Common use of Competition Following Employment Clause in Contracts

Competition Following Employment. Optionee agrees that for a period of one-year after the termination or cessation of his employment for the Company for any reason whatsoever, neither he, nor any of his affiliates, will directly or indirectly: (1) compete with the Company or its affiliates in the Business, and that he will not act as an officer, director, Optionee, consultant, shareholder, lender, or agent of any entity which is engaged in the Business; provided, however, that this Section shall not prohibit Optionee or any of his affiliates from purchasing or holding an aggregate equity interest of up to 1% in any business in competition with the Business. Furthermore, Optionee will not combine or conspire with any other Optionees of the Company and its affiliates for the purpose of the organization of any such competitive business activity.