- 3 - purchase price to be paid by Donald C. Chiappetti under the purchase contract to various items, including an item referred to in that exhibit as a "Covenant Not to Compete executed by Dr. Donald L. Chiappetti" and an item referred to in that section as a "Covenant Not to Compete". The purchase contract contained the following language with respect to a covenant not to compete: Section 7. Covenant Not to Compete. In connec- tion with the sale of the above-mentioned assets, Donald L. Chiappetti (the sole shareholder of Seller) agrees that he will not, for a period of five (5) years from the date of closing, engage in the practice of general dentistry within a ten (10) mile radius of the office located at 7125 E. Lincoln Drive, Scottsdale, Arizona 85253. Donald L. Chiappetti agrees to honor the spirit of this covenant and specifically agrees not to solicit patients treated at said location in the event he practices elsewhere in the future. Purchaser agrees that, in the event of a default by him on any Promissory Note to Seller, that [sic] Purchaser will not engage in the practice of general dentistry within a radius of ten (10) miles from the above referenced location for a period of five (5) years from the date of default. Purchaser further agrees that, in the event of such default, any Covenant Not to Compete that has been provided by Donald L. Chiappetti will be of no further force and effect. Although petitioner signed the purchase contract on behalf of CPC as its "President", because Donald C. Chiappetti wanted petitioner to execute the above-quoted covenant not to compete in his individual capacity, that covenant was executed by "Donald L. Chiappetti, Individually". (We shall refer to the covenant not to compete that is contained in section 7 of the purchase con-Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011