Common use of Related Party Obligations Clause in Contracts

Related Party Obligations. Except as set forth on Schedule 3.16, no Company employee, officer, director or shareholder, and no immediate family member of any Company employee, officer, director, or shareholder, is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of such persons other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on the Company’s behalf, and/or (c) for other standard employee benefits made generally available to all employees (including stock option agreements outstanding under any stock option plan approved by the Company’s Board of Directors and stock purchase agreements approved by the Company’s Board of Directors). None of such persons have any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship or in any firm or corporation that competes with the Company, except in connection with the ownership of stock in publicly-traded companies. No Company employee, officer, director, or stockholder, nor any their immediate family members, is, directly or indirectly, interested in any Material Contract with the Company (other than such Material Contracts that relate to any such person’s ownership of Company capital stock or other Company securities).