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

Remedies for Breach of Restrictive Covenants. 8.01 The Executive acknowledges that in connection with the Executive’s employment he will receive or will become eligible to receive substantial benefits and compensation. The Executive acknowledges that the Executive’s employment by the Company and all compensation and benefits from such employment will be conferred by the Company upon the Executive only because and on the condition of the Executive’s willingness to commit the Executive’s best efforts and loyalty to the Company, including protecting the Company’s confidential information and abiding by the non-competition and non-solicitation covenants contained in this Agreement. The Executive understands that his obligations set out in Sections 6 and 7 above will not unduly restrict or curtail the Executive’s legitimate efforts to earn a livelihood following any termination of his employment with the Company. The Executive agrees that the restrictions contained in Section 6 above are reasonable and valid and all defences to the strict enforcement of these restrictions by the Company are waived by the Executive. The Executive further acknowledges that a breach or threatened breach by the Executive of any of the provisions contained in Sections 6 or 7 above would cause the Company irreparable harm which could not be adequately compensated in damages alone. The Executive further acknowledges that it is essential to the effective enforcement of this Agreement that, in addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, the Company will be entitled to seek and obtain, in a summary manner, from any Court having jurisdiction, interim, interlocutory, and permanent injunctive relief, specific performance and other equitable remedies, without bond or other security being required. In addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, in the event of a breach of any of the covenants or other obligations contained in this Agreement, the Company will be entitled to an accounting and repayment of all profits, compensation, royalties, commissions, remuneration or benefits which the Executive directly or indirectly, has realized or may realize relating to, arising out of, or in connection with any such breach. Should a court of competent jurisdiction declare any of the covenants set forth in Sections 6 or 7 unenforceable, the court shall be empowered to modify and reform such covenants so as to provide relief reasonably necessary to protect the interests of the Company and the Executive and to award injunctive relief, or damages, or both, to which the Company may be entitled.

Remedies for Breach of Restrictive Covenants. 8.01 The Executive acknowledges that in connection has reviewed the provisions of this Agreement with the Executive’s employment he will receive legal counsel, or will become eligible has been given adequate opportunity to receive substantial benefits seek such counsel, and compensation. The Executive acknowledges that the Executive’s employment by the Company and all compensation and benefits from such employment will be conferred by the Company upon the Executive only because and on the condition of the Executive’s willingness to commit the Executive’s best efforts and loyalty to the Company, including protecting the Company’s confidential information and abiding by the non-competition and non-solicitation covenants contained in this AgreementSection 6 are reasonable with respect to their duration, geographical area, and scope. The Executive understands that his obligations set out in Sections 6 and 7 above will not unduly restrict or curtail the Executive’s legitimate efforts to earn a livelihood following any termination of his employment with the Company. The Executive agrees further acknowledges that the restrictions contained in this Section 6 above are reasonable and valid necessary for the protection of the legitimate business interests of the Employer and all defences to the strict enforcement Affiliates, that they create no undue hardships, that any violation of these restrictions by would cause substantial injury to the Company are waived by Employer and the ExecutiveAffiliates and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. The Executive further acknowledges that a breach In the event of any violation or threatened breach by the Executive of any violation of the provisions restrictions contained in Sections 6 or 7 above would cause this Section 6, the Company irreparable harm which could not be adequately compensated in damages alone. The Executive further acknowledges that it is essential to Employer and the effective enforcement of this Agreement thatAffiliates, in addition to and not in limitation of, any other remedies to which the Company may be entitled rights, remedies, or damages available under this Agreement or otherwise at law or in equity or otherwiseequity, the Company will (i) shall be entitled to seek and obtain, in a summary manner, from any Court having jurisdiction, interim, interlocutory, preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Employer or an Affiliate post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Agreement. If Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, specific performance and other equitable remediesthe Employer shall not, without bond or other security being required. In addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, in the event of as a breach of any result of the covenants or other obligations contained time involved in this Agreement#847553v2_IMAN_ - Stiteley First Community Financial Employment Agreement 11 obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant; accordingly, the Company will Restrictive Covenant shall be entitled deemed to an accounting have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restricted Period began to run and repayment of all profits, compensation, royalties, commissions, remuneration or benefits which the Executive directly or indirectly, has realized or may realize relating to, arising out of, or in connection with any such breach. Should a court of competent jurisdiction declare any date of the covenants set forth in Sections 6 or 7 unenforceable, the court shall be empowered to modify and reform such covenants so as to provide relief reasonably necessary to protect the interests first violation of the Company and the Executive and to award injunctive relief, or damages, or both, to which the Company may be entitledRestrictive Covenant by Executive.

Remedies for Breach of Restrictive Covenants. 8.01 The Executive acknowledges that in connection has reviewed the provisions of this Agreement with the Executive’s employment he will receive legal counsel, or will become eligible has been given adequate opportunity to receive substantial benefits seek such counsel, and compensation. The Executive acknowledges that the Executive’s employment by the Company and all compensation and benefits from such employment will be conferred by the Company upon the Executive only because and on the condition of the Executive’s willingness to commit the Executive’s best efforts and loyalty to the Company, including protecting the Company’s confidential information and abiding by the non-competition and non-solicitation covenants contained in this AgreementSection 6 are reasonable with respect to their duration, geographical area, and scope. The Executive understands that his obligations set out in Sections 6 and 7 above will not unduly restrict or curtail the Executive’s legitimate efforts to earn a livelihood following any termination of his employment with the Company. The Executive agrees further acknowledges that the restrictions contained in this Section 6 above are reasonable and valid necessary for the protection of the legitimate business interests of the Employer and all defences to the strict enforcement Affiliates, that they create no undue hardships, that any violation of these restrictions by would cause substantial injury to the Company are waived by Employer and the ExecutiveAffiliates and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. The Executive further acknowledges that a breach In the event of any violation or threatened breach by the Executive of any violation of the provisions restrictions contained in Sections 6 or 7 above would cause this Section 6, the Company irreparable harm which could not be adequately compensated in damages alone. The Executive further acknowledges that it is essential to Employer and the effective enforcement of this Agreement thatAffiliates, in addition to and not in limitation of, any other remedies to which the Company may be entitled rights, remedies, or damages available under this Agreement or otherwise at law or in equity or otherwiseequity, the Company will (i) shall be entitled to seek and obtain, in a summary manner, from any Court having jurisdiction, interim, interlocutory, preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Employer or an Affiliate post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Agreement. If Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, specific performance and other equitable remediesthe Employer shall not, without bond or other security being required. In addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, in the event of as a breach of any result of the covenants or other obligations contained time involved in this Agreementobtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant; accordingly, the Company will Restrictive Covenant shall be entitled deemed to an accounting have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restricted Period began to run and repayment of all profits, compensation, royalties, commissions, remuneration or benefits which the Executive directly or indirectly, has realized or may realize relating to, arising out of, or in connection with any such breach. Should a court of competent jurisdiction declare any date of the covenants set forth in Sections 6 or 7 unenforceable, the court shall be empowered to modify and reform such covenants so as to provide relief reasonably necessary to protect the interests first violation of the Company and the Executive and to award injunctive relief, or damages, or both, to which the Company may be entitledRestrictive Covenant by Executive.

Remedies for Breach of Restrictive Covenants. 8.01 The Executive acknowledges that in connection has reviewed the provisions of this Agreement with the Executive’s employment he will receive legal counsel, or will become eligible has been given adequate opportunity to receive substantial benefits seek such counsel, and compensation. The Executive acknowledges that the Executive’s employment by the Company and all compensation and benefits from such employment will be conferred by the Company upon the Executive only because and on the condition of the Executive’s willingness to commit the Executive’s best efforts and loyalty to the Company, including protecting the Company’s confidential information and abiding by the non-competition and non-solicitation covenants contained in this AgreementSection 6 are #847499v3_IMAN_ - Xxx First Community Financial Employment Agreement 11 reasonable with respect to their duration, geographical area, and scope. The Executive understands that his obligations set out in Sections 6 and 7 above will not unduly restrict or curtail the Executive’s legitimate efforts to earn a livelihood following any termination of his employment with the Company. The Executive agrees further acknowledges that the restrictions contained in this Section 6 above are reasonable and valid necessary for the protection of the legitimate business interests of the Employer and all defences to the strict enforcement Affiliates, that they create no undue hardships, that any violation of these restrictions by would cause substantial injury to the Company are waived by Employer and the ExecutiveAffiliates and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. The Executive further acknowledges that a breach In the event of any violation or threatened breach by the Executive of any violation of the provisions restrictions contained in Sections 6 or 7 above would cause this Section 6, the Company irreparable harm which could not be adequately compensated in damages alone. The Executive further acknowledges that it is essential to Employer and the effective enforcement of this Agreement thatAffiliates, in addition to and not in limitation of, any other remedies to which the Company may be entitled rights, remedies, or damages available under this Agreement or otherwise at law or in equity or otherwiseequity, the Company will (i) shall be entitled to seek and obtain, in a summary manner, from any Court having jurisdiction, interim, interlocutory, preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Employer or an Affiliate post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Agreement. If Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, specific performance and other equitable remediesthe Employer shall not, without bond or other security being required. In addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, in the event of as a breach of any result of the covenants or other obligations contained time involved in this Agreementobtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant; accordingly, the Company will Restrictive Covenant shall be entitled deemed to an accounting have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restricted Period began to run and repayment of all profits, compensation, royalties, commissions, remuneration or benefits which the Executive directly or indirectly, has realized or may realize relating to, arising out of, or in connection with any such breach. Should a court of competent jurisdiction declare any date of the covenants set forth in Sections 6 or 7 unenforceable, the court shall be empowered to modify and reform such covenants so as to provide relief reasonably necessary to protect the interests first violation of the Company and the Executive and to award injunctive relief, or damages, or both, to which the Company may be entitledRestrictive Covenant by Executive.

Remedies for Breach of Restrictive Covenants. 8.01 The Executive acknowledges that in connection has reviewed the provisions of this Agreement with the Executive’s employment he will receive legal counsel, or will become eligible has been given adequate opportunity to receive substantial benefits seek such counsel, and compensation. The Executive acknowledges that the Executive’s employment by the Company and all compensation and benefits from such employment will be conferred by the Company upon the Executive only because and on the condition of the Executive’s willingness to commit the Executive’s best efforts and loyalty to the Company, including protecting the Company’s confidential information and abiding by the non-competition and non-solicitation covenants contained in this AgreementSection 6 are #847539v2_IMAN_ - Xxxxxx First Community Financial Employment Agreement 11 reasonable with respect to their duration, geographical area, and scope. The Executive understands that his obligations set out in Sections 6 and 7 above will not unduly restrict or curtail the Executive’s legitimate efforts to earn a livelihood following any termination of his employment with the Company. The Executive agrees further acknowledges that the restrictions contained in this Section 6 above are reasonable and valid necessary for the protection of the legitimate business interests of the Employer and all defences to the strict enforcement Affiliates, that they create no undue hardships, that any violation of these restrictions by would cause substantial injury to the Company are waived by Employer and the ExecutiveAffiliates and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. The Executive further acknowledges that a breach In the event of any violation or threatened breach by the Executive of any violation of the provisions restrictions contained in Sections 6 or 7 above would cause this Section 6, the Company irreparable harm which could not be adequately compensated in damages alone. The Executive further acknowledges that it is essential to Employer and the effective enforcement of this Agreement thatAffiliates, in addition to and not in limitation of, any other remedies to which the Company may be entitled rights, remedies, or damages available under this Agreement or otherwise at law or in equity or otherwiseequity, the Company will (i) shall be entitled to seek and obtain, in a summary manner, from any Court having jurisdiction, interim, interlocutory, preliminary and permanent injunctive relief to prevent or restrain any such violation by Executive and all persons directly or indirectly acting for or with Executive, as the case may be, without any requirement that the Employer or an Affiliate post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Agreement. If Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, specific performance and other equitable remediesthe Employer shall not, without bond or other security being required. In addition to any other remedies to which the Company may be entitled at law or in equity or otherwise, in the event of as a breach of any result of the covenants or other obligations contained time involved in this Agreementobtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant; accordingly, the Company will Restrictive Covenant shall be entitled deemed to an accounting have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restricted Period began to run and repayment of all profits, compensation, royalties, commissions, remuneration or benefits which the Executive directly or indirectly, has realized or may realize relating to, arising out of, or in connection with any such breach. Should a court of competent jurisdiction declare any date of the covenants set forth in Sections 6 or 7 unenforceable, the court shall be empowered to modify and reform such covenants so as to provide relief reasonably necessary to protect the interests first violation of the Company and the Executive and to award injunctive relief, or damages, or both, to which the Company may be entitledRestrictive Covenant by Executive.