system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
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licensee of Pretzel Time, without obtaining the prior written permission of Pretzel Time or such franchisee. Notwithstanding the foregoing, Franchisee shall not be prohibited from owning securities listed on a stock exchange or traded on the over-the-counter market that represents two percent (2%) or less of that class of securities. Covenants contained in this Section shall be construed as severable and independent, and shall be interpreted and applied consistent with the requirements of reasonableness. Any judicial reformation of these covenants consistent with this interpretation shall be enforceable as though contained herein and shall not affect any other provisions or terms of this Agreement. This non-compete provision may not be enforceable under the laws of your state. 21.B. NO LIABILITY FOR ACTS OF OTHER PARTY. Franchisee shall not employ any of the Marks in signing any contract or applying for any franchise or permit or in a manner that may result in Pretzel Time's liability for any of Franchisee's indebtedness or obligations, nor may Franchisee use the Marks in any way not expressly authorized by Pretzel Time. Except as expressly authorized in writing, neither Pretzel Time nor Franchisee shall make any express or implied agreements, warranties, guarantees or representations or incur any debt in the name or on behalf of the other, represent that their relationship is other than Pretzel Time and franchisee, or be obligated by or have any liability under any agreements or representations made by the other that are not expressly authorized in writing. Pretzel Time shall not be obligated for any damages to any person or property directly or indirectly arising out of the operation of the Unit or Franchisee's business authorized by or conducted pursuant to this Agreement. 21.C. TAXES. Pretzel Time shall have no liability for any sales, use, service, occupation, excise, gross receipts, income, property or other taxes, whether levied upon Franchisee, the Unit, Franchisee's property or upon Pretzel Time, in connection with the sales made or business conducted by Franchisee. Payment of all such taxes shall be Franchisee's responsibility. 21.D. INDEMNIFICATION. Franchisee agrees to indemnify and hold Pretzel Time and its subsidiaries, Affiliates, stockholders, directors, officers, employees, agents and assignees harmless against, and to reimburse them for, any loss, liability, judgment or damages (actual or consequential) and all reasonable costs and expenses of defending any claim brought against any of them or any action in which any of them is named as a party (including, without limitation, reasonable accountants, attorneys' and expert witness fees, costs of investigation, court costs, other litigation expenses, damages to Pretzel Time's reputation and good will, travel expenses) which any of them may suffer, sustain or incur by reason of, arising from or in connection with Franchisee's ownership or operation of the Unit, unless such loss, liability or damage is only due to the negligence of Pretzel Time (or its Affiliates, subsidiaries). Pretzel Time's right to indemnity under this agreement shall arise notwithstanding that joint or concurrent liability may be imposed on Pretzel Time by statute, ordinance, regulation or other law. Franchisee acknowledges and agrees that any action or inaction by any third party which is not an Affiliate of Pretzel Time shall not be attributable to or constitute negligence of Pretzel Time. The indemnities and assumptions of liabilities and obligations herein shall continue in full force and effect subsequent to and notwithstanding the expiration or termination of this Agreement. Pretzel Time shall notify Franchisee of any claims and Franchisee shall be given the opportunity to assume the defense of the matter. If Franchisee fails to assume the defense within three (3) days of notice thereof, Pretzel Time may defend the action in the manner reasonably appropriate, and Franchisee shall pay to Pretzel Time all reasonable costs, including without limitation attorney's fees, court costs, expert witness fees, travel and telephone expenses, incurred by Pretzel Time in effecting such defense, in addition to any such sum which Pretzel Time may pay by reason of any settlement agreed to by the parties or reasonably negotiated by Pretzel Time in the event Franchisee fails to assume the defense, or judgment against Pretzel Time. 21.E. INDEPENDENT CONTRACTOR. It is understood and agreed by the parties hereto that Franchisee is an independent contractor and is not an agent, partner, joint venturer, or employee of Pretzel Time. Pretzel Time and Franchisee agree that nothing in this Agreement is intended to create a fiduciary relationship between them. Franchisee shall have no right to bind or obligate Pretzel Time in any way nor shall he represent that
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Extract the exact clause related to "Competitive Restriction Exception" from the excerpt above.

assistant: Notwithstanding the foregoing, Franchisee shall not be prohibited from owning securities listed on a stock exchange or traded on the over-the-counter market that represents two percent (2%) or less of that class of securities.