Common use of Non-Compete Payment Clause in Contracts

Non-Compete Payment. As consideration for the Executive’s covenant against competition as described in Section 7.2, and subject to the Executive’s continued employment through the Effective Time, the Combined Company shall pay the Executive $1,100,000, twenty-five percent (25%) of which (the “First Non-Compete Payment”) shall be payable within thirty (30) days of the date that the Executive’s employment with the Combined Company terminates for any reason (the “Termination Date”) and the remaining seventy-five percent (75%) of which shall be payable in thirty-six (36) equal monthly payments (each such payment a “Monthly Non-Compete Payment”) commencing within thirty (30) days following the Termination Date; provided that, immediately upon any breach of the Executive’s obligations set forth in Section 7.2 above, the Combined Company shall be entitled to repayment of the full gross amount of the First Non-Compete Payment and shall have no further obligation to make any Monthly Non-Compete Payment.

Non-Compete Payment. As consideration for the Executive’s covenant against competition as described in Section 7.2, and subject to the Executive’s continued employment through the Effective Time, the Combined Company shall pay the Executive $1,100,0001,700,000, twenty-five percent (25%) of which (the “First Non-Compete Payment”) shall be payable within thirty (30) days of the date that the Executive’s employment with the Combined Company terminates for any reason (the “Termination Date”) and the remaining seventy-five percent (75%) of which shall be payable in thirty-six (36) equal monthly payments (each such payment payment, a “Monthly Non-Compete Payment”) commencing within thirty (30) days following the Termination Date; provided that, immediately upon any breach of the Executive’s obligations set forth in Section 7.2 above, the Combined Company shall be entitled to repayment of the full gross amount of the First Non-Compete Payment and shall have no further obligation to make any Monthly Non-Compete Payment.