Common use of Non-Compete Restriction Clause in Contracts

Non-Compete Restriction. Executive, therefore, agrees that during his employment by the Company and for a period of either (i) twelve (12) months thereafter if the Agreement is terminated by the Company Without Cause or by Executive for Good Reason; or (ii) twenty four (24) months thereafter if terminated by the Company for Cause or the Executive Without Cause (the “Restricted Period”), he will not (other than as a director, employee, agent or consultant of the Company), directly or indirectly, as an individual proprietor, partner, shareholder, member, officer, director, employee, consultant, independent contractor, joint venturer, investor or lender, participate in any business or enterprise anywhere in the world in the provision of services which are the same as, substantially similar to or competitive with the business and the services in which the Company is engaged or in which the Company was designing, developing, selling or providing at any time during Executive’s engagement hereunder unless Executive shall have obtained the prior written consent of the Board; provided, however, that the foregoing restrictions shall not be construed to prohibit the ownership by Executive of not more than two percent (2%) of any class of equity securities of any corporation which are publicly owned and regularly traded on any national securities exchange or over-the-counter market if such ownership represents a personal investment and neither Executive nor any group of persons including Executive either directly or indirectly in any way manages or exercises control of any such corporation, guarantees any of its financial obligations or otherwise takes part in its business other than exercising his right as an equity holder or seeks to do any of the foregoing.