Non-Competition Payment. (i) Contingent upon his execution of this Agreement and strict compliance with the Restrictive Covenants, Nucor will pay Executive $124,012.00 each month (the “Monthly Non-Compete Payments”, and together with the Monthly Severance Plan Payments, collectively, the “Monthly Separation Payments”) for twenty-four (24) months following the Effective Date. Subject to the provisions of Paragraph 2(c) of this Agreement, the payments of the Monthly Non-Compete Payments shall be made each month following the Effective Date. All Monthly Non-Compete Payments shall be subject to regular and customary withholding.
(ii) If Executive dies prior to the Effective Date, Nucor’s obligations to make any payments of the Monthly Non-Compete Payments under this Agreement will automatically terminate and Executive’s estate and executors will have no rights to any payments of the Monthly Non-Compete Payments under this Agreement. If Executive dies during the first twelve (12) months following the Effective Date, then Nucor will pay Executive’s estate the payments of the Monthly Non-Compete Payments through the end of the twelfth (12th) month following the Effective Date. If Executive dies twelve (12) or more months following the Effective Date, then Nucor’s obligations to make any payments of the Monthly Non-Compete Payments subsequent to Executive’s death will automatically terminate without the necessity of Nucor providing notice (written or otherwise).
(iii) Executive acknowledges and agrees that the payments described in this Paragraph 2(b): (A) are the same payments that Executive would have been entitled to pursuant to Section 3 of the Executive Agreement, and (B) are provided in lieu of, and not in addition to, the payments Executive would have been entitled to pursuant to Section 3 of the Executive Agreement.
Non-Competition Payment. As consideration for the covenants of Employee in section 9 for the period of the initial term of this Agreement, Employer shall pay to Employee within five (5) business days of the consummation of Employer's IPO, the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000). The non-vested portions of this payment shall be subject to forfeiture if Employee voluntarily terminates this Agreement prior to the expiration of the initial term. One-third of the payment will vest on the effectiveness of the term of this Agreement. The remaining one-third portions of the payment will vest on the first and second anniversaries of the effectiveness of this Agreement, respectively.
Non-Competition Payment. In consideration of the execution and ----------------------- delivery by the Owner of this Agreement, on the date hereof the Company shall make a cash payment to the Owner in the amount of $10,000.
Non-Competition Payment. In consideration of the execution and delivery by Dr. Xxxxxxx xx this Agreement, on the date hereof the Company shall make a cash payment to Dr. Xxxxxxx xx the amount of $10,000.
Non-Competition Payment. In consideration of Executive’s agreements contained in Section 6, the Company will pay the sum of $240,000 to Executive by wire transfer to Executive’s account, such sum to be payable in full no later than ten (10) days after the date of the Merger Closing. The non-competition payment required hereunder will be subject to, and reduced by, any applicable federal and state withholding taxes.
Non-Competition Payment. Notwithstanding Section 1.3(a) of the Asset Purchase Agreement, the parties hereby agree that, as directed by the Company, the Non-Competition Payment shall be paid, on behalf of the Company and the Operating Subsidiaries, directly to the bank designated by the Company, together with the Creditor Payment.
Non-Competition Payment. As additional consideration for Employee's obligation under the Noncompetition, Nondisclosure and Nonsolicitation Agreement referred to in Section 1.03, Employer shall pay to Employee upon the execution of this Agreement One Million Nine Hundred Thousand Dollars ($1,900,000.00). Employer shall make the payments referred to in Sections 2.01(b) and (c) hereof to Employee by wire transfer on even date herewith to an account and pursuant to routing instructions specified in advance in writing by Employee.
Non-Competition Payment. As compensation for the covenants made by the Executive under Sections 7(b) through 7(d) of this Agreement, the Company and LMC shall be jointly and severally liable to pay to the Executive on July 31, 2001 the sum of $1,050,000 (the "Non-Competition Payment").
Non-Competition Payment. As consideration for the covenants of Employee in section 9 of this Agreement, Employer shall pay to Employee on January 5, 1998, the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000). The non-vested portions of this payment shall be subject to forfeiture if Employee voluntarily terminates this Agreement prior to the expiration of the initial term. One-third of the payment will vest on the effectiveness of the term of this Agreement. The remaining one-third portions of the payment will vest on the first and second anniversaries of the effectiveness of this Agreement, respectively.
Non-Competition Payment. In consideration of the execution ----------------------- and delivery by the Employee of this Agreement, on the date hereof the Company shall make a cash payment to the Employee in the amount of $1,500. The parties acknowledge that the time, scope, geographic area and other provisions of Section 7(d) of this Agreement have been specifically negotiated by sophisticated commercial parties and agree that (x) all such provisions are reasonable under the circumstances and are given as an integral part of such employment arrangements between the Company and the Employee and (y) but for the covenants of the Employee contained in this Section 7(d), the Company would not have entered into such employment arrangements. The Employee has independently consulted with his counsel and has been advised in all respects concerning the reasonableness and propriety of the covenants contained herein, with specific regard to the business to be conducted by Company and its subsidiaries.
