Termination Compensation Non Compete Sample Clauses

The 'Termination Compensation; Non-Compete' clause defines the financial and behavioral obligations of an employee or contractor upon the end of their engagement. Typically, it outlines the compensation or severance the individual is entitled to receive if their employment is terminated, and specifies restrictions on their ability to work for competitors or start a competing business for a certain period and within a defined geographic area. This clause ensures that the departing party is fairly compensated while also protecting the employer’s business interests by limiting the risk of immediate competition.
Termination Compensation Non Compete. 5.1 Termination Without Cause by Employer or for Good Reason by ----------------------------------------------------------- Executive. If the Employment Period is terminated by Employer pursuant to the --------- provisions of Section 4.1 hereof or by Executive pursuant to the provisions of Section 4.3 hereof, Employer will pay to Executive (a) Base Salary for a period of twelve (12) months following the date of termination (calculated at the Base Salary rate in effect as of the date of termination) payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated; (b) when and if due pursuant to the provisions of Section 3.2 hereof, the prorated Bonus for the then current Bonus Year and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 3.2. Employer shall have no obligation to continue any other benefits provided for in Section 3 past the date of termination, except as provided in Section 3.6.
View Source
Termination Compensation Non Compete 
View SourceView Similar (21)

Related to Termination Compensation Non Compete

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

  • Non-Competition Period The "non-competition period" shall begin on January 1, 2014 and shall end twelve (12) months after the Employee’s termination of employment; provided, however, that the “non-competition period” shall end on the date Employee’s employment ends in the event of Employee’s termination for “good reason” (as defined in paragraph 6(d)), or Employee’s termination without “cause” (as defined in paragraph 3(d)).

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Termination of Employment Agreement Employee and Company hereby acknowledge and agree that the Employment Agreement is hereby terminated and of no further force and effect and except as otherwise set forth herein, Employee shall not be entitled to any payment in the nature of severance, Change of Control or termination pay from the Company, and that the terms set forth herein is in full satisfaction of all obligations owed to Employee.