Bancorp Inc)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, and that such restrictions were a material inducement to the Company Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the CompanyEmployer, in addition to and not in limitation of, any other rights, ​ ​ remedies or damages available to the Company Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. If Executive violates the Restrictive Covenant and the Company Employer brings legal action for injunctive or other relief, the Company Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 8 contracts

Samples: Employment Agreement (Bridgewater Bancshares Inc), Employment Agreement (Bridgewater Bancshares Inc), Employment Agreement (Bridgewater Bancshares Inc)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Company post bond. If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 6 contracts

Samples: Employment Agreement (West Bancorporation Inc), Employment Agreement (West Bancorporation Inc), Employment Agreement (West Bancorporation Inc)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, and that such restrictions were a material inducement to the Company Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the CompanyEmployer, in addition to and not in limitation of, any other rights, remedies or damages available to the Company Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. If Executive violates the Restrictive Covenant and the Company Employer brings legal action for injunctive or other relief, the Company Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 6 contracts

Samples: Employment Agreement (Bridgewater Bancshares Inc), Employment Agreement (Bridgewater Bancshares Inc), Employment Agreement (Bridgewater Bancshares Inc)

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 7 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 7 8 are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, and that such restrictions were a material inducement to the Company Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the CompanyEmployer, in addition to and not in limitation of, any other rights, remedies or damages available to the Company Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Company Employer brings legal action for injunctive or other relief, the Company Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive. Notwithstanding anything contained in this Agreement to the contrary, in the event that the Executive’s employment is terminated without Cause or the Executive resigns for Good Reason and the Employer reasonably determines in good faith that the Executive has violated any provision of Section 8, then the Employer shall be entitled to discontinue any payments or benefits that would otherwise be provided to the Executive under Sections 5(c), and 5(d), and the Executive shall forfeit the Executive’s rights to the same.

Appears in 5 contracts

Samples: Employment Agreement (County Bancorp, Inc.), Employment Agreement (County Bancorp, Inc.), Employment Agreement (County Bancorp, Inc.)

Remedies for Breach of Restrictive Covenant. (i) Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area area, and scope. . (ii) Executive further acknowledges that (A) the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that (C) such restrictions were a material inducement to the Company to employ Executive and to enter into this Agreement. Agreement and to provide the compensation, benefits and opportunities hereunder. (iii) Executive agrees to communicate the existence and terms of this Agreement to any third party with whom Executive may seek or obtain future employment or other similar arrangement during the Restricted Period. (iv) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Section 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall may be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. . (v) If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 4 contracts

Samples: Employment Agreement (Context Therapeutics Inc.), Employment Agreement (Context Therapeutics Inc.), Employment Agreement (Context Therapeutics Inc.)

Remedies for Breach of Restrictive Covenant. (i) Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area area, and scope. . (ii) Executive further acknowledges that (A) the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that (C) any violation of these restrictions would cause substantial injury to seriously, adversely, and irreparably injure the Company and such interests, and that (D) such restrictions were a material inducement to the Company to employ Executive and to enter into this Agreement. Agreement and to provide the compensation, benefits and opportunities hereunder. (iii) Executive must, and the Company may, communicate the existence and terms of this Agreement to any third party with whom Executive may seek or obtain future employment or other similar arrangement. (iv) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Section 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall not be required to provide any amounts or benefits under this Agreement and shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. , without any requirement that the Company post bond. (v) If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 4 contracts

Samples: Employment Agreement (Medgenics, Inc.), Employment Agreement (Medgenics, Inc.), Employment Agreement (Medgenics, Inc.)

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive.

Appears in 3 contracts

Samples: Change in Control Agreement (Lakeland Financial Corp), Change of Control Agreement (MidWestOne Financial Group, Inc.), Change of Control Agreement (MidWestOne Financial Group, Inc.)

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 7 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 7 8 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive.

Appears in 1 contract

Samples: Employment Agreement (MidWestOne Financial Group, Inc.)

AutoNDA by SimpleDocs

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 1 contract

Samples: Change in Control Agreement (MidWestOne Financial Group, Inc.)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, and that such restrictions were a material inducement to the Company Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the CompanyEmployer, in addition to and not in limitation of, any other rights, remedies or damages available to the Company Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. If Executive violates the Restrictive Covenant and the Company Employer brings legal action for injunctive or other relief, the Company Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein ‌ Exhibit 10.31 computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 1 contract

Samples: Employment Agreement (Bridgewater Bancshares Inc)

Remedies for Breach of Restrictive Covenant. Executive (i) Employee has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive Employee acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area duration and scope. Executive further . (ii) Employee acknowledges that (A) the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that (C) any violation of these restrictions would cause substantial injury to seriously, adversely, and irreparably injure the Company and such interests, and that (D) such restrictions were a material inducement to the Company to employ Employee and to enter into this Agreement. Provided however, any business process or concepts that are standard industry or emerging practices throughout the industry shall not be within the scope of these restrictions. (iii) Employee must, and the Company may, communicate the existence of this Agreement and only the sections of this Agreement related to the Restrictive Covenants to any third party with whom Employee may seek or obtain future employment or other similar arrangement during the Restricted Period. (iv) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Section 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall not be required to provide any amounts or benefits under this Agreement and shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any Employee and all persons directly or indirectly acting for or with ExecutiveEmployee, as the case may be. , without any requirement that the Company post bond. (v) If Executive Employee violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by ExecutiveEmployee.

Appears in 1 contract

Samples: Employment Agreement (Trinity Capital Corp)

Remedies for Breach of Restrictive Covenant. (i) Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 6 are reasonable with respect to their duration, geographical area area, and scope. . (ii) Executive further acknowledges that (A) the restrictions contained in this Section 7 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that (C) any violation of these restrictions would cause substantial injury to seriously, adversely, and irreparably injure the Company and such interests, and that (D) such restrictions were a material inducement to the Company to employ Executive and to enter into this Agreement. . (iii) Executive must, and the Company may, communicate the existence and terms of this Section 6 to any third party with whom Executive may seek or obtain future employment or other similar arrangement. (iv) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Section 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall not be required to provide any amounts or benefits under this Agreement and shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. , without any requirement that the Company post bond. (v) If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 1 contract

Samples: Transitional Employment Agreement (Lakeland Financial Corp)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 8 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 8 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Company and such interests, and that such restrictions were a material inducement to the Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Company, in addition to and not in limitation of, any other rights, remedies or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Company post bond. If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 1 contract

Samples: Transitional Employment Agreement (West Bancorporation Inc)

Remedies for Breach of Restrictive Covenant. Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive The Participant acknowledges that the covenants Restrictive Covenant contained in this Section 7 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that the restrictions contained in this Section 7 are 19 above is reasonable and necessary for the protection of the legitimate business interests of the CompanyCompany and its Subsidiaries, that they create the Restrictive Covenant creates no undue hardshipshardship, that any violation of these restrictions the Restrictive Covenant would cause substantial injury to the Company and its Subsidiaries and such interests, and that such restrictions were the Restrictive Covenant was a material inducement to the Company to enter into this Award Agreement. In the event of any violation or threatened violation of these restrictionsthe restrictions contained in Section 19 above, the CompanyCompany and its Subsidiaries, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Award Agreement or otherwise at law or in equity, (i) shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any the Participant and all persons directly or indirectly acting for or with Executivethe Participant, as the case may be, without any requirement that the Company or a Subsidiary post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Award Agreement. If Executive the Participant violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executivethe Participant.

Appears in 1 contract

Samples: Employee Performance Unit Award Agreement (First Community Financial Partners, Inc.)

Remedies for Breach of Restrictive Covenant. (i) Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and Executive acknowledges that the covenants contained in this Section 7 Paragraph 6 are reasonable with respect to their duration, geographical area area, and scope. . (ii) Executive further acknowledges that (A) the restrictions contained in this Section 7 Paragraph 6 are reasonable and necessary for the protection of the legitimate business interests of the Company, that they (B) such restrictions create no undue hardships, that (C) any violation of these restrictions would cause substantial injury to seriously, adversely, and irreparably injure the Company and such interests, and that (D) such restrictions were a material inducement to the Company to enter into this Agreement. continue to employ Executive. (iii) In the event of any violation or threatened violation of these restrictionsthe restrictions contained in this Paragraph 6, the Company, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and any and all persons directly or indirectly acting for or with Executive, as the case may be. , without any requirement that the Company post bond. (iv) If Executive violates the Restrictive Covenant and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordinglycovenant; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by Executive.

Appears in 1 contract

Samples: Employment Agreement (Old Second Bancorp Inc)

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