Common use of Indirect Competition Clause in Contracts

Indirect Competition. Executive will be in violation of this paragraph 7 if Executive engages in any or all of the activities set forth in this paragraph 7 directly as an individual on Executive's own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a shareholder of any corporation or the owner of the interests in any other entity, in which Executive or Executive's spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than 5% of the outstanding stock or other ownership interests. Ownership of a lesser percentage in any such entity, in and of itself, will not constitute a violation of this paragraph 7, so long as Executive does not engage in action prohibited in this paragraph 7 with regard to such entity.