EXTENSION OF NON-COMPETE TERM. In the case of a termination described in Section 3.1(a)(ii), the Company may provide Employee with written notice at least 90 days prior to the expiration of the Non-Compete Term, that such Non-Compete Term will be extended by one additional year (“Non-Compete Extension Notice”). If the Company provides the Non-Compete Extension Notice, the Company shall, within 75 days after the Non-Compete Extension Notice is provided, make a single lump sum payment to Employee equal to Employee’s Base Salary at the rate in effect on the date of his termination of employment.
Appears in 4 contracts
Samples: Employment Agreement (New Century Transportation, Inc.), Employment Agreement (New Century Transportation, Inc.), Employment Agreement (New Century Transportation, Inc.)
