Non-Competition Covenant Payment for Non-Competition Covenant Contract Clauses (10)
Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Non-Competition Covenant Payment for Non-Competition Covenant clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Non-Competition Covenant Payment for Non-Competition Covenant. (a) Except as provided in Section 13(b), during the twelve (12) months immediately following the termination of his employment with the Company, the Executive shall not (i) accept employment with a competitor of the Company in a capacity in which such competitor can make use of the confidential information relating to the Company that the Executive has obtained in his employment with the Company, (ii) engage as a partner or owner in such competitor of the Company, nor (iii) act as an advisor to ...such competitor (the "Non-Competition Covenant"). (b) The Non-Competition Covenant shall not apply: (i) in the event the Executive's employment is terminated by the Company other than for Cause; or (ii) in the event the Executive resigns for Good Reason. (c) If the Executive does not comply with the Non-Competition Covenant when applicable, then (i) the Executive shall not be entitled to any benefits pursuant to Section 13(d) below during the period in which the Executive is not in compliance with such Non-Competition Covenant, and (ii) the Company shall be entitled to damages equal to six (6) times the average monthly Base Salary that the Executive received during the last twelve (12) months prior to the Date of Termination. (d) If the Non-Competition Covenant becomes operative, then the Company shall pay to the Executive, as compensation for the inconvenience of such Non-Competition Covenant, up to twelve (12) monthly payments equal to the Executive's monthly Base Salary as in effect on the Date of Termination, less the monthly salary earned during such month by the Executive in a subsequent employment, if any; provided, however, that the aggregate monthly payments from the Company pursuant to this Section 13(d) shall not exceed sixty percent (60%) of the Executive's annual Base Salary as in effect on the Date of Termination, and once the 60% aggregate amount has been paid, no further payments will be made under this Section 13(d). As a condition to the receipt of such payments, the Executive must inform the Company of his base salary in his new employment on a monthly basis. No payments will be made under this Section 13 after the Executive's termination of employment by reason of his Retirement.View More
Non-Competition Covenant Payment for Non-Competition Covenant. (a) Except (a)Except as provided in Section 13(b), during the twelve (12) months immediately following the termination of his employment with the Company, the Executive shall not (i) accept employment with a competitor of the Company in a capacity in which such competitor can make use of the confidential information relating to the Company that the Executive has obtained in his employment with the Company, (ii) engage as a partner or owner in such competitor of the Company, nor (iii) act as an a...dvisor to such competitor (the "Non-Competition Covenant"). (b) The (b)The Non-Competition Covenant shall not apply: (i) in (i)in the event the Executive's employment is terminated by the Company other than for Cause; Cause (pursuant to Section 10(b) hereof) or (ii) in other than for good cause (in the meaning of section 626 of the German Civil Code (BGB)); or (ii)in the event the Executive resigns for Good Reason. (c) If (c)If the Executive does not comply with the Non-Competition Covenant when applicable, then (i) the Executive shall not be entitled to any benefits pursuant to Section 13(d) below during the period in which the Executive is not in compliance with such Non-Competition Covenant, and (ii) the Company shall be entitled to damages equal to six (6) times the average monthly Base Salary that the Executive received during the last twelve (12) months prior to the Date of Termination. (d) If (d)If the Non-Competition Covenant becomes operative, then the Company shall pay to the Executive, as compensation for the inconvenience of such Non-Competition Covenant, up to twelve (12) monthly payments equal to the Executive's monthly Base Salary as in effect on the Date of Termination, less the monthly salary earned during such month by the Executive in a subsequent employment, if any; provided, however, that the aggregate monthly payments from the Company pursuant to this Section 13(d) shall not exceed sixty percent (60%) of the Executive's annual Base Salary as in effect on the Date of Termination, and once the 60% aggregate amount has been paid, no further payments will be made under this Section 13(d). As a condition to the receipt of such payments, the Executive must inform the Company of his base salary in his new employment on a monthly basis. No payments will shall be made under this Section 13 after if the Executive's termination employment is terminated in connection with his Retirement. - 8 - 14.Inventions. (a)The general nature of any discovery, invention, secret process or improvement made or discovered by the Executive during the period of the Executive's employment by reason the Company (hereinafter called "the Executive's Inventions") shall be notified by the Executive to the Company forthwith upon it being made or discovered. (b)The entitlement as between the Company and the Executive to the Executive's Inventions shall be determined in accordance with the current Act (1949:345) on the Right to Inventions made by Employees and the Executive acknowledges that because of the nature of his Retirement. duties and the particular responsibilities arising therefrom he has a special obligation to further the interests of the Company's undertaking. (c)Where the Executive's Inventions are to be assigned to the Company, the Executive shall make a full disclosure of the same to the Company and if and whenever required to do so shall at the expense of the Company apply, singly or jointly with the Company or other persons as required by the Company, for letters patent or other equivalent protection in Sweden and in any other part of the world of the Executive's Inventions. View More
