Noncompete Payment. As a condition to Executive's obligations hereunder, the Company shall deliver to Executive on the date hereof $50,000 (the "Noncompete Payment") in immediately available funds.
Noncompete Payment. Notwithstanding any other provision of this Agreement, the Parties agree that in consideration of and as an inducement to Executive's undertaking the obligations contained in this Section 9, the Corporation shall pay Executive (or in the event of his death, his estate), within 5 business days after the date of termination of employment, a lump sum payment equal to one-half Executive's annual base salary, as in effect on the date of termination of employment (the "Noncompete Payment"). The parties further acknowledge and agree that should Executive breach any of the covenants contained in this Section 9, the Corporation will suffer material damages, including but not limited to lost business revenues, sales, and customers. Because of the difficulty in quantifying these damages, Executive hereby agrees that, in addition to any other rights the Corporation may have at law or in equity, he shall forfeit the Noncompete Payment upon any breach of the covenants contained in this Section 9. In the event a breach of covenant occurs after the termination of employment, Employee agrees to immediately return the Noncompete Payment to the Corporation.
Noncompete Payment. Upon a Qualified Termination, Employee shall be paid $273,625 by the Company in a lump sum in cash within five days following the date of such Qualified Termination. Notwithstanding anything in this Agreement to the contrary, Employee's termination shall not alter or impair any of Employee's rights or benefits, if any, under any (i) employee benefit plan of the Company or (ii) incentive or deferred compensation plan, including, without limitation, any stock option plan, of the Company.
Noncompete Payment. Notwithstanding any other provision of this ------------------ Agreement, the Parties agree that in consideration of and as an inducement to Executive's undertaking the obligations contained in this Section 9, the Corporation shall pay Executive (or in the event of his death, his estate), within 5 business days after the date of termination of employment, a lump sum payment equal to (i) two times Executive's base salary at the rate in effect on the date of the termination of employment (or, in the event of a termination for Good Reason, the base salary as in effect immediately before the actions giving rise to Good Reason); plus (ii) two times the greatest of the incentive payments under the Annual Incentive Plan either paid or accrued in either the Year of the termination of employment or the immediately preceding Year (the "Noncompete Payment"). The parties further acknowledge and agree that should Executive breach any of the covenants contained in this Section 9, the Corporation will suffer material damages, including but not limited to lost business revenues, sales, and customers. Because of the difficulty in quantifying these damages, Executive hereby agrees that, in addition to any other rights the Corporation may have at law or in equity, he shall forfeit the Noncompete Payment upon any breach of the covenants contained in this Section 9. In the event a breach of covenant occurs after the termination of employment, Employee agrees to immediately return the Noncompete Payment to the Corporation.
Noncompete Payment. (a) In consideration of the matters set forth in Section 3, the Company shall pay Executive $200,000 per year (the "Noncompete Payment"), less deductions authorized by law, payable on the same periodic basis with respect to payment of executive salaries, commencing upon the date of this Agreement and continuing for four years from the date of this Agreement. Notwithstanding the foregoing, if Executive, at any time during the term of this Agreement, fails to comply with any of the covenants set forth in Section 3 hereinafter, the Company shall be relieved of its obligation to make Noncompete Payments.
Noncompete Payment. In consideration of the benefits to be derived by the Executive under this Consulting Agreement, and for the additional consideration of cash in the amount of $250,000 to be paid on or before December 15, 2003, the Executive hereby agrees that he shall not directly or indirectly, whether for his own account or for the account of any other person, firm, corporation, or other business organization, compete with the Corporation by:
Noncompete Payment. As compensation for Employee's agreement not to compete contained in Section 15 hereof, the Corporation shall pay to the Employee the total amount of $927,000 (the "Noncompete Payment") as follows:
Noncompete Payment. In consideration for the promises and representations and warranties of Seller set forth herein, on the Closing Date, the Buyer will pay aggregate cash consideration of Three Hundred Thousand Dollars ($300,000) to the Seller in the manner set forth in Section 2.4
Noncompete Payment. In addition, you are entitled to a payment of US$ 916,140 in exchange for the non-compete obligations described in Section 13 of the Severance Agreement. The non-compete period described in the Severance Agreement starts on August 1, 2008 and extends for two years.
Noncompete Payment. Section 4.1.2 of the Purchase Agreement is amended in its entirety to be replaced with the following sentence: "To Rob Xxxxx, xx consideration of his obligations under Section 12 below, the sum of Two Hundred Thousand Dollars ($200,000)." Section 4.1.3 of the Purchase Agreement is amended in its entirety to be replaced with the following sentence: "To Mattxxx Xxxxxxxxx, xx consideration of his obligations under Section 12 below, the sum of Four Hundred Thousand Dollars ($400,000)."
