Common use of Full Time Commitment Clause in Contracts

Full Time Commitment. Each Founder undertakes and covenants to the Investors that, commencing from the date of this Agreement until the first (1st) anniversary of a Qualified IPO or a Change of Control, he shall commit all of his efforts to furthering the business of the Group Companies and shall not, without the prior written consent of the Investors, either on his own account or through any of his Affiliates, or in conjunction with or on behalf of any other Person, (i) possess, directly or indirectly, the power to direct or cause the direction of the management and business operation of any entity whether (A) through the ownership of any equity interest in such entity, or (B) by occupying half or more of the board seats of the entity; or (C) by contract or otherwise; or (ii) devote time to carry out the business operation of any other entity. Notwithstanding the foregoing, each Founder may invest or be interested in, any business or entity other than the Group Companies (the “Founder Invested Entity”), provided, however, that, (a) the Founder Invested Entity is not in competition with the Business (as defined in the Series B Share Purchase Agreement), (b) such investment or interest does not affect such Founder’s full devotion to the Business of the Group Companies, (c) such Founder does not assume any management role in any Founder Invested Entity after the date hereof, and (d) such Founder shall have disclosed to the Investors any investment or interest in any business or entity, which although not in competition with the Business, is related to design, manufacturing, research and development of electric scooters or electric vehicles in the form and to the extent satisfactory to the Investors.