前言
竞业禁止在开曼架构的投融资实践中主要表现为两种形式，一是目标公司与其员工劳动关系中的竞业禁止，此部分适用中国内地法律管辖；二是投资人及目标公司创始人在投资关系中的竞业禁止[1]，此部分一般适用香港法律管辖。我们将针对上述两种情况分别探讨开曼架构下应当如何适用竞业禁止以及竞业禁止条款的谈判要点。
一、 劳动关系下竞业禁止的适用
无论是投资人在尽职调查目标公司劳动人事情况时，或是目标公司与本公司核心团队签署竞业禁止协议时，需要关注以下要点：
二、 投资关系下竞业禁止的适用
开曼架构下的投资协议一般适用香港法，红筹架构下的融资主体是开曼公司。开曼法/香港法实质来源于英国法，因此开曼架构下竞业禁止条款的设置也需要参考英国法的规定。英国法院对基于劳动关系与基于投资关系形成的竞业禁止条款，在判断其有效性/强制性时具有不同态度。对于投资协议中的竞业禁止条款，英国法院偏向于认可其有效性/强制性（如在Guest Services Worldwide Ltd v Shelmerdine [2020] EWCA Civ 85一案中，英国上诉法院重申了对股东协议和其他商业性合同中竞业禁止条款有效性的态度）[8]；而对于劳动合同中的竞业禁止条款，英国法院偏向于从严把控，不轻易认可其有效性/强制性。[9]
受贸易限制原则（Doctrine of restraint of trade）的约束[10]，英国法院在判断竞业禁止条款是否具有有效性/强制性时通常考虑以下要点[11]：
三、 竞业禁止条款的谈判要点
竞业禁止条款的内容一般包括：目标公司经营业务范围、竞业禁止对象范围、违约责任等，但条款的具体内容应当如何细化需要结合实际及双方需求。
结语
开曼架构交易涉及竞业禁止内容时需要注意中国内地、开曼及香港多法域的合法合规，同时也需慎重考虑如何审查、拟定竞业禁止条款。最后，一如既往地，欢迎大家与胡Par交个朋友。
参见https://new.qq.com/omn/20210807/20210807A0BQXG00.html，《投资协议中竞业禁止条款的审查实务及示例参考》，腾讯网，2021年8月7日。
参见《劳动合同法》第二十四条：“竞业限制的人员限于用人单位的高级管理人员、高级技术人员和其他负有保密义务的人员。竞业限制的范围、地域、期限由用人单位与劳动者约定，竞业限制的约定不得违反法律、法规的规定。在解除或者终止劳动合同后，前款规定的人员到与本单位生产或者经营同类产品、从事同类业务的有竞争关系的其他用人单位，或者自己开业生产或者经营同类产品、从事同类业务的竞业限制期限，不得超过二年。”
参见最高法院出台的《关于审理劳动争议案件适用法律问题的解释（一）》第三十六条：“当事人在劳动合同或者保密协议中约定了竞业限制，但未约定解除或者终止劳动合同后给予劳动者经济补偿，劳动者履行了竞业限制义务，要求用人单位按照劳动者在劳动合同解除或者终止前十二个月平均工资的30%按月支付经济补偿的，人民法院应予支持。”
董事、监事、高级管理人员的竞业禁止义务属于法律规定的强制性义务。
高级技术人员和其他负有保密义务的人员的竞业禁止义务属于非法定强制性义务，需要由合同另行约定。
参见《深圳经济特区企业技术秘密保护条例(2019修正)》第二十四条：竞业限制协议约定的补偿费，按月计算不得少于该员工离开企业前最后十二个月月平均工资的二分之一。约定补偿费少于上述标准或者没有约定补偿费的，补偿费按照该员工离开企业前最后十二个月月平均工资的二分之一计算。
参见https://www.rpc.co.uk/perspectives/rpc-big-deal/restrictive-covenants-in-shareholders-agreements-and-commercial-contracts/，Restrictive covenants in shareholders' agreements and commercial contracts，“In Guest Services Worldwide Ltd v Shelmerdine [2020] EWCA Civ 85, the Court of Appeal reaffirmed the approach of the English courts to the enforceability of restrictive covenants in shareholders' agreements and other commercial contracts.”, RPC, 2020年3月6日。
参见 https://1.next.westlaw.com/8-200-3267?__lrTS=20211112123159747&transitionType=Default&contextData=(sc.Default)&isplcus=true&firstPage=true，Non-compete clause， practical law.“Restrictive covenants in employment contracts are generally viewed more strictly than those in commercial contracts, such as those between a seller and a buyer. They are usually less likely to be regarded as reasonable, because of the inequality of bargaining positions between employer and employee”
贸易限制原则（Doctrine of restraint of trade）：员工具有自由地从事其行业并使用其技能而不受不当干扰的权利。（The principle that an individual should be free to follow his trade and use his skills without undue interference.）
参见https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/525293/bis-16-270-non-compete-clause-call-for-evidence.pdf，non-compete clause call for evidence，UK Government Department for business innovation & skills.
参见https://1.next.westlaw.com/8-200-3267?__lrTS=20211112123159747&transitionType=Default&contextData=(sc.Default)&isplcus=true&firstPage=true，Non-compete clause， practical law.“Legitimate interest. To be enforceable, a restrictive covenant must be designed to protect a legitimate proprietary interest of the employer for which the restraint is reasonably necessary. Legitimate interests include an employer's trade connections with customers or suppliers, confidential information and maintaining the stability of the workforce.”
限制区域即为竞业禁止义务承担主体离职后一段时间内，在约定的限制区域内不得从业于与原单位有业务竞争的单位。
参见BVCA SSA Drafting Notes，The geographical scope. The Investors should only extend the area to what is necessary to protect the goodwill and the business (see clause 14.1(b)(i), but note that there are no geographical restrictions during the period any Founder is a director or employee of, or a consultant to, a Group Company).
参见BVCA SSA Drafting Notes，The duration of the covenant. The covenant at clause 14.1(a) applies for so long as a Founder remains a director or employee of, or a consultant to, a Group Company. However, the covenants at clause 14.1(b) only start to run from a Founder's Termination Date. While the courts may permit a longer period of restriction in a shareholders' agreement than they might in relation to covenants under a contract of employment, the Investors should carefully consider what period of restriction is justifiable.
参见https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/525293/bis-16-270-non-compete-clause-call-for-evidence.pdf， non-compete clause call for evidence，UK Government Department for business innovation & skills.“Such factors a court may look to when considering whether a clause is reasonable may include: The job and the influence of the worker • The geographical area of any restriction • The length of time of the post termination restriction • The type of interest and nature of the business being protected”
参见https://1.next.westlaw.com/8-200-3267?__lrTS=20211112123159747&transitionType=Default&contextData=(sc.Default)&isplcus=true&firstPage=true，Non-compete clause， practical law.“Restrictive covenants having the sole aim of preventing competition are never upheld by the court. A non-competition restriction must be designed to protect the employer's confidential information, trade secrets or customer connections, and prevent the employee from obtaining an unfair advantage by exploiting these for their own, or another employer's, benefit. Non-solicitation clauses are therefore looked on more favourably than pure non-competition clauses.”
参见https://new.qq.com/omn/20210807/20210807A0BQXG00.html，投资协议中竞业禁止条款的审查实务及示例参考，腾讯网。
参见https://new.qq.com/omn/20210807/20210807A0BQXG00.html，投资协议中竞业禁止条款的审查实务及示例参考，腾讯网。
参见https://hk.lexiscn.com/mnl/detail.php?meta_content_id=2348&eng=，PE投资十八条核心条款解读系列之竞业禁止条款，Lexisnexis。
参见BVCA Model SSA，Clause 14 Founder Covenants: he shall not: either on his own behalf or in any other capacity whatsoever directly or indirectly endeavour to entice away from the Company or solicit any person, firm or company who was a client, customer, supplier, agent or distributor of the Company during the Period with whom he shall have been engaged or involved by virtue of his duties during the Period in competition with or to the detriment of the Company；
参见BVCA Model SSA，Clause 14 Founder Covenants: he shall not: while he is a director or employee of, or a consultant to, the Company carry on or be concerned, engaged or interested directly or indirectly (in any capacity whatsoever) in any trade or business competing with the trade or business of the Company as carried on at the time or, in relation to any trade or business of the Company that he has been engaged or involved in, at any time during a period of two years immediately preceding that time;
参见BVCA Model SSA，The SSA contains a total prohibition on the Founders' involvement with competing businesses. However, Investors will commonly allow the Founders to hold shares of companies traded on a securities market, even if such a company competes with the Company. Such a carve-out appears in clause 14.1
参见https://mp.weixin.qq.com/s/jOZjLqapNzZdIn6WoYUDIA，投资协议中竞业禁止条款的审查实务及示例参考，积募。
