Certain Covenants of the Executive. 8.1. The Executive agrees that during his employment, he will not (i) directly or indirectly engage or invest in any business other than the Company's business without the prior approval of the [___________ or _________] or (ii) otherwise act as a director, officer, employee, agent, owner, partner or consultant to any such business. It is understood and agreed that the Executive shall not be deemed to be in default with respect to this Section 8 solely as a result of any investment he may make in not more than (a) five percent of the outstanding shares or other units of any security registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "1934 Act"), (b) fifty percent (50%) of the outstanding shares or other units of any security not registered pursuant to Section 12 or the 1934 Act, provided (I) such unregistered shares or other units are not of an entity whose business is in competition with the business of the Company and (II) the Committee determines that Executive's holding of the investment is not detrimental to the Company or (c) any investments approved on the signing of this Agreement.
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