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Compensation For Signing A Non Compete Agreement
"I need a Compensation For Signing A Non Compete Agreement for a senior software developer in Malaysia who will be leaving our fintech company in March 2025, focusing on protecting our proprietary trading algorithms and preventing work with competitors in Southeast Asia for 12 months."
1. Parties: Identifies and provides full details of the parties entering into the agreement - typically the employer and the employee
2. Background: Sets out the context of the agreement, including the employee's role and access to confidential information/trade secrets
3. Definitions: Defines key terms used throughout the agreement, including 'Restricted Business', 'Territory', 'Confidential Information', etc.
4. Non-Compete Obligations: Details the specific restrictions including duration, geographical scope, and prohibited activities
5. Compensation: Specifies the amount, timing, and method of compensation payment for the non-compete obligations
6. Payment Terms: Details the schedule of payments, including any conditions or prerequisites for payment
7. Duration: Specifies the time period during which the non-compete obligations will be in effect
8. Acknowledgments: Employee's acknowledgment that restrictions are reasonable and compensation is adequate
9. Breach and Remedies: Outlines consequences of breach and available remedies
10. Governing Law: Specifies that Malaysian law governs the agreement
1. Garden Leave: Include when the agreement incorporates a garden leave period during which the employee remains employed but does not work
2. Non-Solicitation: Include when additional restrictions on soliciting employees, customers, or suppliers are needed
3. Confidentiality: Include when separate confidentiality obligations need to be specified beyond standard non-compete
4. Tax Provisions: Include when specific tax treatment needs to be addressed or clarified
5. Severability: Include when there's a need to ensure partial enforcement if some provisions are found invalid
6. Return of Property: Include when there are specific company properties or documents to be returned
1. Schedule 1 - Compensation Details: Detailed breakdown of compensation amount, payment schedule, and any conditions
2. Schedule 2 - Restricted Territory: Detailed description or maps of the geographical area covered by restrictions
3. Schedule 3 - Restricted Business Activities: Comprehensive list of specific business activities covered by the non-compete
4. Appendix A - Confidential Information: List of specific confidential information and trade secrets the employee has had access to
5. Appendix B - Previous Agreements: List of any relevant previous agreements between the parties that may affect this agreement
Authors
Technology
Financial Services
Professional Services
Healthcare
Manufacturing
Telecommunications
Pharmaceuticals
Research & Development
Consulting
Software Development
Biotechnology
Engineering
Human Resources
Legal
Executive Leadership
Sales
Research & Development
Information Technology
Product Development
Business Development
Engineering
Client Services
Finance
Chief Executive Officer
Chief Technology Officer
Senior Manager
Technical Lead
Sales Director
Research Scientist
Software Engineer
Business Development Manager
Product Manager
Account Executive
Senior Consultant
Department Head
Regional Manager
Technical Specialist
Senior Developer
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