Common use of Enforcement of Protective Covenants Clause in Contracts

Enforcement of Protective Covenants. Executive acknowledges and agrees that the covenants in Sections 5.c through 5.g (the “Protective Covenants”) are necessary to protect the Company’s legitimate business interests. In the event that Executive breaches, or threatens to breach, the Protective Covenants, Executive agrees that the Company shall have the right and remedy to: (i) enjoin Executive, preliminarily and permanently (without the necessity of posting bond), from violating or threatening to violate the Protective Covenants because any breach or threatened breach of the Protective Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy; (ii) require Executive to account for and pay over to the Company all compensation, profits, monies, or other benefits derived or received by Executive as the result of any breach of the Protective Covenants; and (iii) require Executive to pay the reasonable attorneys’ fees and costs incurred by the Company in enforcing the Protective Covenants. In addition to and not in lieu of any other remedy to which the Company may be entitled, no further payments or benefits of any kind that would otherwise inure to Executive pursuant to Section 3.c of this Agreement shall accrue or be owed, and all future payments and benefits thereunder shall be forfeited, immediately upon Executive’s breach of any of the covenants in this Section 5.

Appears in 1 contract

Samples: Separation Agreement (United Parcel Service Inc)

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