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Reading extracts from a non-competition agreement (2)

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1. PURPOSE OF THIS AGREEMENT. The parties to this Agreement recognize that Employee is performing services in a confidential capacity and has acquired and will be acquiring valuable proprietary information that is of a sensitive and confidential nature, which, if made known to individuals or entities not employed by Company, would materially harm Company and its goodwill or reputation for fair dealing and provide an unfair advantage to its competitors.

2. CONFIDENTIALITY. “Confidential Information” shall mean all Company proprietary information, technical data, trade secrets and know-how. Employee will not disclose, reveal, release, or use any Confidential Information at any time either during or after the term of employment, except at the request of the Company. Employee hereby acknowledges and agrees that all Company documents and property, all Confidential Information and equipment furnished to the Employee in the course of or related or incident to his/her employment, belong to the Company and shall be promptly returned to the Company upon termination of employment.

3. RESTRICTIVE COVENANT. In consideration of Employee’s employment and continuing employment and in recognition of the fact that Employee has access to, has received and will receive additional Confidential Information and that Company’s relationship with its current and prospective customers and suppliers constitutes a substantial part of its goodwill, Employee agrees that if Employee leaves Company for any reason, Employee will not for a period of one year following termination of Employee’s employment with Company work for any competing business entity. Notwithstanding and despite the foregoing, Employee may own less than two percent (2%) of any class of stock or security of any corporation that competes with Company listed on a national securities exchange.

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