Common use of PAYMENT FOR EXTENDED NON-COMPETE PERIOD Clause in Contracts

PAYMENT FOR EXTENDED NON-COMPETE PERIOD. If either (1) Company terminates Executive's employment for any reason other than For Cause, death or Disability, or (2) Executive resigns his employment by Company for Good Reason, then in addition to the other amounts payable to Executive under this Section 4.3, and as consideration for Executive's agreement to the extended non-compete period described in Section 5.3(b)(ii) below, Executive shall be paid, for each of the 12 months following payment of the Severance Amount under Section 4.3(a) above, an amount equal to his monthly salary (as defined in Section 4.3(a)) at the time of such termination or resignation. Company shall make the payments under this Section 4.3(b), beginning after the final payment of the Severance Amount under Section 4.3(a), in accordance with Company's regular pay policies for employees. Executive and Company also acknowledge and agree that the provisions of Section 5.3 are mandatory and that, in the event Company terminates Executive's employment for any reason other than For Cause, death or Disability or Executive resigns his employment for Good Reason, he shall have no right to unilaterally avoid compliance with the provisions of Section 5.3 by foregoing the payment described in this Section 4.3(b); and Company shall have no right to withhold such payment by unilaterally permitting Executive to forego compliance with Section 5.3 during the extended non-compete period.

PAYMENT FOR EXTENDED NON-COMPETE PERIOD. If either (1) Company terminates Executive's employment for any reason other than For Cause, death or Disability, or (2) Executive resigns his employment by Company for Good Reason, then in addition to the other amounts payable to Executive under this Section 4.3, and as consideration for Executive's agreement to the extended non-compete period described in Section 5.3(b)(ii) below, Executive shall be paid, for each of the 12 9 months following payment of the Severance Amount under Section 4.3(a) above, an amount equal to his monthly salary (as defined in Section 4.3(a)) at the time of such termination or resignation. Company shall make the payments under this Section 4.3(b), beginning after the final payment of the Severance Amount under Section 4.3(a), in accordance with Company's regular pay policies for employees. Executive and Company also acknowledge and agree that the provisions of Section 5.3 are mandatory and that, in the event Company terminates Executive's employment for any reason other than For Cause, death or Disability or Executive resigns his employment for Good Reason, he shall have no right to unilaterally avoid compliance with the provisions of Section 5.3 by foregoing the payment described in this Section 4.3(b); and Company shall have no right to withhold such payment by unilaterally permitting Executive to forego compliance with Section 5.3 during the extended non-compete period.