Common use of Restrictive Covenant During Term Clause in Contracts

Restrictive Covenant During Term. During his employment by the Company, Employee shall devote his full time and services exclusively to the Company and will not, without the prior written consent of the Board of Directors of the Company, own, either directly or indirectly, any interest in any privately-held business or commercial enterprise which is competitive with the business conducted by the Company. Furthermore, Employee shall not, without the prior written consent of the Board of Directors of the Company, serve as a partner, officer, director, advisor or employee of, or act in any other similar capacity for, any business or commercial enterprise which is competitive with the business conducted by the Company. However, nothing contained in this Paragraph 3 shall be construed to prohibit Employee from purchasing the capital stock or other securities of any corporation or other business entity whose stock or securities are traded on any national or regional securities exchange or in the national over-the-counter market.