Minimum Buyout Amount definition
Minimum Buyout Amount means an amount equal to US$600,000 for each full year that the Executive has been employed by the Company, commencing with the year beginning January 1, 1997, but not more than US$4,000,000. In the event the sale of Executive's or his affiliate's interest in the Company does not yield such Minimum Buyout Amount, Clarion may elect to pay to Executive or his affiliate an amount equal to such shortfall, and upon receipt of such payment, Executive shall abide by the non-compete provisions set forth herein.