Employees of the Business. Unless this Agreement has been terminated in accordance with the provisions of Section 8, except with the prior written approval of an authorized executive officer of Purchaser, Seller hereby covenants that it will not, for period of thirty-six (36) months after the execution of this Agreement, in any manner or capacity, hire or attempt to hire any employee or former employee of the Business or induce or attempt to induce any employee of the Business to terminate his employment with the Purchaser. In the event of a breach of this covenant, the parties agree that the amount of indemnification to be paid by Seller, as the case may be, under the provisions of Section 12 hereof with respect to such breach shall be an amount equal to two times the annual rate of salary being paid the employee or employees in question at the time of the breach.
Appears in 4 contracts
Samples: Security Agreement (Itex Corporation), Security Agreement (Itex Corporation), Security Agreement (Itex Corporation)
