Common use of Noncompetition Obligations Clause in Contracts

Noncompetition Obligations. During the Restriction Period Fxxxxxxxx shall not, individually or jointly with others, directly or indirectly, whether for his own account or for that of any other person or entity, own or hold any ownership interest in any person or entity engaged in a business which directly or indirectly competes with or has a business relationship with the Company or MagneGas, and Fxxxxxxxx shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor, or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person, or entity; provided, however, that it shall not be a violation of this Section 3 for Fxxxxxxxx to own a one percent (1%) or smaller interest in any corporation required to file periodic reports with the Securities and Exchange Commission. Specifically, by way of illustration and not of limitation, Fxxxxxxxx shall not invest in or solicit for employment at the following businesses: welding gas distribution companies, welding repair companies, industrial gas distribution companies, gas manufacturing companies.

Noncompetition Obligations. During the Restriction Period Fxxxxxxxx Hxxxx shall not, individually or jointly with others, directly or indirectly, whether for his own account or for that of any other person or entity, own or hold any ownership interest in any person or entity engaged in a business which directly or indirectly competes with or has a business relationship with the Company or MagneGas, and Fxxxxxxxx Hxxxx shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor, or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person, or entity; provided, however, that it shall not be a violation of this Section 3 for Fxxxxxxxx Hxxxx to own a one percent (1%) or smaller interest in any corporation required to file periodic reports with the Securities and Exchange Commission. Specifically, by way of illustration and not of limitation, Fxxxxxxxx Hxxxx shall not invest in or solicit for employment at the following businesses: welding gas distribution companies, welding repair companies, industrial gas distribution companies, gas manufacturing companies.