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Front Royal - Non-solicitation Agreement
NON-SOLICITATION AGREEMENT
NON-SOLICITATION AGREEMENT, dated as of December 31, 1996, between FRONT ROYAL, INC., a North Carolina corporation with its principal offices at 2200 Gateway Boulevard, Suite 205, Morrisville, NC 27560 (the "Corporation"), and BRUCE ECKERT whose principal address is 518 Auburn Avenue, Wyndmoor, PA 19038 ("Eckert").
W I T N E S S E T H:
WHEREAS, concurrently with the execution and delivery of this Agreement, and pursuant to the terms of a Stock Purchase Agreement, dated as of December 6, 1996 (the "Stock Purchase Agreement"), among PIC Insurance Group, Inc. ("PIC") and Trirock Limited Partnership ("Trirock"), as sellers, and the Corporation, as buyer, the Corporation purchased from Trirock 250,000 shares of Class A Common Stock, no par value, of Rockwood Casualty Insurance Company ("Rockwood"), constituting 50% of all of the issued and outstanding shares of Class A Common Stock;
WHEREAS, Eckert is a limited partner of Trirock and the former chief executive officer of Rockwood;
WHEREAS, concurrently with the execution and delivery of the Stock Purchase Agreement, and as a condition to consummation of the closing (as defined in the Stock Purchase Agreement), the General Partners of Trirock are bound to execute and deliver to the Corporation thier Non-Compete, Non-Solicitation and Consulting Agreements (the "Trirock Agreements");
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:
1. Term of the Agreement. The term of this Agreement shall commence on the date hereof and continue through the tenth anniversary of the date hereof (the "Term").
2. Covenant Not to Solicit. Eckert agrees that, during the Term of this Agreement, he shall not directly or indirectly (i) solicit, entice, persuade or seek to induce any person who is or was an employee of, or consultant to Rockwood on the date hereof or at any time during the Term of this Agreement or the six-month period prior to the date hereof, to terminate his or her employment or consultancy with Rockwood, or (ii) solicit, entice, persuade or seek to induce, for his own account or for the account of any other
person, any person who is or was an employee or consultant of Rockwood on the date hereof or at any time during the term of this Agreement or the six-month period prior to the date hereof, for employment with any insurance company
writing workers compensation or related lines of insurance, or (iii) approach any such employee or consultant for any of the foregoing purposes, or (iv) authorize or assist in the taking of any such actions by any third party.
3. General. (a) This Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania applicable to agreements made and to be perform...
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