Common use of Limitation on Competition Clause in Contracts

Limitation on Competition. Ancillary to and as a condition precedent to the Merger, in connection with which the Executive will receive, both directly and indirectly, significant benefits and value, and in consideration of the Covenant Payments payable by the Company to the Executive under this Agreement, the Executive agrees that during the Covenant Period, the Executive will not, without the prior written consent of the Company, anywhere within the Restricted Territory, either directly or indirectly, alone or in conjunction with any other party, accept, enter into or take any action in conjunction with or in furtherance of a Competitive Position (other than action to reject an unsolicited offer of a Competitive Position).