"it is pretty hard to compete with SPNG when they do not do anything."
From the employment agreement:
"8. You agree that you will not, at any time, during the Term of this Agreement, and for one (1) year following (a) the termination of this Agreement or your employment hereunder by the Company or SpongeTech for Cause, or (b) your termination of this Agreement for Good Reason, either directly or indirectly, engage in, with or for any enterprise, institution, whether or not for profit, business, or company, competitive with the “Business” of the Company or Spongetech as such Business may be conducted on the date thereof, as a creditor, guarantor, or financial backer, stockholder, director, officer, consultant, advisor, employee, member, or otherwise of or through any corporation, partnership, association, sole proprietorship or other entity; provided, that an investment by you, your spouse or your children is permitted if such investment is not more than four percent (4%) of the total debt or equity capital of any such competitive enterprise or business."
It's a little tricky. While Spongetech obviously didn't have any "Business" to compete with on the date that WC signed on with his new company, I suppose there could be a question about whether the Company (aka Dicon) did. I've been browbeaten for suggesting that Spongetech might have a leg to stand on regarding this issue, so I'm making no such claim here. But.....
While poking around, I noticed that this letter found its way from a message board to a more public place, Congress.org. It's a letter from a Gary Jacob to Senator Schumer that includes the following statements:
"From what I understand. Mr. Celia is a CONVICTED FELON. He was supposedly found guilty of crimes similar to what we are talking about here."
Capitalization and punctuation per the Congress.org reproduction. The website also declares that "All messages are published with permission of the sender."
Committing those thoughts to writing might not have been a great idea.
Whatever it is, I'm against it............Groucho
