Undertaking by TTR Ltd Clause Samples

Undertaking by TTR Ltd. In consideration of the (i) compliance by Kronitz of his undertakings hereunder, including, without limitations, his continuing compliance with the Non-Compete & Confidentiality Undertakings and (ii) releases by Kronitz contained in Section 5.1 below and in lieu of the payments that TTR Ltd. is required to make to Kronitz under the Israeli Employment Agreement, TTR Ltd. hereby undertakes to pay to Kronitz, at the Closing following the satisfaction of each of the Closing Conditions, $198,068 (the "Payment"). All taxes, withholdings and deductions payable or due in respect of the Payment shall be borne solely by Kronitz. TTR Ltd. shall deduct from such payments all and only deductions required under applicable law, and only such deductions as per a document specifying, in detail, all those deductions, as well as the net amount to be transferred to Kronitz at the Closing (hereinafter: the "Net Amount"), which will be presented to Kronitz at least 1 business day prior to the Closing Date. Kronitz acknowledges and agrees that the Payment is intended to be made in lieu of the payments payable by TTR Ltd. to Kronitz under the terms of the Israeli Employment Agreement (the "Post Termination Payments") and in full satisfaction of all claims by Kronitz to any payments owing from TTR Ltd. or TTR Inc. in connection with his employment or to any other rights or privilege and that upon the execution and delivery by Kronitz of this Agreement, the obligation of TTR Ltd. to make the Post Termination Payment shall immediately terminate.