Noncompete Compensation shall consist of 100% of the salary that Executive received under paragraph 5(d) above as compensation from the Company and its Subsidiaries immediately prior to Termination (Executive's "Previous Salary") together with the continuation of the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); provided that if at any time during the Noncompetition -------- Period Executive obtains other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 100% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess."
Noncompete Compensation shall consist of 100% (or in the case of termination with Cause, 50%) of the base salary that Executive received as compensation from the Corporation and its Subsidiaries immediately prior to termination (Executive's "Previous Salary") together with the continuation of the medical benefits that the Corporation provided to Executive immediately prior to termination (Executive's "Previous Benefits"); provided that if at any time during the Noncompete Period Executive obtains other employment elsewhere, Executive shall immediately notify the Corporation to such effect, and Executive's Noncompete Compensation shall during the period of such employment (i) be reduced (but not below zero) by Executive's compensation for such employment (but where the Corporation pays only 50% of the Previous Salary, as aforesaid, only reduced by the amount of compensation from such other employment in excess of such 50% of the Previous Salary) and (ii) not include the continued provision of medical benefits if such employment provides medical benefits comparable to the Previous Benefits. The Noncompete Compensation shall not constitute an obligation to pay any severance to such Executive but simply means that so long as the Corporation pays the Noncompete Compensation up to the time the Executive first violates any covenant set forth in this Section 6, the Noncompete Period will remain in full force and effect for its full term. Payment of Noncompete Compensation, if any, will be paid in accordance with the Corporation's normal payroll practices.
Noncompete Compensation set forth in the fourth sentence of paragraph 7(c) of the Executive Stock Agreement is hereby amended and restated to read in its entirety as follows:
Examples of Noncompete Compensation in a sentence
As a condition to the payment of Severance and as a condition to the payment of Noncompete Compensation, Executive will execute a complete release in the form of Exhibit A.
It is assumed that the PMUs are located on all the buses in the power system.
All of the obligations of WCI hereunder, including the obligation of WCI to pay Severance and Noncompete Compensation, will terminate upon a termination of employment as a result of death or disability.
In the event of a Termination within twelve (12) months following a Change in Control, Executive shall have an option to obtain Noncompete Compensation.
If Executive exercised his option to receive Noncompete Compensation, then Executive or his personal representative shall be entitled to continue to receive a pro rata portion of Noncompete Compensation, based on the percentage of the Noncompete Restricted Period which had elapsed between the date of Termination and the date of death.
More Definitions of Noncompete Compensation
Noncompete Compensation shall consist of 100% of the base salary that Executive received as compensation from the Company and its Subsidiaries immediately prior to termination (Executive's "Previous Salary") together with the continuation of the medical benefits that the Company provided to Executive immediately prior to termination (Executive's "Previous Benefits"); provided that if at any time during the Noncompete Period Executive obtains other employment, Executive's Noncompete Compensation shall during the period of such employment (i) be reduced (but not below zero) by Executive's compensation for such employment and (ii) shall not include the continued provision of medical benefits if such employment provides medical benefits comparable to the Previous Benefits.
Noncompete Compensation shall (i) be payable if (but only if) Executive’s employment is terminated by any of the Company Parties without Cause or Executive resigns with Good Reason, (ii) subject to clause (i) above, be payable in accordance with the customary payroll practices of the Company during the period beginning the day after the date of Executive’s termination of employment with the Company Parties and ending on the first anniversary of such date of termination and (iii) subject to clause (ii) above, be paid at a rate equal to 100% of the annual rate in effect immediately prior to Executive’s termination of employment.
Noncompete Compensation shall consist of 100% of the base salary that Executive received as compensation from the Corporation and its Subsidiaries immediately prior to termination (Executive's "Previous Salary") together with the continuation of the medical benefits that the Corporation provided to Executive immediately prior to termination (Executive's "Previous Benefits"); provided that if at any time during the Noncompete Period Executive obtains other employment elsewhere, Executive shall immediately notify the Corporation to such effect, and Executive's Noncompete Compensation shall during the period of such employment (i) be reduced (but not below zero) by Executive's compensation for such employment and (ii) not include the continued provision of medical benefits if such employment provides medical benefits comparable to the Previous Benefits. The Noncompete Compensation shall not constitute an obligation to pay any severance to such Executive but simply means that so long as the Corporation pays the Noncompete Compensation up to the time the Executive first violates any covenant set forth in this Section 6, the Noncompete Period will remain in full force and effect for its full term. Payment of Noncompete Compensation, if any, will be paid in accordance with the Corporation's normal payroll practices.
Noncompete Compensation shall (i) be payable if (but only if) (A) Executive does not commence employment with any of the Company Parties on or before May 1, 2000 as a result of a Company Refusal or (B) Executive commences employment with any of the Company Parties on or before May 1, 2000 and Executive’s employment is terminated by any of the Company Parties without Cause or Executive resigns with Good Reason, (ii) subject to clause (i) above, be payable in accordance with the customary payroll practices of the Company during the period beginning the day after the date of Executive’s termination of employment with the Company Parties and ending on the first anniversary of such date of termination and (iii) subject to clause (ii) above, be paid at a rate equal to 100% of the annual rate in effect immediately prior to Executive’s termination of employment.
Noncompete Compensation means the cash compensation to be paid to each Shareholder at closing, pursuant to such Shareholder's Noncompetition Agreement, as consideration for the Shareholder's covenant not to compete set forth in such Noncompetition Agreement.
Noncompete Compensation shall consist of 50% of the salary that Executive received under paragraph 1 (d) above as compensation from the Company and its Subsidiaries immediately prior to termination (Executive's "Previous Salary") together with the continuation of the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); provided that if at any time during the Noncompetition Period Executive obtains other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 50% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess. "Interim Compensation" shall consist of 100% of Executive's Previous Salary and Previous Benefits, provided that if at any time during the Interim Period Executive obtains other employment, Executive's Interim Compensation shall during the period of such employment be reduced (but not less than zero) by the amount of salary and benefits received as compensation for such other employment.