Noncompete Payment. As a condition to Executive's obligations hereunder, the Company shall deliver to Executive on the date hereof $50,000 (the "Noncompete Payment") in immediately available funds.
Noncompete Payment. Notwithstanding any other provision of this Agreement, the Parties agree that in consideration of and as an inducement to Executive's undertaking the obligations contained in this Section 9, the Corporation shall pay Executive (or in the event of his death, his estate), within 5 business days after the date of termination of employment, a lump sum payment equal to one-half Executive's annual base salary, as in effect on the date of termination of employment (the "Noncompete Payment"). The parties further acknowledge and agree that should Executive breach any of the covenants contained in this Section 9, the Corporation will suffer material damages, including but not limited to lost business revenues, sales, and customers. Because of the difficulty in quantifying these damages, Executive hereby agrees that, in addition to any other rights the Corporation may have at law or in equity, he shall forfeit the Noncompete Payment upon any breach of the covenants contained in this Section 9. In the event a breach of covenant occurs after the termination of employment, Employee agrees to immediately return the Noncompete Payment to the Corporation.
Noncompete Payment. Upon a Qualified Termination, Employee shall be paid $341,086 by the Company in a lump sum in cash within five days following the date of such Qualified Termination. Notwithstanding anything in this Agreement to the contrary, Employee's termination shall not alter or impair any of Employee's rights or benefits, if any, under any (i) employee benefit plan of the Company or (ii) incentive or deferred compensation plan, including, without limitation, any stock option plan, of the Company.
Noncompete Payment. Notwithstanding any other provision of this ------------------ Agreement, the Parties agree that in consideration of and as an inducement to Executive's undertaking the obligations contained in this Section 9, the Corporation shall pay Executive (or in the event of his death, his estate), within 5 business days after the date of termination of employment, a lump sum payment equal to (i) two times Executive's base salary at the rate in effect on the date of the termination of employment (or, in the event of a termination for Good Reason, the base salary as in effect immediately before the actions giving rise to Good Reason); plus (ii) two times the greatest of the incentive payments under the Annual Incentive Plan either paid or accrued in either the Year of the termination of employment or the immediately preceding Year (the "Noncompete Payment"). The parties further acknowledge and agree that should Executive breach any of the covenants contained in this Section 9, the Corporation will suffer material damages, including but not limited to lost business revenues, sales, and customers. Because of the difficulty in quantifying these damages, Executive hereby agrees that, in addition to any other rights the Corporation may have at law or in equity, he shall forfeit the Noncompete Payment upon any breach of the covenants contained in this Section 9. In the event a breach of covenant occurs after the termination of employment, Employee agrees to immediately return the Noncompete Payment to the Corporation.
Noncompete Payment. In consideration of the benefits to be derived by the Executive under this Consulting Agreement, and for the additional consideration of cash in the amount of $250,000 to be paid on or before December 15, 2003, the Executive hereby agrees that he shall not directly or indirectly, whether for his own account or for the account of any other person, firm, corporation, or other business organization, compete with the Corporation by:
(1) providing Banking Services (as defined below) on behalf of any other business organization in the capacity of director, manager, partner, or executive officer with policy making authority, including but not limited to principal executive officer, principal financial or accounting officer, principal operating or administrative officer, or other executive officer capacity, or
(2) providing Banking Services to any Client (as defined below), or
(3) making any statement or taking any actions that, in the sole judgement of the Corporation, interfere with the Corporation’s business relationships with any Client, including but not limited to any statements that are harmful to the reputation of the Corporation or the Corporation’s standing in the communities it serves, or
(4) except on behalf of the Corporation as may be requested by the Corporation, making contact either directly or indirectly with any Client or inducing or encouraging any Client to enter into any business relationship with any person, firm, corporation, or other business organization other than the Corporation relating to Banking Services or banking business of any type, or
(5) enticing or encouraging any person employed by or associated with the Corporation as an employee, officer, director, manager, salesperson, consultant, independent contractor, representative, or other agent to serve as an employee, officer, director, manager, salesperson, consultant, independent contractor, representative, or other agent of any person, firm, corporation, or other business organization other than the Corporation, or
(6) taking any actions that may interfere with the Corporation’s property rights in lists of clients or otherwise diminish the value of such lists to the Corporation. For purposes of section 5 as a whole, including this section 5.1, the term “Corporation” includes not only Unizan Financial Corp. but also any subsidiary identified in Unizan Financial Corp.’s Form 10-K Annual Report, Part I, Item 1 (Business), and any other company whose accounts are consolidated with t...
Noncompete Payment. In consideration for the promises and representations and warranties of Seller set forth herein, on the Closing Date, the Buyer will pay aggregate cash consideration of Three Hundred Thousand Dollars ($300,000) to the Seller in the manner set forth in Section 2.4
Noncompete Payment. Section 4.1.2 of the Purchase Agreement is amended in its entirety to be replaced with the following sentence: "To Rob Xxxxx, xx consideration of his obligations under Section 12 below, the sum of Two Hundred Thousand Dollars ($200,000)." Section 4.1.3 of the Purchase Agreement is amended in its entirety to be replaced with the following sentence: "To Mattxxx Xxxxxxxxx, xx consideration of his obligations under Section 12 below, the sum of Four Hundred Thousand Dollars ($400,000)."
Noncompete Payment. In addition, you are entitled to a payment of US$ 916,140 in exchange for the non-compete obligations described in Section 13 of the Severance Agreement. The non-compete period described in the Severance Agreement starts on August 1, 2008 and extends for two years.
Noncompete Payment. (a) In consideration of the matters set forth in Section 3, the Company shall pay Executive $200,000 per year (the "Noncompete Payment"), less deductions authorized by law, payable on the same periodic basis with respect to payment of executive salaries, commencing upon the date of this Agreement and continuing for four years from the date of this Agreement. Notwithstanding the foregoing, if Executive, at any time during the term of this Agreement, fails to comply with any of the covenants set forth in Section 3 hereinafter, the Company shall be relieved of its obligation to make Noncompete Payments.
Noncompete Payment. (a) As full payment for the noncompetition agreements contained in Section 1.2, the Purchasers shall pay to the Shareholders the sum of U.S.$8,000,000 (the "Noncompete Payment"), subject to adjustment as provided below and without interest, in the installments and on the dates (a "Payment Date") set forth below: Payment Amount Date ------ ---- U.S. $ 833,333.34 03/31/00 U.S. $3,000,000.00 08/31/00 U.S. $1,666,666.66 03/31/01 U.S. $1,666,666.66 03/31/02 U.S. $ 833,333.34 09/30/02
(b) The Noncompete Payment shall be allocated among the Shareholders as set forth on Schedule 2.1(b). ---------------
(c) Each of the Shareholders hereby irrevocably constitutes and appoints the Paying Agent as the agent of such Shareholder to receive any portion of the Noncompete Payment payable to such Shareholder hereunder and to hold or disburse the same as directed by such Shareholder. The Purchasers shall be entitled to rely on any notice, certificate, affidavit, letter, document or other communication which they believe to be genuine and to have been signed or sent by the Paying Agent with respect to the payment of any portion of the Noncompete Payment, and may rely on statements contained therein without further inquiry or investigation.
(d) Notwithstanding anything to the contrary contained above, the amount payable by the Purchasers pursuant to Section 2.1(a) on any Payment Date (except August 31, 2000) shall be reduced dollar for dollar in the event that the Companies shall fail to realize an aggregate adjusted pre-tax income for the period related to such Payment Date in an amount computed as follows : T1 = (P//1// x I//1//) + (S x I//2//) + (P//2// x I//1//) - T//2// where: T//1// = Target adjusted pre-tax income for the period P//1// = Number of units of pants produced in such period, but not to exceed U U = Target number of units to be produced in the period I//1// = Target adjusted pre-tax income per unit for pants produced in the period S = Number of units of shorts produced in the period I//2// = Target adjusted pre-tax income per unit for shorts produced in the period P//2// = U - P//1// - S, but not less than zero T//2// = (U divided by W) x P//3// W = Number of full weeks in the period P//3// = Average selling price of pants produced in the period The target number of units to be produced, adjusted pre-tax income per unit for pants and shorts and number of weeks in each period are set forth in the following table: Period Payment Date Production Adjusted Pre-Tax...
