Certain Covenants of Executive. 9.1. Executive agrees that during the Term of Employment, he will not (a) directly or indirectly engage or invest in any business other than Company's business without the prior approval of the CEO or his designee or (b) otherwise act as a director, officer, employee, agent, owner, partner or consultant to any such business. It is understood and agreed that Executive shall not be deemed to be in default with respect to this Section 9.1 as a result of any investment he may make in not more than five percent of the outstanding shares or other units of any security registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "1934 Act") or in not more than fifty percent of the outstanding shares or other units of any security not registered pursuant to Section 12 of the 1934 Xxx.
Appears in 5 contracts
Samples: Employment Agreement (Petsec Energy Inc), Employment Agreement (Petsec Energy Inc), Employment Agreement (Petsec Energy Inc)
