Common use of Covenants Not to Compete and Not to Solicit Clause in Contracts

Covenants Not to Compete and Not to Solicit. (a) Until the Executive has received all Severance Payments as provided in Section 3, upon the termination of the Executive's employment with the Company for any reason, the Executive agrees that he shall not, on his own behalf, or as owner, manager, advisor, principal, agent, partner, consultant, director, officer, stockholder or employee of any business entity, or otherwise participate in the development or provision of goods or services which are directly or indirectly competitive with goods or services provided (or proposed to be provided) by the Company without the express written authorization of the Company. The foregoing covenant shall not be deemed to prohibit Executive from acquiring an investment not more than one percent of the capital stock of a competing business, whose stock is traded on a national securities exchange or through the automated quotation system of a registered securities association. (b) Until the later of (i) five years after the date of this Agreement or (ii) one year after termination of Executive's employment, upon the termination of Executive's employment with the Company for any reason, the Executive agrees that he shall not either directly or indirectly solicit, induce, attempt to hire, recruit, encourage, take away, hire any employee of the Company or cause an employee to leave their employment either for Executive or for any other entity or person. (c) The Executive represents that his (i) is familiar with the foregoing covenants not to compete and not to solicit, and (ii) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.

Covenants Not to Compete and Not to Solicit. (a) Until the Executive has received all Severance Payments end of the Consulting Period as provided for in Section 3 and only to the extent Employee receives severance benefits under Section 3, upon the termination of the Executive's employment with the Company for any reasonan Involuntary Termination, the Executive Employee agrees that he shall notnot be, on his own behalf, or as owner, manager, advisor, principal, agent, partner, consultant, director, officer, stockholder or employee of any business entityRestricted Business, or otherwise participate in the development or provision of goods or services which are directly or indirectly competitive with goods or services provided (or proposed to be provided) by the Company without the express written authorization of the Company. The foregoing covenant shall not be deemed to prohibit Executive Employee from acquiring an investment not more than one percent (1%) of the capital stock of a competing business, whose stock is traded on a national securities exchange or through the automated quotation system of a registered securities association. Should Employee waive any severance benefits provided pursuant to Section 3, this covenant not to compete in this Section 4(a) shall not apply to Employee. (b) Until the later of (i) five years after the date of this Agreement or (ii) one year after termination of ExecutiveEmployee's employment, upon the termination of ExecutiveEmployee's employment with the Company for any reason, the Executive Employee agrees that he shall not either directly or indirectly solicit, induce, attempt to hire, recruit, encourage, take away, hire any employee of the Company or cause an employee to leave their employment either for Executive Employee or for any other entity or person. (c) The Executive Employee represents that his he (i) is familiar with the foregoing covenants not to compete and not to solicit, and (ii) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.