How to parse A, B, or C that is D
Solution 1:
The comma after relationship is confusing and wrong – it should be omitted.
The clause is a restrictive covenant or non-compete clause.
As there is no conjunction between occupation and consulting in employment, occupation, consulting relationship then it should not be understood as
"I will not engage in or undertake any other
(i) employment, occupation, consulting relationship, or
(ii) commitment that is directly related to the business in which the Company is now involved."
It should be understood as a whole: "I will not engage in or undertake any other {employment, occupation, consulting relationship or commitment} that is directly related to the business in which the Company is now involved," in which each noun/noun phrase is qualified by “that is directly related to the business in which the Company is now involved,"