Common use of NONCOMPETITION PAYMENTS Clause in Contracts

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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In Following the event Employee retires from employment on Employee's Retirement Effective Date, Employee Xxxxxxxxx shall be paid by Employer Bank the sum of Three Thousand Nine Five Hundred Six Eighty-Three and 26/100 83/100 Dollars ($3,906.263,583.83) per month, beginning not later than two (2) months after Employee's Retirement the calendar month following the Effective Date, for a period of ten (10) consecutive years following Employee's Retirement Date the Effective Date, or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Xxxxxxxxx'x Covenant Not To Compete to Compete, as provided herein. Noncompetition Payments hereunder shall be payable each month without deductions and Employee Xxxxxxxxx agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on said payments. For Except for service to the parent, subsidiaries or affiliates of Bank, for and in consideration of said monthly Noncompetition Payments to EmployeeXxxxxxxxx, Employee Xxxxxxxxx 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 Bank is performing at Employee's Retirement Date the Effective Date, nor will Employee Xxxxxxxxx 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 EmployerBank, whether done directly or indirectly, in ownership, consultation, employment or otherwise. Employee Xxxxxxxxx agrees not to reveal to outside sources, without the consent of EmployerBank, any matters, the revealing of which could, in any manner, adversely affect or disclose EmployerBank's business or any part thereof, unless required by law to do so. This Covenant Not To to Compete by Employee Xxxxxxxxx is limited to the geographic area of South 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, 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.this

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Thousand Nine Hundred Six Sixty-Four and 26/100 06/100 Dollars ($3,906.261,364.06) 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. The 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 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. 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary beneficiary's or Employee's Estate Estate's right to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's ’s Retirement Date, Employee shall be paid by Employer the sum of Three One Thousand Nine Five Hundred Six Sixty-Two and 26/100 51/100 Dollars ($3,906.261,562.51) per month, beginning not later than two (2) months after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's ’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 ’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 ’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 ’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 the event Employee shall breach any condition of Employee's ’s Covenant Not To Compete, then Employee's ’s right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's ’s designated beneficiary or Employee's ’s Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's ’s Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's ’s designated beneficiary or Employee's ’s Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Two Thousand Three Thousand Nine Hundred Six Twenty and 26/100 15/100 Dollars ($3,906.262,320.15) 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Three One Thousand Nine Hundred Six Thirty-Seven and 26/100 81/100 Dollars ($3,906.261,037.81) 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. The 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 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. 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary beneficiary's or Employee's Estate Estate's right to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Three Two Thousand Nine Hundred Six Twenty-Four and 26/100 11/100 Dollars ($3,906.262,924.11) 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Three One Thousand Nine Seven Hundred Six Eighteen and 26/100 75/100 Dollars ($3,906.261,718.75) 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of Three One Thousand Nine Eight Hundred Six Sixty-Two and 26/100 18/100 Dollars ($3,906.261,862.18) 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

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 Five Hundred Six Eighty-Four and 26/100 30/100 Dollars ($3,906.263,584.30) 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 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, 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 the event Employee shall breach any condition of Employee's Covenant Not To Compete, then Employee's right to any of the payments becoming due under Paragraphs 3 and 4 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee's designated beneficiary or Employee's Estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee's Covenant Not To Compete shall be deemed a material breach of this Agreement. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or 57 Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.