Common use of Non-Competition Obligation Clause in Contracts

Non-Competition Obligation. The Executive will not, at any time during the Term or the twelve (12)-month period following the Date of Termination (the “Restricted Period”), directly or indirectly render services to, become employed by, have any equity interest in, or manage or operate (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) any Competitive Entity, any parent, subsidiary or Affiliate thereof or any successor thereto in any geographical area in which the Company or any of its subsidiaries or Affiliates conducts business. Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity interest in a Competitive Entity so long as the stock or other equity interest acquired is not more than five percent (5%) of the total outstanding equity interests of such entity.