Common use of Employee’s Non-Competition Obligation Clause in Contracts

Employee’s Non-Competition Obligation. 11.1 Until the Date of Termination, and for a period of one year thereafter, the Employee shall not, acting alone or in conjunction with others, directly or indirectly, in any of the business territories in which the Company or any of its Subsidiaries is as of the Date of Termination conducting business, invest or engage, directly or indirectly, in any business which is competitive with that of the Company as of the Date of Termination or accept employment with or render services to such a competitor as a director, officer, agent, employee or consultant, or take any action inconsistent with the fiduciary relationship of an employee to his employer; provided, however, that the beneficial ownership by the Employee of up to three percent of the voting stock of any corporation subject to the periodic reporting requirements of the Exchange Act shall not violate this Section 11.1.