Covenant Not to Compete Clause Example with 5 Variations from Business Contracts
This page contains Covenant Not to Compete clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Covenant Not to Compete. (a) Employee hereby acknowledges and recognizes the highly competitive nature of the business of the Bank and the Corporation and accordingly agrees that, during and for the applicable period set forth in Section 8(c) hereof, Employee shall not, except as otherwise permitted in writing by the Bank and the Corporation: (i) be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, partner, officer, director, proprietor, investor (except as an investor owning... less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of their respective affiliates are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within a thirty (30) mile radius of the Bank's main office located at 32 West Market Street, Gratz, Pennsylvania (the "Non-Competition Area"); or (ii) provide financial or other assistance to any person, firm, corporation. or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of its affiliates are engaged during the Employment Period, in the Non-Competition Area; or 9 (iii) directly or indirectly solicit persons or entities who were customers or referral sources of the Bank and the Corporation or their respective affiliates within one year of Employee's termination of employment, to a become customer or referral source of a person or entity other than the Bank and the Corporation or their respective affiliates; or (iv) directly or indirectly solicit employees of the Bank and the Corporation or their respective affiliates who were employed within one year of Employee's termination of employment to work for anyone other than the Bank and the Corporation or their respective affiliates. (b) It is expressly understood and agreed that, although Employee and the Bank and the Corporation consider the restrictions contained in Section 8(a) hereof reasonable for the purpose of preserving for the Bank and the Corporation and their respective subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, the provisions of Section 8(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 shall be applicable, commencing on the Effective Time and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal of this Agreement or if Employee voluntarily terminates his employment without Good Reason, the second anniversary date of the effective date of termination of employment; or (ii) if Employee's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination with or without Cause), the second anniversary date of the effective date of termination of employment; or (iii) if Employee terminates his employment in accordance with Section 4(c) (relating to Good Reason termination), the second anniversary date of the effective date of termination of employment.View More
Variations of a "Covenant Not to Compete" Clause from Business Contracts
Covenant Not to Compete. (a) Employee (a)Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Bank Corporation and the Corporation Bank and accordingly agrees that, during employment and for two years following termination of employment regardless of the applicable period set forth in Section 8(c) hereof, Employee reason for termination, Executive shall not, except as otherwise permitted in writing by the Bank: (i)(A) in any county in which, as of the date of Executive's term...ination, a branch, office or other facility of the Corporation or the Bank and is located or in any county contiguous to such county, or (B) in the Corporation: (i) area which is within 25 miles from any branch office or other facility of the Corporation or Bank ("Non-Competition Area"), be engaged, directly or indirectly, either for his her own account or as agent, consultant, employee, partner, officer, director, proprietor, investor (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of their respective affiliates subsidiaries are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within a thirty (30) mile radius of the Bank's main office located at 32 West Market Street, Gratz, Pennsylvania (the "Non-Competition Area"); or (ii) provide Period; (ii)provide financial or other assistance to any person, firm, corporation. corporation, or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of its affiliates their subsidiaries are engaged during the Employment Period, in the Non-Competition Area; or 9 (iii) directly (iii)directly or indirectly solicit persons or entities who were customers or referral sources of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries within one (1) year of Employee's prior to Executive's termination of employment, to become a become customer or referral source of a person or entity other than the Corporation, the Bank and the Corporation or their respective affiliates; subsidiaries; or (iv) directly (iv)directly or indirectly solicit employees of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries who were employed within one year of Employee's two (2) years prior to Executive's termination of employment to work for anyone other than the Corporation, the Bank and the Corporation or their respective affiliates. (b) It subsidiaries. (b)It is expressly understood and agreed that, although Employee Executive and the Corporation and the Bank and the Corporation consider the restrictions contained in Section 8(a) 9(a) hereof reasonable for the purpose of preserving for the Corporation and the Bank and the Corporation and their respective subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, Executive, the provisions of Section 8(a) 9(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 shall be applicable, commencing on the Effective Time and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal of this Agreement or if Employee voluntarily terminates his employment without Good Reason, the second anniversary date of the effective date of termination of employment; or (ii) if Employee's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination with or without Cause), the second anniversary date of the effective date of termination of employment; or (iii) if Employee terminates his employment in accordance with Section 4(c) (relating to Good Reason termination), the second anniversary date of the effective date of termination of employment.View More
Covenant Not to Compete. (a) Employee Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Bank Corporation and the Corporation Bank and accordingly agrees that, during and for the applicable period set forth in Section 8(c) 9(c) hereof, Employee Executive shall not, except as otherwise permitted in writing by the Bank and the Corporation: Bank: 8 (i) be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, partner, officer, director, ...proprietor, investor (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of their respective affiliates subsidiaries are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within in any county in which at the time Executive executes this Agreement, a thirty (30) mile radius branch, office or other facility of the Bank's main office Corporation or the Bank is located at 32 West Market Street, Gratz, Pennsylvania or in any county contiguous to such county (the "Non-Competition Area"); or (ii) provide financial or other assistance to any person, firm, corporation. corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of its affiliates their subsidiaries are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, in the Non-Competition Area; or 9 (iii) directly or indirectly solicit persons or entities who were customers or referral sources of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries within one year six (6) months of Employee's Executive's termination of employment, to become a become customer or referral source of a person or entity other than the Corporation, the Bank and the Corporation or their respective affiliates; or subsidiaries; or, (iv) directly or indirectly solicit employees of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries who were employed within one year two (2) years of Employee's Executive's termination of employment to work for anyone other than the Corporation, the Bank and the Corporation or their respective affiliates. subsidiaries. (b) It is expressly understood and agreed that, although Employee Executive and the Corporation and the Bank and the Corporation consider the restrictions contained in Section 8(a) 9(a) hereof reasonable for the purpose of preserving for the Corporation and the Bank and the Corporation and their respective subsidiaries their good will goodwill and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, Executive, the provisions of Section 8(a) 9(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 9 shall be applicable, commencing on the Effective Time and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal date of this Agreement or and ending on one of the following dates as applicable: (i) if Employee Executive voluntarily terminates his employment in accordance with the provisions of Section 4(e) of this Agreement (relating to termination without 9 Good Reason, Reason), the second first anniversary date of the effective date of termination of employment; or (ii) if Employee's Executive's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination for Cause), the first anniversary date of the effective date of termination of employment; (iii) if Executive voluntarily terminates his employment in accordance with or without Cause), the provisions of Section 4(c) of this Agreement (relating to termination by Executive for Good Reason), the second anniversary date of the effective date of termination of employment; or (iii) (iv) if Employee terminates his Executive's employment is involuntarily terminated in accordance with the provisions of Section 4(c) 6 of this Agreement (relating to Good Reason termination), involuntary termination without Cause following a Change in Control), the second anniversary date of the effective date of termination of employment; or, (v) if Executive's employment is involuntarily terminated in accordance with the provisions of Section 8 of this Agreement (relating to involuntary termination without Cause absent a Change in Control), the second anniversary date of the effective date of termination of employment. 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Covenant Not to Compete. (a) Employee Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Bank Corporation and the Corporation Bank and accordingly agrees that, during and for the applicable period set forth in Section 8(c) 9(c) hereof, Employee Executive shall not, except as otherwise permitted in writing by the Bank and the Corporation: Bank: (i) be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, partner, officer, director, pr...oprietor, investor (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of their respective affiliates subsidiaries are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within a thirty (30) fifty (50) mile radius of the Bank's main office located principal place of business at 32 West Market Street, Gratz, 16 Lincoln Square, Gettysburg, Pennsylvania (the "Non-Competition Area"); or (ii) provide financial or other assistance to any person, firm, corporation. corporation, or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Corporation or the Bank and the Corporation or any of its affiliates their subsidiaries are engaged during the Employment Period, in the Non-Competition Area; or 9 10 (iii) directly or indirectly solicit persons or entities who were customers or referral sources of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries within one year six (6) months of Employee's Executive's termination of employment, to become a become customer or referral source of a person or entity other than the Corporation, the Bank and the Corporation or their respective affiliates; or subsidiaries; or, (iv) directly or indirectly solicit employees of the Corporation, the Bank and the Corporation or their respective affiliates subsidiaries who were employed within one year two (2) years of Employee's Executive's termination of employment to work for anyone other than the Corporation, the Bank and the Corporation or their respective affiliates. subsidiaries. (b) It is expressly understood and agreed that, although Employee Executive and the Corporation and the Bank and the Corporation consider the restrictions contained in Section 8(a) 9(a) hereof reasonable for the purpose of preserving for the Corporation and the Bank and the Corporation and their respective subsidiaries their good will goodwill and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, Executive, the provisions of Section 8(a) 9(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 9 shall be applicable, commencing on the Effective Time and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal date of this Agreement or and ending on one of the following dates as applicable: (i) if Employee Executive voluntarily terminates his employment in accordance with the provisions of Section 4(e) of this Agreement (relating to termination without Good Reason, Reason), the second first anniversary date of the effective date of termination of employment; or (ii) if Employee's Executive's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination for Cause), the first anniversary date of the effective date of termination of employment; (iii) if the Executive voluntarily terminates his employment in accordance with or without Cause), the provisions of Section 4(c) of this Agreement (relating to termination by Executive for Good Reason), the second anniversary date of the effective date of termination of employment; or (iii) (iv) if Employee terminates his the Executive's employment is involuntarily terminated in accordance with the provisions of Section 4(c) 6 of this Agreement (relating to Good Reason termination), involuntary termination without Cause following a Change in Control), the second anniversary date of the effective date of termination of employment; or, 11 (v) if the Executive's employment is involuntarily terminated in accordance with the provisions of Section 8 of this Agreement (relating to involuntary termination without Cause absent a Change in Control), the second anniversary date of the effective date of termination of employment. 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Covenant Not to Compete. (a) Employee Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Bank and the Corporation and accordingly agrees that, during and for the applicable period set forth in Section 8(c) hereof, Employee Executive shall not, except as otherwise permitted in writing by the Bank and the Corporation: (i) be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, Executive, partner, officer, director, proprietor, investo...r (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in or proposed to be engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of their respective affiliates are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within a thirty (30) thirty-five (35) mile radius of a branch or other place of business of the Bank's main office located at 32 West Market Street, Gratz, Pennsylvania Corporation or the Bank (the "Non-Competition Area"); or (ii) provide financial or other assistance to any person, firm, corporation. corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of its affiliates are engaged during the Employment Period, in the Non-Competition Area; or 9 (iii) directly or indirectly solicit persons or entities who were customers or referral sources of the Bank and the Corporation or their respective affiliates within one year of Employee's Executive's termination of employment, to a become customer or referral source of a person or entity other than the Bank and the Corporation or their respective affiliates; or (iv) directly or indirectly solicit employees any employee of the Bank and the Corporation or their respective affiliates who were employed within one year of Employee's Executive's termination of employment to work for anyone other than the Bank and the Corporation or their respective affiliates. 7 (b) It is expressly understood and agreed that, although Employee Executive and the Bank and the Corporation consider the restrictions contained in Section 8(a) hereof reasonable for the purpose of preserving for the Bank and the Corporation and their respective subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, Executive, the provisions of Section 8(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 8(a) shall be applicable, applicable commencing on the Effective Time Date and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal of this Agreement or if Employee voluntarily terminates his employment without Good Reason, the second anniversary date of the effective date of termination of employment; or (ii) if Employee's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination with or without Cause), the second anniversary date of the effective date of termination of employment; or (iii) if Employee terminates his employment in accordance with Section 4(c) (relating to Good Reason termination), the second anniversary date of eighteen (18) months following the effective date of termination of employment. View More
Covenant Not to Compete. (a) Employee Executive hereby acknowledges and recognizes the highly competitive nature of the business of the Bank and the Corporation and accordingly agrees that, during and for the applicable period set forth in Section 8(c) hereof, Employee Executive shall not, except as otherwise permitted in writing by the Bank and the Corporation: (i) be engaged, directly or indirectly, either for his own account or as agent, consultant, employee, Executive, partner, officer, director, proprietor, investo...r (except as an investor owning less than 5% of the stock of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in or proposed to be engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of their respective affiliates are engaged during the Employment Period, and remain so engaged at the end of the Employment Period, within a thirty (30) thirty-five (35) mile radius of a branch or other place of business of the Bank's main office located at 32 West Market Street, Gratz, Pennsylvania Corporation or the Bank (the "Non-Competition Area"); or (ii) provide financial or other assistance to any person, firm, corporation. corporation or enterprise engaged in (1) the banking (including bank and corporation holding company) or financial services industry, or (2) any other activity in which the Bank and the Corporation or any of its affiliates are engaged during the Employment Period, in the Non-Competition Area; or 9 (iii) directly or indirectly solicit persons or entities who were customers or referral sources of the Bank and the Corporation or their respective affiliates within one year of Employee's Executive's termination of employment, to a become customer or referral source of a person or entity other than the Bank and the Corporation or their respective affiliates; or (iv) directly or indirectly solicit employees any employee of the Bank and the Corporation or their respective affiliates who were employed within one year of Employee's Executive's termination of employment to work for anyone other than the Bank and the Corporation or their respective affiliates. 7 (b) It is expressly understood and agreed that, although Employee Executive and the Bank and the Corporation consider the restrictions contained in Section 8(a) hereof reasonable for the purpose of preserving for the Bank and the Corporation and their respective subsidiaries their good will and other proprietary rights, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in Section 8(a) hereof is an unreasonable or otherwise unenforceable restriction against Employee, Executive, the provisions of Section 8(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other extent as such court may judicially determine or indicate to be reasonable. (c) The provisions of this Section 8 8(a) shall be applicable, applicable commencing on the Effective Time Date and ending as follows: (i) if Employee's employment terminates as a result of Employee giving notice of non-renewal of this Agreement or if Employee voluntarily terminates his employment without Good Reason, on the second first anniversary date of the effective date of termination of employment; or (ii) if Employee's employment terminates in accordance with the provisions of Section 4(b) of this Agreement (relating to termination with or without Cause), the second anniversary date of the effective date of termination of employment; or (iii) if Employee terminates his employment in accordance with Section 4(c) (relating to Good Reason termination), the second anniversary date of the effective date of termination of employment. View More
