Nike 2010 Annual Report Download - page 132
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Exhibit 10.23
COVENANT NOT TO COMPETE
AND NON−DISCLOSURE AGREEMENT
PARTIES:
Eric Dean Sprunk (“EMPLOYEE”)
and
NIKE, Inc., divisions, subsidiaries
and affiliates. (“NIKE”):
RECITALS:
A. This Covenant Not to Compete and Non−Disclosure Agreement is executed upon initial employment or upon the EMPLOYEE’s advancement
with NIKE and is a condition of such employment or advancement.
B. Over the course of EMPLOYEE’s employment with NIKE, EMPLOYEE will be or has been exposed to and/or is in a position to develop
confidential information peculiar to NIKE’s business and not generally known to the public as defined below (“Protected Information”). It is anticipated that
EMPLOYEE will continue to be exposed to Protected Information of greater sensitivity as EMPLOYEE advances in the company.
C. The nature of NIKE’s business is highly competitive and disclosure of any Protected Information would result in severe damage to NIKE and
be difficult to measure.
D. NIKE makes use of its Protected Information throughout the world. Protected Information of NIKE can be used to NIKE’s detriment anywhere
in the world.
AGREEMENT:
In consideration of the foregoing, and the terms and conditions set forth below, the parties agree as follows:
1. Covenant Not to Compete.
(a) Competition Restriction. During EMPLOYEE’s employment by NIKE, under the terms of any employment contract or otherwise, and
for one year thereafter, (the “Restriction Period”), EMPLOYEE will not directly or indirectly, own, manage, control, or participate in the ownership,