NON-COMPETITION AGREEMENTNonCompetition Agreement |
|
|
|
You are currently viewing: This NonCompetition Agreement involves
NELNET INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search NonCompetition Agreement by:
Exhibit 10.2
NON-COMPETITION AGREEMENT
This Non-Competition Agreement (the Agreement) is entered into as of this 10th day of June,
2005, between FACTS Management Co., a Nebraska corporation (the Corporation) and Timothy A. Tewes
(Employee).
WITNESSETH:
WHEREAS, Employee is employed by the Corporation and has and will continue to gain extensive
and valuable information, experience and knowledge in connection with the Corporations business
and will continue to have extensive contacts with customers and clients of the Corporation in the
development of goodwill, which would make it possible for the Employee to divert such goodwill for
his own account and he could attract new customers based upon his experience, knowledge and
reputation gained in the Corporations business and in the industry in which the Corporation
operates; and
WHEREAS, pursuant to that certain Stock Purchase Agreement dated as of May 31, 2005 (the
Stock Purchase Agreement) among Nelnet, Inc., Employee and others, as of June 10, 2005, Nelnet,
Inc. will be purchasing from the Employee (and other shareholders) certain shares of the issued and
outstanding capital stock of the Corporation so that Nelnet, Inc. will be the owner of 80% of all
of the issued and outstanding common stock of the Corporation; and
WHEREAS, as a condition of and as an inducement to Nelnet, Inc. becoming owner of the stock of
the Corporation being sold by Employee, Employee (as one of the shareholders of the Corporation)
has agreed to enter into this Agreement; and
WHEREAS, in consideration of entering into the Stock Purchase Agreement, payment by Nelnet,
Inc. in the amount set forth in Schedule 2.1.1 of the Stock Purchase Agreement, as well as the
Employees continued employment with the Corporation, the parties have agreed to enter into this
Agreement.
NOW, THEREFORE, in consideration of the foregoing preambles, and as an inducement for Nelnet,
Inc. to enter into the Stock Purchase Agreement, for payment by Nelnet, Inc. of the amount set
forth in Schedule 2.1.1 of the Stock Purchase Agreement, and for the Corporation to continue the
employment of the Employee, the parties agree as follows:
1. Confidential Trade Secrets. Employee understands and agrees that all pricing
information, sales materials, customer lists, software programs, customer agreements, marketing
plans, methods of operation of the Corporations business, and all other materials and information
furnished to or made available to Employee or to which Employee has access, specifically including
the names of all persons (hereinafter referred to as customers) who have purchased or are
purchasing services or goods from the Corporation, and the information relating to the contracts or
transactions with such customers are confidential trade secrets of the Employer. Employee shall
not, during or after the term of this Agreement, disclose or use any such information in an






