Payments Firm Sphere Sues Executive Who Left to Join a Rival

A senior executive abruptly resigned and went to work for a competitor in breach of his covenants, Sphere Payments LLC said in a new lawsuit.

The software and financial technology company said he breached his contract when he took a similar position at PayArc LLC “days after” after resigning, the complaint filed Thursday in Delaware’s Chancery Court.

PayArc is a company that competes for partnerships with Sphere, the complaint said. The executive, Robert Thayer, signed an agreement not to perform the same work for a competitor operating in the same vicinities as Sphere for one year, it said.

Sphere repeatedly ...