EXECUTIVE NON-COMPETE AGREEMENT
EXECUTIVE
NON-COMPETE AGREEMENT
For good
consideration and as an inducement for Newport Entertainment Group, Inc.
(Company) to employ Xxxxxxx X. Xxxxxxx (Executive), the undersigned Executive
hereby agrees not to directly or indirectly compete with the business of the
Company and its successors and assigns during the period of
employment.
The term
"not compete" as used herein shall mean that the Executive shall not own,
manage, operate, consult or be employed in a business substantially similar to,
or competitive with, the present business of the Company or such other business
activity in which the Company may substantially engage during the term of
employment. In addition, Executive agrees to present all business opportunities
to Company prior to presenting them to any other entity.
The
Executive acknowledges that the Company shall or may in reliance of this
agreement provide Executive access to trade secrets, customers and other
confidential data and good will. Executive agrees to retain said information as
confidential and not to use said information on his or her own behalf or
disclose same to any third party.
This
agreement shall be binding upon and inure to the benefit of the parties, their
successors, assigns, and personal representatives.
Signed
this 1st day of January 2006.
/s/
J.
Xxxx Xxxxx
Company
Its:
President
/s/
Xxxxxxx
X. Xxxxxxx
Executive