Common use of Competition During Employment Clause in Contracts

Competition During Employment. Executive agrees that during the term of his employment with the Company, neither he nor any of his Affiliates (Executive’s Affiliates is defined as any legal entity in which Executive directly or indirectly owns at least a 25% interest) will directly or indirectly compete with the Company in any way in any business in which the Company or its Affiliates is engaged in, and that he will not act as an officer, director, employee, consultant, shareholder, lender, or agent of any entity which is engaged in any business of the same nature as, or in competition with the businesses in which the Company is now engaged or in which the Company becomes engaged during the term of employment. The Executive will not work with or conspire with any other person or entity (including, but not limited to, any Company employee, officer or director) to establish a business which competes with the Company. Furthermore, Executive agrees that during the term of employment, he will not accept any board of director seat or officer role or undertake any planning for the organization of any business activity competitive with the Company and Executive will not combine or conspire with any other employees of the Company for the purpose of the organization of any such competitive business activity.