Common use of Non-Compete Payment Clause in Contracts

Non-Compete Payment. Company agrees to pay Executive for the duration of the Non-Compete Period the annual Base Salary at that time of termination, but in no event less than 50% of the amount of the most recently received salary and benefits (the “Non-Compete Payment”). In the event that Company pays Executive any Severance Benefits, such payments may be fully set off against the Non-Compete Payment. The Non-Compete Payment is payable in twelve (12) monthly installments on or before the end of each month during the Non-Compete Period. Any income from employment, consulting or other services, and any unemployment benefits which Executive earns or receives during the Non-Compete Period will be set off against the Non-Compete Payment within the limits of § 74c German Commercial Code (GCoC). Executive will provide to Company information on the amount of any such income and benefits.