Non-Compete Payment. As additional consideration for the Executive’s covenants and agreements set forth in Section 10(a) above, the Company shall pay the Executive $6,000,000 in cash, payable in three equal installments on the Effective Date and the first and second anniversary of the Effective Date (any such payment, a “Non-Compete Payment”); provided, that the Company shall have no further obligation to make any Non-Compete Payment if the Executive materially breaches such Executive’s obligations set forth in Section 10(a) above. All Non-Compete Payments shall be made to the Executive by the Company’s delivery of a check or wire transfer of immediately available funds.
Appears in 2 contracts
Sources: Support and Voting Agreement (Vestar Capital Partners v L P), Executive Employment Agreement (Radiation Therapy Services Holdings, Inc.)