NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Three Thousand Nine Hundred Six and 26/100 Dollars ($3,906.26) 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. Noncompetition 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 payments. For and in consideration of said monthly Noncompetition Payments 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 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 of South 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, 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. 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 addition to injunctive relief, whether at law or in equity, including the recovery of damages. In th...
NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of three thousand two hundred thirty four and 69/100 Dollars ($3,234.69) 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. Noncompetition 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 payments.”
NONCOMPETITION PAYMENTS. Upon termination of Executive's employment with Company for any reason pursuant to this Agreement, Company shall pay to Executive , in addition to amounts otherwise payable herein, (a) a single lump sum payment equal to six (6) months of Base Salary, and (b) twelve (12) monthly installments equal to his monthly Base Salary, as defined in Section 2.1, ("NONCOMPETITION PAYMENTS"), provided that:
(i) any payments made to Executive pursuant to Section 5.3 shall be applied against and reduce the NonCompetition Payments payable to Executive under this Section 4.6; and
(ii) there shall be no NonCompetition Payments payable for any period in which Executive is in breach of the obligations set forth in Articles 3 and 4 of this Agreement.
NONCOMPETITION PAYMENTS. Upon termination of Executive's employment with Company for any reason pursuant to this Agreement, Company shall pay to Executive , in addition to amounts otherwise payable herein, (a) a single lump sum payment equal to six (6) months of Base
NONCOMPETITION 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 Fifteen and 63/100 Dollars ($3,515.63) 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. Noncompetition 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 payments."
4. Paragraph 5 of the Agreement hereby is deleted in its entirety and the following replacement Paragraph 5 is inserted in lieu thereof:
NONCOMPETITION PAYMENTS. In consideration of the performance of the Executive's obligations pursuant to Section 4 hereof, Banknorth agrees to pay to the Executive $280,000, $350,000 and $100,000 during the first, second and third years of the Noncompetition Period, respectively, which amounts shall be payable in twelve (12) equal monthly installments commencing on the first business day in the first, second and third years of the Noncompetition Period, respectively. The Executive agrees that during the second and third years of the Noncompetition Period the Executive shall be treated as an independent contractor and shall not be deemed to be an employee of Banknorth or any subsidiary or other affiliate of Banknorth for any purpose.
NONCOMPETITION PAYMENTS. In exchange for the noncompetition covenants given by Rich in Section 4.4 above, Elite shall pay Rich a total of $300,000 payable in six equal installments bi-annually, commencing on the Retirement Date. Such payments are in addition to any payments to be made pursuant to Section 2.2 above. Rich acknowledges and agrees (i) that Elite would not agree to pay such amounts in the absence of the covenants made by Rich in Section 4.4 above, and (ii) that such payments by Elite constitute adequate and sufficient consideration for the covenants made by Rich therein.
NONCOMPETITION PAYMENTS. SPI shall deliver the Noncompetition Payments to the Owners in accordance with the terms and conditions of Section 6.3.
NONCOMPETITION PAYMENTS. On each of the second through the fifth anniversaries of the Closing, the Employees who have continuously honored their obligations under this Section 6.05 shall receive the number of shares of New Stock set forth below: Xxxx Xxxxxxx 3,176 Xxxx Xxxxxxx 3,176 Xxxx Xxxxxx 3,176 Xxxxx Xxxxxxxx 1,620 The shares of New Stock issued pursuant to this Section 6.05(f) shall be subject to the conditions of Sections 4.01 and 4.02 respecting restricted securities and shall bear the restrictive legend.
NONCOMPETITION PAYMENTS. Buyer and the Seller hereby agree that $50,000 of the Purchase Price shall be in consideration for Seller's agreement to abide by the Restrictive Covenants (as defined herein).
