Common use of No Competition and No Conflict of Interest Clause in Contracts

No Competition and No Conflict of Interest. Except as otherwise provided in Section 2.2 of this Agreement (including the matters disclosed on the Schedule A attached hereto), during the Term of Employment, Executive must not engage in any work, paid or unpaid, that creates an actual conflict of interest with the essential business-related interests of the Employer where such conflict would materially and substantially disrupt operations. Such work shall include, but is not limited to, directly or indirectly competing with the Employer Business in any way, or acting as an officer, director, employee, consultant, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the Employer Business or any business in which Employer becomes engaged during the Term of Employment, as may be reasonably determined by the Board. Notwithstanding the foregoing, Executive’s investment in, or ownership of, less than five percent (5%) of the capital stock of any business entity that competes with or could reasonably be expected to compete with the Employer Business and whose securities are traded on any national securities exchange or registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, shall not be treated as a breach of this Section 8. For purposes of this Agreement, the term “Employer Business” shall mean the acquisition, development, redevelopment, ownership, operation or financing of commercial and residential properties in the State of California.