Noncompete Payment definition

Noncompete Payment as defined in Section 3.1(b). ------------------
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Noncompete Payment shall be the amount set forth in the Seller Covenant Not to Compete.
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Noncompete Payment as defined in Section 2.2.
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Examples of Noncompete Payment in a sentence

  • In the event a breach of covenant occurs after the termination of employment, Employee agrees to immediately return the Noncompete Payment to the Corporation.

  • 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.

  • 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").

  • 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.

  • As a condition to Executive's obligations hereunder, the Company shall deliver to Executive on the date hereof $15,000 (the "Noncompete Payment") in immediately available funds.

  • If the Company fails to make any required Noncompete Payment pursuant to this Section 5(c) and fails to cure such nonpayment within 15 calendar days following receipt of written notice from you of such failure to pay such Noncompete Payment, then the Noncompete Period shall immediately expire, without the need for further action of any kind, at the end of such 15-day period.

  • Buyer shall have paid the Purchase Price and the Noncompete Payment in accordance with Section 2.4 and 2.8 hereof.

  • The Holdback shall be available to satisfy any amounts owing to -------- the Purchaser pursuant to Section 2.3 and/or Section 9.2. In addition, the Purchaser shall make the $325,000 Noncompete Payment described in Section 10.11(a).

  • In consideration of your Noncompetition Obligation, IFF agrees to pay you during the Consulting Period the sum of $225,000 per year (the "Noncompete Payment"), payable in quarterly installments of $56,250 on the 15th of February, May, August and November of each year.

  • The Non-compete Payment shall be made in a single lump sum payment within 30 days of the termination of Executive's Employment.

Related to Noncompete Payment

  • Noncompete Period or "Nonsolicitation Period" means the period beginning the date hereof and ending on the second anniversary of the termination of Employee's employment with Employer.

  • Noncompetition Period has the meaning set forth in Section 9.01.

  • Non-Compete Period means the period commencing on the Effective Date and ending twelve months after the earlier of the expiration of the Employment Period or the Executive’s Date of Termination.

  • Non-Compete Term means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Nonsolicitation Period means the Employment Period and a period ending six months after the Date of Termination.

  • Non-Competition Period means the period the Executive is employed by the Company plus one (1) year from the Termination Date if the Executive's employment is terminated (i) by the Company for any reason, (ii) by the Executive for any reason, or (iii) by reason of either the Company's or the Executive's decision not to extend the term of this Agreement as contemplated by Section 1 hereof.

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Involuntary Termination of Employment means the Termination of Service by the Company or Subsidiary (other than a termination for Cause) or termination of employment by a Participant Employee for Good Reason.

  • Restrictive Period means the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder.

  • Non-Compete Agreement means that certain Non-Compete Agreement between the Company and the Executive in substantially the form attached hereto as Exhibit B.

  • Noncompetition Agreement has the meaning given in Section 3.2.

  • Specified Employee means a key employee (as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Company if any stock of the Company is publicly traded on an established securities market or otherwise.

  • Scope of employment means performance by an employee acting in good faith within the duties of the employee’s office or employment or of tasks lawfully assigned by a competent authority including the operation or use of an agency vehicle or equipment with actual or implied consent of the supervisor of the employee, but shall not include corruption or fraud;

  • Separation from Service means a “separation from service” (within the meaning of Section 409A).

  • Qualifying Termination means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).

  • Consulting Period has the meaning assigned thereto in Section 14(f) hereof.

  • Termination of Employment means that the Executive ceases to be employed by the Company for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Company.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Qualified individual with a disability means an individual with a disability who satisfies the requisite skill, experience, education and other job-related requirements of the employment position such individual holds or desires, and who, with or without reasonable accommodation, can perform the essential functions of such position.

  • CIC Qualifying Termination means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination. A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement). In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.

  • Involuntary Termination means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability.

  • Non-Key Employee means any Employee who is not a Key Employee.

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.