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

Remedies for Breach of Restrictive Covenant. The Employee acknowledges that the restrictions contained in this paragraph are reasonable and necessary for the protection of the legitimate business interests of the Company, that any violation of these restrictions would cause substantial injury to the Company and such interests, that the Company would not have entered into this Agreement with the Employee without receiving the additional consideration offered by the Employee in binding himself to these restrictions 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 Employee and any and all persons directly or indirectly acting for or with him, as the case may be.

Appears in 3 contracts

Samples: Change of Control Agreement (Heartland Financial Usa Inc), Change of Control Agreement (Heartland Financial Usa Inc), Change of Control Agreement (Heartland Financial Usa Inc)

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Remedies for Breach of Restrictive Covenant. The Employee Executive acknowledges that the restrictions contained in Section 4 and Section 6(a) of this paragraph Agreement are reasonable and necessary for the protection of the legitimate business interests of the Company, that any violation of these restrictions would cause substantial injury to the Company and such interests, that the Company would not have entered into this Agreement with the Employee Executive without receiving the additional consideration offered by the Employee Executive in binding himself to these restrictions 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 Employee Executive and any and all persons directly or indirectly acting for or with him, as the case may be. In the event of a violation of the restrictions in Section 4 and Section 6(a) of this Agreement, the Company shall have the right to cease making any payments, or providing benefits, otherwise required hereunder.

Appears in 3 contracts

Samples: Employment Agreement (Centrue Financial Corp), Employment Agreement (Centrue Financial Corp), Employment Agreement (Centrue Financial Corp)

Remedies for Breach of Restrictive Covenant. The Employee Executive acknowledges that the restrictions contained in this paragraph are reasonable and necessary for the protection of the legitimate business interests of the CompanyCompany and its Affiliates, that any violation of these restrictions would cause substantial injury to the Company and such interests, that the Company would not have entered into this Agreement with the Employee Executive without receiving the additional consideration offered by the Employee Executive in binding himself to these restrictions 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 Employee Executive and any and all persons directly or indirectly acting for or with him, as the case may be.

Appears in 2 contracts

Samples: Change in Control Agreement (Lakeland Financial Corp), Change in Control Agreement (Lakeland Financial Corp)

Remedies for Breach of Restrictive Covenant. The Employee Executive acknowledges that the restrictions contained in this paragraph Section 5(b) are reasonable and necessary for the protection of the legitimate business interests of the CompanyCompany and its Affiliates, that any violation of these restrictions would cause substantial injury to the Company and such interests, that the Company would not have entered into this Agreement with the Employee Executive without receiving the additional consideration offered by the Employee Executive in binding himself to these restrictions 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 Employee Executive and any and all persons directly or indirectly acting for or with him, as the case may be.

Appears in 1 contract

Samples: Change in Control Agreement (Lakeland Financial Corp)

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Remedies for Breach of Restrictive Covenant. The Employee Executive acknowledges that the restrictions contained in Section 4 and Section 6(a) of this paragraph Agreement are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, that the Company Employer would not have entered into this Agreement with the Employee Executive without receiving the additional consideration offered by the Employee Executive in binding himself to these restrictions 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 Employee Executive and any and all persons directly or indirectly acting for or with himher, as the case may be. In the event of a violation of the restrictions in Section 4 and Section 6(a) of this Agreement, the Employer shall have the right to cease making any payments, or providing benefits, otherwise required hereunder.

Appears in 1 contract

Samples: Employment Agreement (Centrue Financial Corp)

Remedies for Breach of Restrictive Covenant. The Employee Executive acknowledges that the restrictions contained in Section 4 and Section 6(a) of this paragraph Agreement are reasonable and necessary for the protection of the legitimate business interests of the CompanyEmployer, that any violation of these restrictions would cause substantial injury to the Company Employer and such interests, that the Company Employer would not have entered into this Agreement with the Employee Executive without receiving the additional consideration offered by the Employee Executive in binding himself herself to these restrictions 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 Employee Executive and any and all persons directly or indirectly acting for or with himher, as the case may be. In the event of a violation of the restrictions in Section 4 and Section 6(a) of this Agreement, the Employer shall have the right to cease making any payments, or providing benefits, otherwise required hereunder.

Appears in 1 contract

Samples: Employment Agreement (Centrue Financial Corp)

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