Example ContractsClausesCompetitive Activity
Remove:

Competitive Activity. The term “Competitive Activity” shall mean the Executive’s participation without the written consent of the Board in the management of any business enterprise which manufactures or sells any product or service competitive with any product or service of the Company or its subsidiaries. Competitive Activity shall not include the ownership of less than five (5) percent of the securities in any enterprise and exercise of any ownership rights related thereto.

“Competitive Activity” means to:

the Employee’s prohibited or unauthorized competitive activity.

You understand and agree that the purpose and effect of this provision does not in any way restrict or otherwise preclude you from earning a living elsewhere. Rather, the effect of this provision limits your ability to receive payments under paragraph 2.b of this Agreement if you engage in any activity that violates the Competitive Activity Restriction ("Competitive Activity"). At any time you may choose to forego payments and/or repay payments you have already received under paragraph 2.b of this Agreement in order to engage in a Competitive Activity.

engaged in any Competitive Activity (as that term is hereafter defined); or

Section # Termination for Cause; Post-Service Competitive Activity. Unless otherwise set forth in the Award Agreement, if a Participant’s employment or service terminates for Cause or a Participant engages in Competitive Activity following the Participant’s termination of employment or service, all Options and SARs, whether vested or unvested, and all other Awards that are unvested or unexercisable or otherwise unpaid (or were unvested or unexercisable or unpaid at the time of occurrence of Cause or engagement in Competitive Activity) shall be immediately forfeited and canceled, effective as of the date of the termination or engagement in Competitive Activity. If the Participant engages in Competitive Activity following the termination, any portion of the Participant’s Awards that became vested after termination, and any Shares or cash issued upon exercise or settlement of such Awards, shall be immediately forfeited, canceled, and disgorged or paid to the Company together with all gains earned or accrued due to the sale of Shares issued upon exercise or settlement of such Awards.

Competitive Activities. For purposes of the Agreement, to which this [Exhibit B] is attached,

/

Notwithstanding anything to the contrary herein, in the case of an Account subject to the extended vesting rules of [Section 5.3], if a Participant or Former Participant incurs a Termination of Employment before the relevant scheduled vesting date or dates, then for so long as the Participant or Former Participant does not engage in a Competitive Activity or a Soliciting Activity, such Account will continue to vest on the relevant scheduled vesting date or dates. If at any time before such Account vests, the Participant or Former Participant engages in a Competitive Activity or a Soliciting Activity, any unvested portion of such Account will be forfeited at that time.

Competitive Business” means any business, person or entity that is engaged, or planning or contemplating to engage within a period of twelve (12) months, in any business activity that is competitive with the business and business activities engaged in by the Covered Unit(s).

In the event you fail to immediately notify the Company in writing prior to commencing any activity that violates the Competitive Activity Restriction and you violate the Competitive Activity Restriction, # all future payments and benefits payable under paragraph 2.b of this Agreement shall immediately cease and be forfeited by you and # you will be required to repay to the Company any payments already received by you pursuant to paragraph 2.b of this Agreement other than the amount of and such amount shall be adequate consideration for the release of claims in this Agreement, which shall remain in full force and effect.

•during any instruction, practice, preparation for, or participation in, any competitive, prearranged or organized racing, speed contest, rally, gymkhana, sports event. stunting activity, or timed event of any kind; or

Competitive Bid Fee. Simultaneously with the delivery of each Notice of Competitive Bid Borrowing, the Borrowers shall pay to the Administrative Agent for its own account, a fee equal to .

Competitive Bid Option. In addition to Ratable Advances pursuant to [Section 2.3], but subject to the terms and conditions of this Agreement (including, without limitation, the limitation set forth in [Section 2.2] as to the maximum aggregate principal amount of all outstanding Advances hereunder), the Company may, as set forth in this [Section 2.4], request , prior to the Termination Date, to make offers to make Competitive Bid Advances to the Company or any Borrowing Subsidiary. Each Lender may, but shall have no obligation to, make such offers and the Company may, but shall have no obligation to, accept any such offers in the manner set forth in this [Section 2.4]. Each Competitive Bid Advance to a Borrower shall be repaid by such Borrower on the last day of the Interest Period applicable thereto.

Competitive Business Activities. The term "Competitive Business Activities" as used herein shall be deemed to mean the business of the Company at the time of termination.

Competitive Bid Loans. Each Borrower shall repay to the for the account of each Lender which has made a Competitive Bid Loan to such Borrower, and each other holder of a Competitive Bid Loan of such Borrower, on the maturity date of each Competitive Bid Loan made to such Borrower (such maturity date being that specified by the Company for repayment of such Competitive Bid Loan in the related Notice of Competitive Bid Loan Borrowing delivered pursuant to [Section 3.02] and provided in the Competitive Bid Loan Note, if any, evidencing such Competitive Bid Loan), the then unpaid principal amount of such Competitive Bid Loan.

For employees based in Colorado, Section # does not apply to you unless your annualized cash compensation from the Company is at least in and at least in . If your annualized cash compensation does exceed these thresholds, Section # still only restricts you from engaging in any activity for a competitive Business (as defined above) in which the use, disclosure, or misappropriation of Trade Secrets you had access to or obtained during your employment with the Company may provide the competitive Business with a competitive advantage against the Company, and/or otherwise cause harm to the Company

“Soliciting Activity” means to: directly or indirectly, # Solicit a Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, # interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and a Client, or # Solicit any person who is an Employee to resign from the Firm or to apply for or accept employment with, or agree to perform services for, any Competitive Enterprise.

Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.