LEXINGTON, Ky., Jan. 10 -- Lexmark International, Inc. has obtained a settlement from Hewlett-Packard and former Lexmark executive Bruce Dahlgren of the litigation regarding HP's employment of Dahlgren despite non-compete restrictions in Dahlgren's employment agreement with Lexmark.
"We are pleased with this settlement, which protects Lexmark's legitimate business interests. We are committed to enforcing our contractual agreements," said Vincent J. Cole, Lexmark vice president and general counsel.
Key elements of the settlement agreement include:
- Dahlgren may not intentionally interfere with Lexmark's relationships with its customers worldwide through July 9, 2008.
- During the same time period, Dahlgren may not solicit Lexmark personnel for employment at HP.
- Dahlgren must not disclose any confidential Lexmark business information.
- Lexmark will receive $525,000 to satisfy Lexmark's claim that, under the terms of Dahlgren's employment, stock option and restricted stock unit agreements, Dahlgren was obligated to repay.
- Any future dispute regarding the matter is stipulated to be within the jurisdiction of Fayette Circuit Court in Lexington, Ky.
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