Non-Compete Payment. In consideration for the Executive’s agreement not to compete with the Company or to solicit its employees in Sections 7.2 and 7.3, respectively, the Company agrees to pay the Executive an amount equal to $750,000 (the “Non-Compete Payment”), payable in five (5) equal installments of $150,000, beginning on October 1, 2012 and continuing until October 1, 2016. To the extent that the Executive violates the terms of Section 7.2 or 7.3, the Non-Compete Payment shall be forfeited and the Executive agrees to repay to the Company promptly any and all installments thereof.
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Non-Compete Payment. In consideration for the Executive’s agreement not to compete with the Company or to solicit its employees in Sections 7.2 and 7.3, respectively, the Company agrees to pay the Executive an amount equal to $750,000 (the “Non-Compete Payment”), payable in five (5) equal installments of $150,000, beginning on October 1, 2012 the fifth anniversary of the Effective Date and continuing until October 1, 2016the ninth anniversary of the Effective Date. To the extent that the Executive violates the terms of Section 7.2 or 7.3, the Non-Compete Payment shall be forfeited and the Executive agrees to repay to the Company promptly any and all installments thereof.
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