Non-Compete Payment. In the event of a termination of the Executive's employment pursuant to Section 6 or by the Executive, all payments and Company benefits to the Executive hereunder, except the payments (if any) specified in Section 6(a) above or provided for below, shall immediately cease and terminate. In the event of a termination by the Company of the Executive's employment with the Company for any reason other than pursuant to Section 6(c), the Covenant Not-to-Compete set forth in Section 5 hereof shall remain in full force and effect through the full stated Term of this Agreement; and additionally, from the end of the Term of this Agreement through the non-compete period stated on Exhibit "A", the Company shall pay the Executive Not-to-Compete pay in equal biweekly installments ("Non-Compete Payment Installments") in the amount set forth on Exhibit A ("Non-Compete Payment"). Such Non-Compete Payment, however, shall not be required to be paid by the Company if the Company elects, in its sole discretion, to release the Executive from the Covenant Not-to-Compete set forth in Section 5 hereof. Additionally, if the Company commences paying Executive Non-Compete Payment Installments and subsequently elects in the future, in its sole discretion, to release Executive from the Covenant Not-to-Compete and gives notice to Executive, then, at the effective date of such notice, Executive shall no longer be subject to the Covenant Not-to-Compete, and no further Non-Compete Payment Installments shall be due or payable to Executive. If the Company terminates the Executive's employment pursuant to Section 6(c) or the Executive terminates such employment, the Executive shall not be entitled to the Non-Compete Payment, and the Covenant Not-to-Compete set forth in Section 5 hereof shall remain in full force and effect. Notwithstanding anything to the contrary herein contained, the Executive shall receive all compensation and other benefits to which he was entitled under this Agreement or otherwise as an executive of the Company through the termination date.
Non-Compete Payment a. If Executive’s employment is terminated by the Company without Cause (other than by reason of death or Disability) or if Executive resigns with Good Reason, the Company agrees to make continued payments to Executive of fifty percent (50%) of the Base Salary (the “Non-Compete Payments”) in accordance with the Company’s normal payroll practices, as in effect on the date of termination of Executive’s employment, until the earlier to occur of (x) twelve months after the date of such termination or (y) Executive’s failure to comply with the provisions of Section 9(b) or 9(c).
Non-Compete Payment. As additional consideration for the Executive potentially limiting his future employment opportunities and compensation by agreeing to the non-competition provisions of Section 7(d) of this Agreement, the Executive will receive an additional payment of $300,000 upon the execution of this Agreement.
Non-Compete Payment. Company agrees to pay Executive for the duration of the Non-Compete Period the annual Base Salary at that time of termination, but in no event less than 50% of the amount of the most recently received salary and benefits (the “Non-Compete Payment”). In the event that Company pays Executive any Severance Benefits, such payments may be fully set off against the Non-Compete Payment. The Non-Compete Payment is payable in twelve (12) monthly installments on or before the end of each month during the Non-Compete Period. Any income from employment, consulting or other services, and any unemployment benefits which Executive earns or receives during the Non-Compete Period will be set off against the Non-Compete Payment within the limits of § 74c German Commercial Code (GCoC). Executive will provide to Company information on the amount of any such income and benefits.
Non-Compete Payment. The Executive acknowledges and agrees that as additional consideration for the Executive’s covenants and agreements set forth in Section 10(a) above, the Company has previously paid the Executive $6,000,000 in cash.
Non-Compete Payment. In consideration for the covenants made by Executive in this Section 7, the Company shall pay to Executive during the Post Termination Period an annual amount equal to 50% of Executive's Salary in effect as of the date immediately prior to Executive's termination of employment with the Company (the "Non-Compete Payment"). The Non-Compete Payment shall be payable in installments over the course of the Post Termination Period in accordance with the normal payroll practices of the Company as in effect from time to time; provided, however, that in the event that Executive resigns for Good Reason or is terminated without Just Cause and receives severance payments pursuant to Section 6(f)(i) herein, the Non-Compete Payment, during the first 12 months of the Post Termination Period, shall be fully offset by such severance payments and the Company's only obligation under this Section 7(e) shall be to pay the Non-Compete Payment to Executive during the second 12 months of the Post Termination Period.
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.
Non-Compete Payment. As consideration for the Executive’s covenant against competition as described in Section 7.2, and subject to the Executive’s continued employment through the Effective Time, the Combined Company shall pay the Executive $1,700,000, twenty-five percent (25%) of which (the “First Non-Compete Payment”) shall be payable within thirty (30) days of the date that the Executive’s employment with the Combined Company terminates for any reason (the “Termination Date”) and the remaining seventy-five (75%) of which shall be payable in thirty-six (36) equal monthly payments (each such payment, a “Monthly Non-Compete Payment”) commencing within thirty (30) days following the Termination Date; provided that, immediately upon any breach of the Executive’s obligations set forth in Section 7.2 above, the Combined Company shall be entitled to repayment of the full gross amount of the First Non-Compete Payment and shall have no further obligation to make any Monthly Non-Compete Payment.
Non-Compete Payment. In consideration for Cxxxxx’x agreement to abide by the restrictions contained in Section 2, if Cxxxxx’x employment is terminated without Cause (as defined in Section 5(b) of the Employment Agreement or by Cxxxxx for Good Reason (as defined in Section 3(b) of the Employment Agreement), and if Cxxxxx executes the Separation and Release Agreement referenced in Section 10 of the Employment Agreement and the Separation and Release Agreement becomes irrevocable, the Company hereby agrees to pay to Cxxxxx, during the twelve (12) month period following such termination, the gross amount of $300,000 in monthly installments of $25,000, subject to applicable tax withholdings, payable on or before the fifteenth day of each month.
Non-Compete Payment. In consideration for the Executive’s agreement not to compete with the Company or to solicit its employees in Sections 7.2 and 7.3, respectively, the Company agrees to pay the Executive an amount equal to $750,000 (the “Non-Compete Payment”), payable in five (5) equal installments of $150,000, beginning on October 1, 2012 and continuing until October 1, 2016. To the extent that the Executive violates the terms of Section 7.2 or 7.3, the Non-Compete Payment shall be forfeited and the Executive agrees to repay to the Company promptly any and all installments thereof.
