Common use of Restrictive Covenants and Need for Protection Clause in Contracts

Restrictive Covenants and Need for Protection. Employee acknowledges that, because of his senior Employee position with the Company, he has or will develop knowledge of the affairs of the Company and its subsidiaries and their relationships with dealers, distributors and customers such that he could do serious damage to the financial welfare of the Company and/or its subsidiaries should he compete or assist others in competing with the business of the Company and/or its subsidiaries. Consequently, and in consideration of his employment with the Company, and for the benefits he is to receive under this Agreement, and for other good and valuable consideration, the receipt of which he hereby acknowledges, the Employee agrees as follows:

Restrictive Covenants and Need for Protection. Employee acknowledges that, because of his senior Employee position with the Company, he Employee has or will develop knowledge of the affairs of the Company and its subsidiaries and their relationships with dealers, distributors and customers such that he Employee could do serious damage to the financial welfare of the Company and/or its subsidiaries should he Employee compete or assist others in competing with the business of the Company and/or its subsidiaries. Consequently, and in consideration of his employment with the Company, and for the benefits he Employee is to receive under this Agreement, and for other good and valuable consideration, the receipt of which he Employee hereby acknowledges, the Employee agrees as follows: