Common use of Need for Protection Clause in Contracts

Need for Protection. Executive acknowledges that, because of his Senior Executive position with the Company, his knowledge of the affairs of the Company and his relations with its dealers, distributors and customers are such that he could do serious damage to the financial welfare of the Company, should he compete or assist others in competing with the business of the Company. Consequently, in his Employment Agreement with the Company dated as of January 1, 1997, he agreed, in SECTION 8 thereof, not to disclose certain information to any competitor, and, in SECTION 9 thereof, not to compete with the Company for three (3) years after the termination of his employment. Both parties hereto agree that SECTIONS 8 AND 9 of the Executive's Employment Agreement dated as of January 1, 1997, need clarification and modification, while maintaining the basic intent of the parties in said regard. Accordingly, SECTIONS 8 AND 9 are modified as follows:

Need for Protection. Executive acknowledges that, because of his Senior Executive position with the Company, his knowledge of the affairs of the Company and his relations with its dealers, distributors and customers are such that he could do serious damage to the financial welfare of the Company, should he compete or assist others in competing with the business of the Company. Consequently, in his Employment Agreement with the Company dated as of January 1November 20, 19971996, he agreed, in SECTION 8 thereof, not to disclose certain information to any competitor, and, in SECTION 9 thereof, not to compete with the Company for three (3) years after the termination of his employment. Both parties hereto agree that SECTIONS 8 AND 9 of the Executive's Employment Agreement dated as of January 1November 20, 19971996, need clarification and modification, while maintaining the basic intent of the parties in said regard. Accordingly, SECTIONS 8 AND 9 are modified as follows:

Need for Protection. Executive acknowledges that, because of his Senior Executive position with the Company, his knowledge of the affairs of the Company and his relations with its dealers, distributors and customers are such that he could do serious damage to the financial welfare of the Company, should he compete or assist others in competing with the business of the Company. Consequently, in his Employment Agreement with the Company dated as of January May 1, 19971998, he agreed, in SECTION 8 thereof, not to disclose certain information to any competitor, and, in SECTION 9 thereof, not to compete with the Company for three (3) years after the termination of his employment. Both parties hereto agree that SECTIONS 8 AND 9 of the Executive's Employment Agreement dated as of January May 1, 19971998, need clarification and modification, while maintaining the basic intent of the parties in said regard. Accordingly, SECTIONS 8 AND 9 are modified as follows: