Common use of Secrecy Non Solicitation and Non Competition Clause in Contracts

Secrecy Non Solicitation and Non Competition. Following the Resignation Date, ▇▇▇▇▇▇▇ agrees to adhere to the secrecy, non-solicitation and non-competition restrictions and equitable relief provisions contained in Section 2 of the 2002 Change in Control Agreement, which are hereby incorporated into this Agreement by reference (other than Section 2(d)(i)). Notwithstanding the foregoing, the parties agree that Section 2(d)(i) of the 2002 Change in Control Agreement is hereby deleted in its entirety. In consideration of ▇▇▇▇▇▇▇'▇ promises under this Section 4, Wolverine shall pay to ▇▇▇▇▇▇▇ a non-compete and non-solicitation fee equal to $1,035,000 (the "Non-compete and Non-solicitation Fee"). On or before the Resignation Date, Wolverine shall pay the Non-compete and Non-solicitation Fee into a rabbi trust for the benefit of ▇▇▇▇▇▇▇. The Non-compete and Non-solicitation Fee shall be paid to ▇▇▇▇▇▇▇ out of the rabbi trust on the day following the six (6) month anniversary of the Resignation Date.

Appears in 1 contract

Sources: Preferred Stock Purchase Agreement (Alpine Group Inc /De/)

Secrecy Non Solicitation and Non Competition. Following the Resignation Date, ▇▇▇▇▇▇▇ agrees to adhere to the secrecy, non-solicitation and non-competition restrictions and equitable relief provisions contained in Section 2 of the 2002 Change in Control Agreement, which are hereby incorporated into this Agreement by reference (other than Section 2(d)(i)). Notwithstanding the foregoing, the parties agree that Section 2(d)(i) of the 2002 Change in Control Agreement is hereby deleted in its entirety. In consideration of ▇▇▇▇▇▇▇'▇ promises under this Section 4, Wolverine shall pay to ▇▇▇▇▇▇▇ a non-compete and non-solicitation fee equal to $1,035,000 (the "Non-compete and Non-solicitation Fee"). On or before the Resignation Date, Wolverine shall pay the Non-compete and Non-solicitation Fee into a rabbi trust for the benefit of ▇▇▇▇▇▇▇. The Non-compete and Non-solicitation Fee shall be paid to ▇▇▇▇▇▇▇ out of the rabbi trust on the day following the six (6) month anniversary of the Resignation Date.

Appears in 1 contract

Sources: Separation Agreement (Wolverine Tube Inc)