A.M. to 6.00 P.M. on each week day, except Saturday; and, on Saturday, such working hours shall be from 8.30 A.M. to 1.00 P.M. 4. The First Party shall pay the Second Party, as compensation for his services as aforesaid, the sum of one hundred and fifty ($150) dollars a week, at the end of each week, during the first year, and the sum of two hundred ($200) dollars a week, at the end of each week, during the second year, of this agreement. 5. It is expressly agreed that, if the work of the Second Party shall not be performed in a manner satisfactory to the First Party, or to the customers of the First Party, that then, and in such event, the First Party shall have the right, at any time, during the period of this agreement, to discharge the Second Party; and, upon such discharge, the First Party shall be released of all further obligations, or liabilities, hereunder. 6. That this agreement shall begin on the date hereof, and shall, except as herein otherwise provided, terminate on January 4, 1925. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, the day and year first above written. In the presence of John Jones. John Doe (L.S.). SECTION 2.-MISCELLANY. No. 302. Agreement terminating agreement of employment, with mutual release.1 THIS AGREEMENT, made January 5, 1923, between John Doe, residing at No. 111⁄2 Broadway, Borough of Manhattan, New York City (herein called the "First Party"), and Richard Roe, 'residing at No. 372 Broadway, Borough of Manhattan, New York City (herein called the "Second Party"), WITNESSETH: WHEREAS, the said parties heretofore entered into a contract, dated September 5, 1922, whereunder the First Party agreed to work for the Second Party for a period of one year from September 5, 1922; and WHEREAS, the First Party is unwilling to continue in the em "Ct. Martin v. New York Life Ins. Co. (1895), 148 N. Y. 117, 42 N. E. 516. ploy of the Second Party, and has requested the Second Party to cancel the said agreement: Now, THEREFORE, IT IS HEREBY MUTUALLY AGREED, AS FOLLOWS: 1. That the said contract hereby is cancelled, without further liability to either party as against the other. 2. That the First Party hereby acknowledges the receipt from the Second Party of the sum of five hundred ($500) dollars, in full payment of all services performed by the First Party for the Second Party, under the said contract, or otherwise. 3. That each party hereby releases and forever discharges the other party from all moneys, claims, demands, contracts and actions whatsoever, up to, and including, the date hereof. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, the day and year first above written. In the presence of John Doe (L.S.). No. 303. Clause making certificate of employer's accountant conclusive in ascertaining employee's share of profits.18 The certificate of the Employer's accountant, or accountants, specifying, under his, or their, hand and seal, the amount of net profits earned in the Employer's business during the year, shall be accepted by each of the parties as conclusive evidence of the amount of the net profits in which the Employee is, as herein provided, entitled to share. No. 304. Clause permitting employer to transfer agreement of hiring to corporation acquiring his business.19 That, if the Employer shall sell, assign or transfer his business to any corporation and shall become the owner of not less than seventy-five (75%) per cent of its authorized capital stock, then, and in such event, the Employer shall have the right to assign 18 Cf. U. 8. v. Gleason (1900), 175 U. S. 588, 20 Sup. Ct. Rep. 588, 44 Law ed. 284. 19 Cf. Kessler v. Chappelle (1902), 73 App. Div. 447, 77 N. Y. Supp. 287; Griffin v. Brooklyn Ball Club (1902), 68 App. Div. 566, 73 N. Y. Supp. 864. all of his right, title and interest in this contract to such corporation, provided, however, that such corporation shall assume and agree to perform, from and after the date of such assignment, all the terms, provisions and agreements thereof, with the same force and effect as if such corporation had originally been the Employer hereunder; and, in the event of such assignment by the Employer and of such assumption and agreement by the corporation, all further rights, as well as all further obligations, of the Employer under this agreement shall forthwith cease and terminate. No. 305. Clause prohibiting employee from disclosing employer's trade secrets or working for others.20 It is agreed that the First Party will not, directly or indirectly, furnish, or divulge, the names of any customers of the Second Party, or of any prospective customers of the Second Party, or of any persons who have heretofore traded and dealt with the Second Party, nor will he, at any time during the life of this contract, or at any time in the future, disclose, or furnish, to any other person, firm, or corporation, the methods of conducting the business of the Second Party, or the manner in which the Second Party packs its goods, nor will he furnish to any person, firm or corporation a description of any of the methods of obtaining business, or of packing goods, or of advertising the same, or of obtaining customers therefor, or, the manner, or process, of manufacture of any of the articles made by the Second Party, or of the processes which enter into the manufacture of the same, or disclose to any person, firm, or corporation any information obtained by the First Party, during the course of said employment; and that the First Party will not, after working hours, or at any other time, or place, engage in conversation with other employees of the Second Party, concerning the articles manufactured by the Second Party, or any of the processes by, or through, which, the same are made, and further, that the First Party will not, for a period of eight years, from the expiration of this contract of employment, or during the term thereof, enter the employ of any competitor, or of any person, firm or corporation handling, or manufacturing, in the State of 20 Adapted from Clark Paper & Mfg. Co. v. Stenacher (1919), 177 N. Y. Supp. 614. New York, the same line of goods as the Second Party; and it is further agreed that the First Party will not, at any time referred to in this agreement or at any future time, disclose any of the processes used by the Second Party in the manufacture of any of the articles manufactured or sold by it, no matter from whom or in what manner the First Party may have acquired such information. No. 306. Clause terminating contract of hiring, upon destruction or injury by fire of employer's factory or office.21 That, if the factory, or office, of the Employer shall be destroyed by fire, or shall be so damaged by fire that the Employer shall be unable to resume the customary conduct or transaction of his business therein, within a period of four weeks after the occurrence of such fire, then, and in such event, this contract shall cease and terminate as of the date of such fire, and each of the parties hereto thenceforth shall be released and discharged of, and from, all and singular their promises, agreements and covenants hereunder. n Cf. Madden v. Jacobs (1901), 52 La. Ann. 2107, 28 So. 225, 50 L. R. A. 827. CHAPTER XV MORTGAGOR AND MORTGAGEE Section 1.-Mortgages Relating to Personal Property. No. 307-Mortgage of chattels, No. 308-Mortgage of chattels, leasehold and liquor licenses to secure existing and future indebtedness, payable on demand, whereunder mortgagee, upon default, may obtain appointment of receiver, take possession of, sell, or take title to, the mortgaged property. Section 2.-Mortgages Relating to Real Property. No. 309-Mortgage-statutory form. No. 310-Mortgage to be executed by corporation, or individuallong form. No. 311-Trust mortgage of leasehold estate and building to be erected thereon, to secure issue of first mortgage six per cent gold bonds of different maturities, redeemable, as a whole or in part, upon any interest date, upon thirty days' notice, at a premium of 2%, whereunder mortgagor covenants to erect building in accordance with specified plans, to pay interest on bonds without deduction of federal income tax up to 4%, and monthly to deposit specific sums for amortization of issue. Section 3.-Miscellany. No. 312-Agreement to execute adjustment mortgage to secure issue of 7% adjustment mortgage gold bonds, upon obtaining consent of stockholders, whereunder railroad company agrees to offer the same for sale to its stockholders, and syndicate, in return for commission, is formed to underwrite the issue. |