Common use of Non-Competition Period Payments Clause in Contracts

Non-Competition Period Payments. To the extent Employee is denied a specific employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement, and provided Employee satisfies all conditions stated herein, then upon expiration of the total cumulative period of time represented by both any severance benefits which Employee is otherwise eligible to receive and any compensation paid to Employee pursuant to a change in control agreement, Company will make payments to Employee equal to Employee’s monthly base pay as was in effect at the time of termination of Employee’s employment (exclusive of extra compensation and any other employee benefits) for each month of such unemployment through the end of the Non-Competition Period. Severance benefits and change of control payments shall be deemed to have expired at the conclusion of the period of time represented by the total amount of any such benefits paid. For example, if Employee were to receive basic and supplemental severance in an amount equal to twenty (20) weeks of Employee’s final base pay, and a change of control payment in an amount equal to twenty (20) weeks of Employee’s final base pay, Employee would not be eligible to begin receiving Non-Competition Period Payments until the forty-first (41st) week following Employee’s termination of employment with Company, regardless of the timing of the severance and change in control payments. If Employee is denied a specific employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement but obtains replacement employment that does not violate Section 8 of this Agreement, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses and other compensation) for the replacement employment is less than Employee’s monthly base pay as was in effect at the time of the termination of Employee’s employment with the Company, Company agrees to pay Employee the difference for each such month through the end of the Non-Competition Period, again upon expiration of any severance benefits and change in control payments which Employee is otherwise eligible to receive and provided Employee satisfies all conditions stated herein. To qualify for payments under this Section 10, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (a) the name and location of the Competing Organization that would have employed Employee but for the provisions of Section 8 of this Agreement, (b) the title, nature, and detailed job responsibilities of the employment position with the Competing Organization that Employee was denied because of the provisions of Section 8 of this Agreement, (c) the date Employee was denied the employment position because of the provisions of Section 8 of this Agreement, and (d) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority to confirm that Employee was denied this specific employment position with the Competing Organization solely because Employee is subject to the provisions of Section 8 of this Agreement (the “eligibility documentation”). Upon receipt of the eligibility documentation,

Appears in 2 contracts

Samples: Confidentiality, Non Competition and Non Solicitation Employment Agreement, Confidentiality, Non Competition and Non Solicitation Employment Agreement (Zimmer Holdings Inc)

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Non-Competition Period Payments. 3.1 To the extent Employee is denied a specific unable to obtain employment position consistent with a Competing Organization Employee's training and education solely because of the restrictive covenant provisions of Section 8 of this Agreement, and provided Employee satisfies all conditions stated herein, then the following terms will apply upon expiration of the total cumulative period of time represented by both any severance benefits to which Employee is otherwise eligible to receive and any compensation paid to Employee pursuant to a change in control agreement, Company ("Non-Competition Period Payments"): (a) Employer will make payments to Employee equal to 100% of the Employee’s 's monthly base pay as was in effect salary at the time of Employee's termination of Employee’s employment (exclusive of bonus, extra compensation and any other employee benefits) for each month of such unemployment through the end of the Non-Competition Period. Severance benefits and change of control payments shall be deemed ; (b) to have expired at the conclusion of the period of time represented by the total amount of any such benefits paid. For example, if Employee were to receive basic and supplemental severance in an amount equal to twenty (20) weeks of Employee’s final base pay, and a change of control payment in an amount equal to twenty (20) weeks of Employee’s final base pay, Employee would not be eligible to begin receiving Non-Competition Period Payments until the forty-first (41st) week following Employee’s termination of employment with Company, regardless of the timing of the severance and change in control payments. If extent Employee is denied a specific able to obtain employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement but obtains replacement employment that which does not violate Section 8 this Agreement, but solely because of this Agreement, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses and other compensation) salary for the replacement employment is less than Employee’s 's monthly base pay as was in effect salary at the time of the Employee's termination (exclusive of Employee’s employment with the Companybonus, Company extra compensation and any other employee benefits), Employer agrees to pay Employee the difference up to 100% of the Employee's monthly base salary for each such month through the end of the Non-Competition Period, again upon expiration of any severance benefits and change in control payments which Employee is otherwise eligible to receive and provided Employee satisfies all conditions stated herein. To qualify for payments under this Section 10, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (a) the name and location of the Competing Organization that would have employed Employee but for the provisions of Section 8 of this Agreement, (b) the title, nature, and detailed job responsibilities of the employment position with the Competing Organization that Employee was denied because of the provisions of Section 8 of this Agreement, ; (c) on the date 15th day of each month of such unemployment, Employee was denied the will give Employer a detailed written account of Employee's efforts to obtain employment position because of the provisions of Section 8 of this Agreement, and (d) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority an explanation exclusively attributing Employee's inability to confirm that Employee was denied this specific obtain replacement employment position with the Competing Organization solely because Employee is subject to the provisions of Section 8 this Agreement. 3.2 In the event of this Agreement (the “eligibility documentation”). Upon receipt Employee's breach of the eligibility documentation,undertakings hereunder, Employee agrees that he will still be bound by all of the provisions set forth in this Agreement, including, but not limited to, the non-competition, non-solicitation, non-disparagement and non-disclosure covenants, until the end of the Non-Competition Period.

Appears in 1 contract

Samples: Confidentiality, Non Competition, and Non Solicitation Agreement (Zimmer Biomet Holdings, Inc.)

Non-Competition Period Payments. 3.1 To the extent Employee is denied a specific unable to obtain employment position consistent with a Competing Organization Employee’s training and education solely because of the restrictive covenant provisions of Section 8 of this Agreement, and provided Employee satisfies all conditions stated herein, then the following terms will apply upon expiration of the total cumulative period of time represented by both any severance benefits to which Employee is otherwise eligible to receive and any compensation paid to Employee pursuant to a change in control agreement, Company (“Non-Competition Period Payments”): (a) Employer will make payments to Employee equal to Employee’s monthly base pay as was in effect at the time of termination of Employee’s employment termination (exclusive of bonus, extra compensation and and, any other employee benefits) for each month of such unemployment through the end of the Non-Competition Period. Severance benefits and change of control payments Period which shall in no event be deemed to have expired at the conclusion less than 50% of the period Employees pro-rated annual income on a monthly basis (inclusive of time represented by bonus, extra compensation and, any other employee benefits); (b) to the total amount of any such benefits paid. For example, if Employee were to receive basic and supplemental severance in an amount equal to twenty (20) weeks of Employee’s final base pay, and a change of control payment in an amount equal to twenty (20) weeks of Employee’s final base pay, Employee would not be eligible to begin receiving Non-Competition Period Payments until the forty-first (41st) week following Employee’s termination of employment with Company, regardless of the timing of the severance and change in control payments. If extent Employee is denied a specific able to obtain employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement but obtains replacement employment that which does not violate Section 8 this Agreement, but solely because of this Agreement, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses and other compensation) pay for the replacement employment is less than Employee’s monthly base pay as was in effect at the time of the termination of Employee’s employment termination (as calculated in accordance with the Company3.1 (a) above), Company Employer agrees to pay Employee the difference for each such month through the end of the Non-Competition Period, again upon expiration of any severance benefits and change in control payments which Employee is otherwise eligible to receive and provided Employee satisfies all conditions stated herein. To qualify for payments under this Section 10, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (a) the name and location A reduction of the Competing Organization that would have employed Employee but for Non-competition Period Payments shall only take place to the provisions of Section 8 of this Agreement, (b) extent the title, nature, and detailed job responsibilities aggregate compensation exceeds 110% of the employment position with the Competing Organization that Employee was denied because Employee’s former monthly income (inclusive of the provisions of Section 8 of this Agreementbonus, extra compensation and, any other employee benefits); (c) on the date 15th day of each month of such unemployment, Employee was denied the will give Employer a detailed written account of Employee’s efforts to obtain employment position because of the provisions of Section 8 of this Agreement, and (d) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority an explanation exclusively attributing Employee’s inability to confirm that Employee was denied this specific obtain replacement employment position with the Competing Organization solely because Employee is subject to the provisions of Section 8 this Agreement. 3.2 In the event of Employee’s breach, Employee agrees that Employee will still be bound by all of the provisions set forth in this Agreement, including, but not limited to, the non-competition, non-solicitation, non-disparagement and non-disclosure covenants, until the end of the Non-Competition Period. Xxxxxx Group reserves the right to release Employee from Employee’s non-competition obligations set forth in this Agreement during the Non-Competition Period respecting a notice period of six (the “eligibility documentation”). Upon receipt of the eligibility documentation,6) months after which Employer’s payment obligations under this Section 3 shall cease immediately and Employee shall not be entitled to any Non-Competition Period Payment or other compensation.

Appears in 1 contract

Samples: Confidentiality, Non Competition, and Non Solicitation Agreement (Zimmer Holdings Inc)

Non-Competition Period Payments. 3.1 To the extent Employee is denied a specific unable to obtain employment position consistent with a Competing Organization Employee's training and education solely because of the restrictive covenant provisions of Section 8 of this Agreement, and provided Employee satisfies all conditions stated herein, then the following terms will apply upon expiration of the total cumulative period of time represented by both any severance benefits to which Employee is otherwise eligible to receive and any compensation paid to Employee pursuant to a change in control agreement, Company ("Non-Competition Period Payments"): (a) Employer will make payments to Employee equal to Employee’s 's monthly base pay as was in effect at the time of Employee's termination of Employee’s employment (exclusive of bonus, extra compensation and any other employee benefits) for each month of such unemployment through the end of the Non-Competition Period. Severance benefits and change of control payments Period which shall in no event be deemed to have expired at the conclusion less than 50% of the period Employees pro-rated annual income on a monthly basis (inclusive of time represented by bonus, extra compensation and any other employee benefits); (b) to the total amount of any such benefits paid. For example, if Employee were to receive basic and supplemental severance in an amount equal to twenty (20) weeks of Employee’s final base pay, and a change of control payment in an amount equal to twenty (20) weeks of Employee’s final base pay, Employee would not be eligible to begin receiving Non-Competition Period Payments until the forty-first (41st) week following Employee’s termination of employment with Company, regardless of the timing of the severance and change in control payments. If extent Employee is denied a specific able to obtain employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement but obtains replacement employment that which does not violate Section 8 this Agreement, but solely because of this Agreement, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses and other compensation) pay for the replacement employment is less than Employee’s 's monthly base pay as was in effect at the time of the Employee's termination of Employee’s employment (as calculated in accordance with the Company3.1(a) above), Company Employer agrees to pay Employee the difference for each such month through the end of the Non-Competition Period, again upon expiration of any severance benefits and change in control payments which Employee is otherwise eligible to receive and provided Employee satisfies all conditions stated herein. To qualify for payments under this Section 10, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (a) the name and location A reduction of the Competing Organization that would have employed Employee but for Non-Competition Period Payments shall only take place to the provisions of Section 8 of this Agreement, (b) extent the title, nature, and detailed job responsibilities aggregate compensation exceeds 110% of the employment position with the Competing Organization that Employee was denied because Employee's former monthly income (inclusive of the provisions of Section 8 of this Agreementbonus, extra compensation and any other employee benefits); (c) on the date 15th day of each month of such unemployment, Employee was denied the will give Employer a detailed written account of Employee's efforts to obtain employment position because of the provisions of Section 8 of this Agreement, and (d) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority an explanation exclusively attributing Employee's inability to confirm that Employee was denied this specific obtain replacement employment position with the Competing Organization solely because Employee is subject to the provisions of Section 8 this Agreement. 3.2 In the event of Employee's breach, Employee agrees that Employee will still be bound by all of the provisions set forth in this Agreement, including, but not limited to, the non-competition, non-solicitation, non-disparagement and non-disclosure covenants, until the end of the Non-Competition Period. Xxxxxx Biomet Group reserves the right to release Employee from Employee's non-competition obligations set forth in this Agreement during the Non-Competition Period respecting a notice period of six (the “eligibility documentation”). Upon receipt of the eligibility documentation,6) months after which Employer's payment obligations under this Section 3 shall cease immediately and Employee shall not be entitled to any Non-Competition Period Payment or other compensation.

Appears in 1 contract

Samples: Confidentiality, Non Competition, and Non Solicitation Agreement (Zimmer Biomet Holdings, Inc.)

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Non-Competition Period Payments. To In the event Company terminates Employee and it is a “Termination for Cause” (as defined below), the payment provisions of this section 10 shall not apply. Following a termination of employment other than a Termination for Cause, to the extent Employee is denied a specific unable to obtain employment position consistent with a Competing Organization Employee’s training and education solely because of the restrictive covenant provisions of Section 8 of this Agreement, and provided Employee satisfies all conditions stated herein, then the following terms will apply upon expiration of the total cumulative period of time represented by both any severance benefits to which Employee is otherwise eligible to receive and any compensation paid to Employee pursuant to a change in control agreement, receive: i) Company will make payments to Employee equal to Employee’s monthly base pay as was in effect at the time of termination of Employee’s employment (exclusive of extra compensation and any other employee benefits) termination plus bonus paid at target for each month of such unemployment through the end of the Non-Competition Period. Severance benefits and change of control payments shall be deemed ; ii) to have expired at the conclusion of the period of time represented by the total amount of any such benefits paid. For example, if Employee were to receive basic and supplemental severance in an amount equal to twenty (20) weeks of Employee’s final base pay, and a change of control payment in an amount equal to twenty (20) weeks of Employee’s final base pay, Employee would not be eligible to begin receiving Non-Competition Period Payments until the forty-first (41st) week following Employee’s termination of employment with Company, regardless of the timing of the severance and change in control payments. If extent Employee is denied a specific able to obtain employment position with a Competing Organization solely because of the restrictive covenant provisions of Section 8 of this Agreement but obtains replacement employment that which does not violate Section 8 this Agreement, but solely because of this Agreement, and the monthly compensation (base pay including base pay, commissions, incentive compensation, bonuses and other compensation) the pro-rata bonus payment for the replacement employment is less than Employee’s monthly base pay as was in effect including the pro-rata bonus payment at the time of the termination of Employee’s employment with the Companytermination, Company agrees to pay Employee the difference for each such month through the end of the Non-Competition Period; and iii) on the 15th day of each month of such unemployment, again upon expiration Employee will give Company a detailed written account of any severance benefits Employee’s efforts to obtain employment and change in control payments which Employee is otherwise eligible an explanation exclusively attributing Employee’s inability to receive and provided Employee satisfies all conditions stated hereinobtain replacement employment to the provisions of this Agreement. To qualify for payments under the extent that Employee breaches any provision of this Agreement during the Non-Competition Period and/or fails to timely submit the written account required by this Section 10, Company reserves the right to cease making any payments pursuant to this Section 10. In the event of Employee’s breach, Employee must provide Company detailed written documentation supporting eligibility for paymentagrees that Employee will still be bound by all of the provisions set forth in this Agreement, including, at a minimumbut not limited to, (a) the name non-competition, non-solicitation, non-disparagement and location non-disclosure covenants, until the end of the Competing Organization that would have employed Non-Competition Period. Further, Company reserves the right to release Employee but from Employee’s obligations set forth in this Agreement at any time during the Non-Competition Period, at which time Company’s payment obligations under this Section 10 shall cease immediately and Employee shall not be entitled to any Non-Competition Period Payments or other compensation. Furthermore, except in the event of a Termination for Cause, the Employee is entitled to all contractual pension, insurance, benefits contributions for the provisions of Section 8 of this Agreement, (b) the title, nature, and detailed job responsibilities duration of the employment position with Non-Competition Period or until the Competing Organization that Employee was denied because of the provisions of Section 8 of this Agreement, (c) the date Employee was denied the employment position because of the provisions of Section 8 of this Agreement, and (d) the name and contact information of a managerial employee at the Competing Organization who has sufficient authority to confirm that Employee was denied this specific employment position with the Competing Organization solely because Employee is subject able to the provisions of Section 8 of this Agreement (the “eligibility documentation”). Upon receipt of the eligibility documentation,obtain employment, whatever happens first.

Appears in 1 contract

Samples: Confidentiality, Non Competition and Non Solicitation Employment Agreement (Zimmer Holdings Inc)

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