6.5.1Restriction. Throughout Employee’s employment under this Agreement and during 12 months after termination thereof, Employee agrees that without the Company’s prior written approval Employee shall not, in any manner whatsoever, directly, or indirectly, either for Employee’s own account or for the account of third parties, either against or without consideration:
a. perform services or work for;
b. act as an intermediary in whatsoever manner for or on behalf of; and/or
c. hold any financial interest in;
any person, legal entity and/or business, carrying out commercial activities, services and/or financial products, that are identical, similar or in any way in competition with those of the Company and/or any Maverick Derivatives Entity and/or be involved in any activity which is in competition with an activity, service and/or product carried on by the Company and/or any Maverick Derivatives Entity or – demonstrably – scheduled to be carried on by the Company and/or any Maverick Derivatives Entity at the time of termination of the Agreement.
6.5.2Compelling Business Interests. The Non-Competition clause aims to prevent competitive activities and competing parties from developing identical or similar products and services on the basis of recent, specific, strategic, crucial and / or essential knowledge, skills and commercial insider information that Employee acquired pursuant to the employment with the Company. As a Trading Analyst Employee is trained on the job to specialize in analyzing vast volumes of both publicly available data as well as confidential data gained or developed by the Company with the goal to identify the optimal trading opportunities for Maverick Derivatives’ stakeholders. The training on the job and the proper fulfillment of the job requirements demand that Employee:
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- is made privy to highly competition sensitive information enabling Employee to efficiently research and analyze information to find optimal trading opportunities for Maverick Derivatives’ stakeholders;
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- has full access to and understanding of Maverick Derivatives’ trading positioning enabling Employee to monitor and rebalance existing trading positioning;
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- has full understanding of Maverick Derivatives’ systems and infrastructure elements enabling Employee to secure proper functioning thereof;
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- is either directly or indirectly involved in the full cycle all matters relating to the Company’s approach to making research-based trades;
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- receives all-round training and gains exclusive experience in the trader analytic field essential to the Company;
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- must have a thorough understanding of the trading strategy of the Company;
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- receives continuous training and development opportunities to become a proficient Trading Analyst in the Maverick Derivatives trading methods and approach.
Maverick Derivatives invests heavily in its employees and in the data analysis and market research as this forms the scientific basis for the way it organizes and executes its core trading business. By nature the analysis and research results are highly competition sensitive as these form the foundation for selecting trading transactions. Maverick Derivatives cannot protect its justified business interests sufficiently without the non-competition clause reflected in this Article 6.5. The nature of the Duties and the fact that the Company operates in a highly competitive and fast-paced market with substantial financial stakes, creates a substantial commercial risk for the Company if Employee would enter the service of or otherwise commit themselves to a competing party or engages in competing activities. Employee recognizes the interests of the Company and accepts the non-competition clause in view of this compelling business and service interest.”
(iv) Op 13 mei 2022 heeft [geïntimeerde] de arbeidsovereenkomst opgezegd.
( v) Op 20 mei 2022 is tussen partijen een vaststellingsovereenkomst gesloten waarin is bepaald dat de arbeidsovereenkomst met wederzijds goedvinden is geëindigd. Artikel 1.4 van de vaststellingsovereenkomst luidt, voor zover van belang, als volgt:
“Mr [geïntimeerde] agrees that he shall not undertake any activities that are in competition with Maverick Derivatives’ business activities as is set out in Article 6.5. of the Employment Agreement between Mr [geïntimeerde] and Maverick Derivatives Coöperatief U.A. (…) and that he shall not, either directly or indirectly, either for or without pay, accept employment with and/or provide services to a competitor of Maverick until the 20th of May, 2023.”
(vi) Bij e-mail van 25 mei 2022 heeft [geïntimeerde] Maverick laten weten dat hij als Quantitative Trader, Associate bij GSR in [woonplaats] aan de slag zou willen gaan. GSR is een handelsbedrijf dat zich richt op het handelen in cryptocurrency.
(vii) Bij e-mail van 11 juni 2022 heeft Maverick aan [geïntimeerde] laten weten dat het concurrentiebeding daar geen ruimte voor biedt.
(viii) Bij e-mail van 17 juni 2022 heeft [geïntimeerde] aan Maverick geschreven dat hij de vaststellingsovereenkomst buitengerechtelijk vernietigt wegens misbruik van omstandigheden.
(ix) GSR heeft [geïntimeerde] een dienstverband aangeboden met ingang van 1 september 2022 in de functie van Quantitative Trader, Associate. [geïntimeerde] is met ingang van laatstgenoemde datum werkzaam voor GSR.
( x) Een schriftelijke verklaring d.d. 6 september 2022 van V. [naam 2], medeoprichter en directeur van Maverick, luidt als volgt, voor zover van belang:
“The training program at Maverick Derivatives is aimed at creating strong foundations in the basic skills required for a trainee to be a successful options trader irrespective of their existing knowledge. (…) The program is eight-weeks long and is a combination of in-classroom learning and practical training. The first few weeks are focused on covering the theory behind derivative pricing with focus on pricing volatility in American options. (…) We have dedicated sections of the trainee program where I discuss the peculiarity of crypto markets and crypto derivatives pricing, that is very sensitive. [geïntimeerde] was part of those sessions too.
During his employment with Maverick Derivatives [geïntimeerde]:
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took part in trader training that covered concepts relevant for crypto derivatives
trading that are not well understood by competitors;
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was conducting research in traditional markets and certain derivatives related to
crypto;
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had access to chats where crypto trading was discussed continuously and trading
strategies were shared;
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was sitting few meters away from the crypto team in an open working office
where a mutual cooperation between the US equity options team and the crypto
team takes place on an daily basis.”
(xi) Een schriftelijke verklaring d.d. 6 september 2022 van [naam 1], Chief Technical Officer van Maverick, luidt als volgt, voor zover van belang:
“Als Chief Technical Officer van MD (Maverick Derivatives, hof) ben ik verantwoordelijk voor de gehele IT omgeving, met name op het gebied van beschikbaarheid en veiligheid van de IT infrastructuur binnen MD. In mijn hoedanigheid van CTO heb ik verzoeken voor het verlenen van toegang voor [geïntimeerde] moeten beoordelen en goedkeuren.
In onze IT omgeving worden veel systemen en applicaties gedeeld tussen crypto markten en de traditionele markten. Dit zorgt ervoor dat toegang tot de ene omgeving automatisch toegang geeft tot de andere omgeving. De database is het meest prominente voorbeeld hiervan. Deze database is voor iedereen toegankelijk die zich bezig houdt met de handel. Er is binnen de database geen scheiding tussen de crypto en de traditionele markten. [geïntimeerde] had read-only access tot onze primaire database, waarin bedrijfsgevoelige informatie stond die gerelateerd is aan onze handelsactiviteiten, waaronder ook crypto handel. Zonder deze toegang zou [geïntimeerde] zijn werk niet kunnen uitvoeren. [geïntimeerde] heeft verder toegang gehad tot de source code van onze handelsapplicaties voor crypto en traditionele optiehandel. Gedurende zijn tijd bij Maverick Derivatives heeft [geïntimeerde] wijzigingen aangebracht aan programma’s die gerelateerd zijn aan de crypto en de traditionele optiehandel.”