Common use of Transactions with Principals Clause in Contracts

Transactions with Principals. No employee, shareholder, officer or director of the Company or any member of his or her immediate family is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of them other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company, and (c) for other standard employee benefits made generally available to all employees (including stock option agreements outstanding under the Stock Option Plan and approved by the Board of Directors). No officer or director, and, to the Company's knowledge, no other person is, directly or indirectly, interested in any contract with the Company. No officer or director, or, to the Company's knowledge, no employee or shareholder of the Company or any member of any officer's, director's, employee's or stockholder's immediate family, has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a material business relationship, or any firm or corporation that competes with the Company, except that employees, shareholders, officers and directors of the Company may own stock in publicly traded companies that compete with the Company.

Transactions with Principals. No employee, shareholder, officer or director of the Company or any member of his or her immediate family is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of them other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company, and (c) for other standard employee benefits made generally available to all employees (including stock option agreements outstanding under the Stock Option Plan and approved by the Board of Directors). No officer or director, and, to the Company's knowledge, no other person is, directly or indirectly, interested in any contract with the Company. No officer or director, or, to the Company's knowledge, no employee or shareholder of the Company or any member of any officer's, director's, employee's or stockholder's immediate family, has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a material business relationship, or any firm or corporation that competes with the Company, except that employees, shareholders, officers and directors of the Company may own stock in publicly traded companies that compete with the Company.that