Common use of Restrictive Covenant Payment Clause in Contracts

Restrictive Covenant Payment. In consideration for the covenants set forth in Section 2 hereof, upon and subject to the occurrence of the Closing, the Company agrees to pay Executive an amount equal to $1,500,000 (the “Restrictive Covenant Payment”), subject to the terms and conditions set forth herein. The Restrictive Covenant Payment will be paid in a cash lump sum, less required tax withholding, at, or immediately prior to, and contingent on, the Closing.

Restrictive Covenant Payment. In consideration for the covenants set forth in Section 2 hereof, upon and subject to the occurrence of the Closing, the Company agrees to pay Executive an amount equal to $1,500,000 300,000 (the “Restrictive Covenant Payment”), subject to the terms and conditions set forth herein. The Restrictive Covenant Payment will be paid in a cash lump sum, less required tax withholding, at, or immediately prior to, and contingent on, the Closing.