Common use of Non-Competition Payment Clause in Contracts

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. 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 initial public offering ("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. 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 Employee, within five (5) business days of the consummation of Employer's IPO, the sum of THREE ONE HUNDRED EIGHTY THOUSAND DOLLARS ($300,000180,000). 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. 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 Employee, within five (5) business days of the consummation of Employer's initial public offering ("IPO"), the sum of THREE ONE HUNDRED FIFTY THOUSAND DOLLARS ($300,000150,000). 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.