Covenant Payments. In consideration for the covenants contained in Section 3, which are considered material to the Company, the Company agrees to pay Executive all amounts owed pursuant to this Agreement, and upon Executive's termination without Cause or Executive resigns for Good Reason, to pay Executive an amount (the "Covenant Payments") equal to the sum of (i) the Executive's Base Salary and (ii) the highest annual bonus earned in any one of the three years preceding the termination. The Covenant Payments shall be paid in twelve equal monthly installments commencing as soon as practicable (but in no event later than thirty days) following the Executive's date of termination. In the event of the Executive's death following such date of termination, any unpaid installments shall be paid to the Executive's estate in a single undiscounted cash lump sum. Such lump sum shall be paid no later than thirty days after the Company has been notified of the Executive's death. Notwithstanding anything herein to the contrary, if the Executive is terminated for Cause or the Executive voluntarily resigns other than for Good Reason or has a Disability, the Executive will remain subject to the covenants contained in Section 3 but will not be entitled to the Covenant Payments.
Covenant Payments. In consideration for the covenants contained in Section 3, which are considered material to the Company, the Company agrees to pay Executive all amounts owed pursuant to this Agreement, and upon Executive's termination without Cause or Executive’s resignation for Good Reason, to pay Executive an amount (the "Covenant Payments") equal to the sum of (i) the Executive's Base Salary and (ii) the highest annual bonus earned in any one of the three years preceding the termination. The Covenant Payments shall be paid in twelve (12) equal monthly installments with the first installment commencing on the 60th day after the effective date of termination and continuing thereafter on the same day of each following month until all twelve (12) monthly installments are paid. In the event of the Executive's death following such date of termination, any unpaid installments shall be paid to the Executive's estate in a single undiscounted cash lump sum. Such lump sum shall be paid on the 60th day after the Executive's death. Notwithstanding anything herein to the contrary, if the Executive is terminated for Cause or the Executive voluntarily resigns other than for Good Reason or has a Disability, the Executive will remain subject to the covenants contained in Section 3 but will not be entitled to the Covenant Payments.
Covenant Payments. The consideration to be paid to the Owner in exchange for the Covenants and Owner’s performance of its obligations set forth in this Covenant Agreement, and subject to satisfaction of all conditions precedent thereto, shall consist of City’s payment to the Owner for each Computation Quarter during the Eligibility Period that the City receives Sales Tax Revenue, an amount equal to the sum of fifty percent (50%) of the Sales Tax Revenues attributable to annual taxable sales for the fiscal year which includes such Computation Quarter up to eight hundred thousand dollars ($800,000) as determined on a cumulative basis for such fiscal year, and seventy percent (70%) of the Sales Tax Revenues attributable to annual taxable sales for the fiscal year which includes such Computation Quarter over eight hundred thousand dollars ($800,000), as determined on a cumulative basis for such fiscal year ending June 30.
Covenant Payments. In consideration for the covenants contained in this Section 4, which are considered material to the Company, the Company agrees to pay the Executive all amounts owed pursuant to this Agreement, and (x) upon the Executive’s termination by the Company for any reason other than Cause, death, disability or Retirement or (y) upon the Executive’s resignation for Good Reason, to pay the Executive an amount (the “Covenant Payments”) equal to the product of two times the sum of (1) the Executive’s Base Salary and (2) the average of the Annual Bonuses earned for the three (3) years preceding the termination. Subject to Section 13 hereof, one-half of the Covenant Payments shall be paid in twelve (12) equal monthly installments with the first installment commencing on the 60th day after the effective date of termination and continuing thereafter on the same day of each following month until all twelve (12) monthly installments are paid; and the other one-half of the Covenant Payments shall be paid in a lump sum on the 60th day after the effective date of termination. In the event of the Executive’s death following such date of termination, any unpaid installments shall be paid to the Executive’s estate in a single undiscounted cash lump sum. Such lump sum shall be paid on the 60th day after the Executive’s death. Notwithstanding anything herein to the contrary, if the Executive is terminated by the Company for Cause or the Executive voluntarily resigns other than for Good Reason or becomes disabled during the Term, the Executive will remain subject to the covenants contained in Section 4 but will not be entitled to the Covenant Payments.
Covenant Payments. In consideration for the Employee's agreement and covenant of non-competition described in the preceding paragraph 1; the Employer agrees to pay the Employee ONE HUNDRED SEVENTY-FIVE THOUSAND & NO/100 ($175,000) DOLLARS in three (3) annual installments of FIFTY-EIGHT THOUSAND THREE HUNDRED THIRTY-THREE & 33/100 DOLLARS ($58,333.33) each ("Annual Covenant Payments"); the first of which Annual Covenant Payments shall be due and payable on the Effective Date, and the two remaining Annual covenant Payments shall be due on each of the two anniversary dates of the Effective Date hereof.
Covenant Payments. In consideration for the covenants contained in this Section 4, which are considered material to the Company, the Company agrees to pay Executive all amounts owed pursuant to this Agreement, and upon Executive's termination without Cause or Executive’s resignation for Good Reason, to pay Executive an amount (the "Covenant Payments") equal to the product of two times the sum of (i) the Executive's Base Salary and (ii) the highest Annual Bonus earned in any one of the three years preceding the termination. Subject to Section 13 hereof, the Covenant Payments shall be paid in twenty-four (24) equal monthly installments with the first installment commencing on the 60th day after the effective date of termination and continuing thereafter on the same day of each following month until all twenty-four (24) monthly installments are paid. In the event of the Executive's death following such date of termination, any unpaid installments shall be paid to the Executive's estate in a single undiscounted cash lump sum. Such lump sum shall be paid on the 60th day after the Executive's death. Notwithstanding anything herein to the contrary, if the Executive is terminated for Cause or the Executive voluntarily resigns other than for Good Reason or becomes disabled during the Term, the Executive will remain subject to the covenants contained in Section 4 but will not be entitled to the Covenant Payments.
Covenant Payments. In consideration for the covenants contained in this Section 4, which are considered material to the Company, the Company agrees to pay Executive all amounts owed pursuant to this Agreement, and upon Executive's termination by the Company for any reason other than Cause, death, disability or Retirement (as defined below) or Executive’s resignation for Good Reason, to pay Executive an amount (the "Covenant Payments") equal to the product of two times the sum of (i) the Executive's Base Salary and (ii) the highest Annual Bonus earned in any one of the three years preceding the termination. Subject to Section 13 hereof, the Covenant Payments shall be paid in twenty-four (24) equal monthly installments with the first installment commencing on the 60th day after the effective date of termination and continuing thereafter on the same day of each following month until all twenty-four (24) monthly installments are paid. In the event of the Executive's death following such date of termination, any unpaid installments shall be paid to the Executive's estate in a single undiscounted cash lump sum. Such lump sum shall be paid on the 60th day after the Executive's death. Notwithstanding anything herein to the contrary, if the Executive is terminated by the Company for Cause or the Executive voluntarily resigns other than for Good Reason or becomes disabled during the Term, the Executive will remain subject to the covenants contained in Section 4 but will not be entitled to the Covenant Payments.
Covenant Payments
