WTET PROGRAM Clause Samples
The WTET PROGRAM clause establishes the terms and conditions governing participation in the WTET (Workforce Training and Education Trust) program. It typically outlines eligibility requirements, the scope of benefits or services provided, and the responsibilities of both the program administrators and participants. For example, it may specify the types of training covered, application procedures, and compliance obligations. The core function of this clause is to ensure clear understanding and administration of the WTET program, thereby facilitating access to workforce training opportunities while setting expectations for all parties involved.
WTET PROGRAM a. Seller is a party to a certain Weapons Team Engagement Commercialization Agreement, Number N0014-96-2-5000, with the Office of Naval Research (the "WTET Agreement"), which Buyer has reviewed. Buyer and Seller agree to cooperate and use their best efforts in seeking novation of the WTET Agreement. Buyer agrees, until novation of the WTET Agreement is effective, to perform by subcontract with Seller on terms mutually agreeable to Seller and Buyer, certain work under the WTET Agreement. Between the date hereof and novation, Buyer agrees to defend, indemnify, and hold Seller harmless from all liability arising on or after the Closing Date in connection with the WTET Agreement, unless caused by Seller prior to novation. b. Any and all payments under the WTET Agreement made after the date hereof shall be payable to Buyer. ARTICLE VII ADDITIONAL AGREEMENTS ---------------------
7.1. COVENANT NOT TO COMPETE OR SOLICIT BUSINESS.
(a) In furtherance of the sale of the Purchased Assets and the Business to Buyer hereunder by virtue of the transactions contemplated hereby and more effectively to protect the value and goodwill of the Purchased Assets and the Business so sold, Seller covenants and agrees that, for a period ending on the fifth (5th) anniversary of the Closing Date, neither Seller nor any of its Affiliates will:
(i) directly or indirectly (whether as principal, agent, independent contractor, partner or otherwise) own, manage, operate, control, participate in, perform services for, or otherwise carry on, a business similar to or competitive with the Business of ICAT anywhere throughout the world (it being understood by the parties hereto that the Business of ICAT is worldwide in nature, and that such business may be engaged in effectively from any location throughout the world); or
(ii) induce or attempt to persuade any employee, agent or customer of Buyer to terminate such employment, agency or business relationship in order to enter into any such relationship on behalf of any other business organization in competition with the Business; PROVIDED, HOWEVER, that nothing set forth in this SECTION 7.1 shall prohibit Seller or its Affiliates from owning not in excess of 5% in the aggregate of any class of capital stock of any corporation if such stock is publicly traded and listed on any national or regional stock exchange or on the NASDAQ market system.
(b) Except as specifically set forth in Schedules 5.11 and 5.13(G), Seller covenants and agrees that neit...