Common use of Prohibition on Indirect Competition Clause in Contracts

Prohibition on Indirect Competition. Employee shall be deemed to be competing (for the purposes of this Section 12), if Employee shall engage, directly or indirectly, in any business offering products or services similar to those offered or proposed to be offered by the Company in its day-to-day business, whether for his own account or that of any other person, firm, corporation, partnership or other business entity, and whether his participation shall be as a stockholder, general or limited partner, or investor possessing an ownership interest exceeding one percent (10%) in any such entity, or as a principal agent, proprietor, officer, director, employee, sales representative, consultant, lender or in any other capacity.