Competitive Operation

Competitive Operation. Shall mean any business operation (other than the Company or one of its subsidiaries) if such operation is then primarily engaged in the acquisition or ownership of luxury or upscale hotels in urban, resort or convention markets in the United States, it being acknowledged and agreed that a Competitive Operation shall not include a business operation primarily engaged in (i) owning hotels other than luxury or upscale hotels; or (ii) franchising hotels to others; or (iii) managing hotels for... others. View More

Competitive Operation. The business operation of any enterprise if such operation engages in substantial and direct competition with any business operation actively conducted by the Company or its divisions and Subsidiaries on the date of the Participant's Termination of Service. A business operation will be considered a Competitive Operation if such business sells a competitive product or service that constitutes (i) 15% of that business's total sales or (ii) 15% of the total sales of any individual subsidiary or... division of that business and, in either event, the Company's sales of a similar product or service constitutes (x) 15% of the total sales of the Company or (y) 15% of the total sales of any individual Subsidiary or division of the Company. View More