Common use of Noncompetition Obligations Clause in Contracts

Noncompetition Obligations. For purposes of this Agreement, the term "Restricted Period" shall mean the period beginning on the date of this Agreement and ending on the four (4)-year anniversary. In consideration of a cash payment of $525,000, to be paid on December 31, 2006 (the "Noncompetition Lump Sum Consideration") and other valuable consideration (collectively, the "Noncompetition Consideration"), Executive expressly covenants and agrees that during the Restricted Period, Executive will not, directly or indirectly, on behalf of any other person, firm, limited liability company, partnership or corporation, as owner, employee, creditor, consultant or otherwise, engage in any aspect of the IPP Business in the United States or other locations where the Company or Parent may then be conducting the IPP Business (the "Territory"); provided, however, the beneficial ownership of less than five percent (5%) of the shares of stock of any publicly traded entity shall not be deemed to constitute a violation of this provision.