Non-competition Payments Clause Samples
Non-competition Payments. Following Employee’s Retirement from his employment with Employer, Employer shall pay to Employee the sum of SEVEN HUNDRED TWENTY-NINE and 69/100 Dollars ($729.69) per month, beginning not later than two months after Employee’s Retirement, for a period of ten years following Employee’s Retirement or until his death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s agreement in this Paragraph 2 below (Employee’s “Covenant Not To Compete”). Payments hereunder (“Non-competition Payments”) shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on those payments. For and in consideration of monthly Non-competition Payments to Employee, Employee agrees not to become an officer or employee of, provide any consultation to, nor participate in any manner with, any other entity of any type or description involved in any major element of business which Employer is performing at the time of Employee’s Retirement, nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without the consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. This Covenant Not To Compete by Employee is limited to the geographic area consisting of the counties in which Employer shall maintain a banking or other business office at the time of Employee’s Retirement, shall exist for and during the term of all payments to be made under this Paragraph 2, whether made directly by Employer or as otherwise provided herein, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than 5% in a business or other entity which is in competition with Employer. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not To Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in additio...
Non-competition Payments. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of Three Thousand Five Hundred Eighty-Three and 83/100 Dollars ($3,583.83) per month, beginning not later than two (2) months after Employee’s Retirement Date, for a period of ten (10) years following Employee’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s Covenant Not to Compete as provided herein. Non-Competition Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on said payment. For and in consideration of said monthly Non-Competition Payment to Employee, Employee agrees that he will not become an officer or employee of, provide any consultation to nor participate in any manner with any other entity of any type or description involved in any major element of business which Employer is performing at Employee’s Retirement Date nor will Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part thereof, unless required by law to do so. Any such involvement which Employee has been authorized to have by Employer prior to Employee’s Retirement Date may be continued without being a violation of this Covenant Not to Compete. This Covenant Not to Compete by Employee is limited to the geographic area of North Carolina, shall exist for and during the term of all payments to be made under this Covenant Not to Compete, whether made directly by Employer or as otherwise provided herein, plus a term of twelve (12) months thereafter, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than five percent (5%) in a business or other entity which is in competition with Employer which is not owned, directly or indirectly, prior to Employee’s Retirement Date. Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not to Compete will b...
Non-competition Payments. (a) Under the terms of this Section 3.1.2, the Company will pay Employee Non-Competition Payments (defined below) if, after ninety (90) days from the Termination Date, Employee (despite Employee’s best efforts) is unable, due solely to the provisions of this Agreement, to secure other employment that does not violate Section 3.1.
1. Employee shall provide the Company’s General Counsel with written notice, which shall include a summary of Employee’s best efforts to-date to find employment. The Company will then have ten (10) days to inform Employee in writing that it will (a) no longer enforce Section 3.1.1; or (b) continue to enforce Section 3.1.1. If the Company elects to continue to enforce Section 3.1.1, it shall pay Employee during the remainder of the post-separation Restricted Period payments equal to 100% of Employee’s base salary (exclusive of commissions, bonuses, benefits, allowances, and any other form of compensation) which Employee had been receiving as of the Termination Date (the “Non-Competition Payments”). The Non-Competition Payments shall continue for as long as the Company elects to continue to enforce Section 3.1.1 or until such time as Employee finds employment that also complies with Employee’s obligations under Section 3.1.1
Non-competition Payments. The Seller agrees to make the following payments in respect of the Non-Competition Agreements:
(a) On the Closing Date, Buyer shall deliver to ▇▇▇▇ ▇. ▇▇▇▇▇ One Million Dollars ($1,000,000) by wire transfer on such date of immediately available funds to the account designated by such person at least two (2) days prior to the Closing Date.
(a) On the Closing Date, Buyer shall deliver to ▇▇▇▇▇▇ ▇▇▇▇▇ One Million Dollars ($1,000,000) by wire transfer on such date of immediately available funds to the account designated by such person at least two (2) days prior to the Closing Date.
Non-competition Payments. (i) 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.
(ii) As consideration for extending the covenants of Employee in Section 9 for an additional five-year period, Employer shall pay to Employee on March 31 of 1999 and each anniversary thereafter until March 31, 2006, the sum of One Hundred Thirty-Five Thousand Dollars ($135,000). These payments will be subject to forfeiture if Employee voluntarily terminates this Agreement prior to the due date of future payments.
Non-competition Payments. During the 36 month period following the date of this Agreement, the Vendor shall pay the Purchaser an amount equal to ten percent (10%) of any Competing Sale Revenues (a "Competing Sale Payment"), within thirty (30) days following the receipt of such Competing Sale Revenues by the Vendor or FTI or any Subsidiary of FTI or any Vendor Sublicencee, as the case may be. In any event, the maximum aggregate amount of all Competing Sale Payments made to the Purchaser shall not exceed $375,000.
Non-competition Payments. Subject to Section 5 hereof, the Company shall make non-competition payments to the Executive as follows: (i) the Company shall pay to the Executive for a period of twelve (12) months following the Effective Date: (x) the Executive's base salary of $900,000 per year (as set forth in the Employment Agreement), payable in twelve (12) equal monthly installments and (y) the Executive's automobile allowance (as set forth in the Employment Agreement), and (ii) the Executive's medical insurance currently in effect (including dental and eye care) and life insurance and long term disability coverage currently in effect, shall remain effective for a period of twelve (12) months following the Effective Date.
Non-competition Payments. In consideration of the covenants contained in Section 5 hereof, the Employer shall pay to the Employee an amount equal to $137,500 in two installments. The first installment shall be in the amount of $82,500 and shall be payable on the date which is ninety (90) days from the date hereof. The second installment shall be in the amount of $55,000 and shall be payable on the date which is one hundred eighty (180) days from the date hereof.
Non-competition Payments. In consideration of the noncompetition obligation set forth in Section 4.a., hereinabove, the Corporation shall pay to the Employee twenty-one (21) consecutive monthly payments of $23,000 each, such payments to commence on February 1, 1997 and to continue on the first day of each of the next succeeding twenty (20)