Common use of COMPETITIVE CLAUSE Clause in Contracts

COMPETITIVE CLAUSE. 1. During the duration of this employment contract, the employee shall not in any form (paid or unpaid) work for, any company which is directly or indirectly in competition or has business relations with the Company. The maximum extent to which the employee may become linked to or take an interest in a company which is directly or indirectly in competition or has business relations with the Company is one where the employee does not have any influence and does thus not risk any conflict of interest. 2. The same applies for the duration of 12 (twelve) months following the termination of the employment contract. This competition clause refers to the area of paper machine clothing. During the duration of the competition clause following the termination of the employment contract, the employee is entitled to a compensation in the amount of 50 % of his fixed monthly salary (excluding the management bonus MIC) paid during the last year of his employment with the Company. This compensation becomes due at the end of each month. Any income the employee gets from any other occupation during this period will be deducted from the compensation. 3. The Company is entitled to waive in writing and before the employment contract ends, the provisions of the competitive clause which applies to the time following the employment. In such case, the Company’s obligation to pay the employee the above compensation shall cease 3(three) months upon receipt of the waiver by the employee.

COMPETITIVE CLAUSE. 1. During the duration of this employment contract, the employee shall not in any form (paid or unpaid) work for, any company which is directly or indirectly in competition or has business relations with the Company. The maximum extent to which the employee may become linked to or take an interest in a company which is directly or indirectly in competition or has business relations with the Company is one where the employee does not have any influence and does thus not risk any conflict of interest. 2. The same applies for the duration of 12 (twelve) months following the termination of the employment contract. This competition clause refers to the area of paper machine clothing. During the duration of the competition clause following the termination of the employment contract, the employee is entitled to a compensation in the amount of 50 50% of his fixed monthly salary (excluding the management bonus MIC) paid during the last year of his employment with the Company. This compensation becomes due at the end of each month. Any income the employee gets from any other occupation during this period will be deducted from the compensation. 3. The Company is entitled to waive in writing and before the employment contract ends, the provisions of the competitive clause which applies to the time following the employment. In such case, the Company’s obligation to pay the employee the above compensation shall cease 3(three3 (three) months upon receipt of the waiver by the employee.