Common use of Severance and Non-Competition Payment Clause in Contracts

Severance and Non-Competition Payment. A cash payment in an amount equal to two hundred percent (200%) of the Employee’s Annual Compensation plus a pro rata cash payment of the current year bonus award based on the target bonus for the Employee, less any Change of Control Retention Payments (as defined in Section 6 hereof) already paid to Employee. Of this amount, one hundred percent (100%) of Employee’s Annual Compensation is paid specifically in exchange for Employee entering into and not breaching the non-competition provisions of Section 7 hereof.

Severance and Non-Competition Payment. A cash payment in an amount equal to two hundred percent (200%) of the Employee’s Annual Compensation plus a pro rata cash payment of the current year bonus award based on the target bonus for the EmployeeTarget Bonus, less any Change of Control Retention Payments (as defined in Section 6 hereof) already paid to Employee. Of this amount, one hundred percent (100%) of Employee’s Annual Compensation is paid specifically in exchange for Employee entering into and not breaching the non-competition provisions of Section 7 hereof.