Example ContractsClausesGeneral Non-Compete Benefits Following Termination.
General Non-Compete Benefits Following Termination.
General Non-Compete Benefits Following Termination. contract clause examples

Executive shall be entitled to receive General Non-Compete Benefits from [[Nucor Corporation:Organization]] as provided in Section 4(b) if # on the Date of Termination, Executive is an executive officer of [[Nucor Corporation:Organization]] (as determined in the Committee’s sole discretion), # Executive’s employment with [[Nucor Corporation:Organization]] is terminated for any reason (other than due to the Executive’s death), including due to the Executive’s disability, voluntary retirement, involuntary termination or resignation, and # on or before the Date of Termination, Executive executes a separation and release agreement in form and content reasonably satisfactory to the Committee releasing any and all claims Executive has or may have against [[Nucor Corporation:Organization]] as of the Date of Termination.

If Executive’s employment is terminated in circumstances entitling Executive to General Non-Compete Benefits as provided in Section 4(a), [[Nucor Corporation:Organization]] shall pay Executive General Non-Compete Benefits in an amount equal to the greater of # 6 Month’s Base Pay or # the product of # one Month’s Base Pay and # the number of Executive’s Years of Service through the Date of Termination; provided that, if Executive is under age 55 as of the Date of Termination, Executive’s General Non-Compete Benefits shall not be less than the sum of the value, as of the Date of Termination, of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the LTIP and Executive’s forfeitable shares of restricted stock awarded under the LTIP. (For the avoidance of doubt, the minimum amount of General Non-Compete Benefits payable to Executive who is under age 55 as of the Date of

Executive shall be entitled to receive General Non-Compete Benefits from [[Nucor Corporation:Organization]] as provided in Section 4(b) if # on the Date of Termination, Executive is an executive officer of [[Nucor Corporation:Organization]] (as determined in the Committee’s sole discretion), # Executive’s employment with [[Nucor Corporation:Organization]] is terminated for any reason (other than due to the Executive’s death), including due to the Executive’s disability, voluntary retirement, involuntary termination or resignation, and # on or before the Date of Termination, Executive executes a separation and release agreement in form and content reasonably satisfactory to the Committee releasing any and all claims Executive has or may have against [[Nucor Corporation:Organization]] as of the Date of Termination.

Executive shall be entitled to receive General Non-Compete Benefits from [[Nucor Corporation:Organization]] as provided in Section 4(b) if # on the Date of Termination, Executive is an executive officer of [[Nucor Corporation:Organization]] (as determined in the Committee’s sole discretion), # Executive’s employment with [[Nucor Corporation:Organization]] is terminated for any reason (other than due to the Executive’s death), including due to the Executive’s disability, voluntary retirement, involuntary termination or resignation, and # on or before the Date of Termination, Executive executes a separation and release agreement in form and content reasonably satisfactory to the Committee releasing any and all claims Executive has or may have against [[Nucor Corporation:Organization]] as of the Date of Termination.

Executive shall be entitled to receive General Non-Compete Benefits from [[Nucor Corporation:Organization]] as provided in Section 4(b) if # on the Date of Termination, Executive

If Executive’s employment is terminated in circumstances entitling Executive to General Non-Compete Benefits as provided in Section 4(a), [[Nucor Corporation:Organization]] shall pay Executive General Non-Compete Benefits in an amount equal to the greater of # 6 Month’s Base Pay or # the product of # one Month’s Base Pay and # the number of Executive’s Years of Service through the Date of Termination; provided that, if Executive is under age 55 as of the Date of Termination, Executive’s General Non-Compete Benefits shall not be less than the sum of the value, as of the Date of Termination, of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the LTIP and Executive’s forfeitable shares of restricted stock awarded under the LTIP. (For the avoidance of doubt, the minimum amount of General Non-Compete Benefits payable to Executive who is under age 55 as of the Date of Termination shall not include the value of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the AIP or the value of any forfeitable restricted stock units or forfeitable shares of restricted stock awarded to Executive under the Equity Award Plan). Executive’s General Non-Compete Benefits shall be reduced and offset, but not below

Pursuant to the terms of the Executive Agreement and contingent upon his execution of this Agreement and strict compliance with the Restrictive Covenants, [[Nucor Corporation:Organization]] will pay Executive $58,826.86 each month (the “Monthly Non-Compete Payments”, and together with the Monthly SERP Payments, collectively, the “Monthly Separation Payments”) for 24 months following the Effective Date. Subject to the provisions of Paragraph 2(c) of this Agreement, the payments of the Monthly Non-Compete Payments shall be made each month following the Effective Date. All Monthly Non-Compete Payments shall be subject to regular and customary withholding.

If Executive’s employment is terminated in circumstances entitling Executive to General Non-Compete Benefits as provided in Section 4(a), [[Nucor Corporation:Organization]] shall pay Executive General Non-Compete Benefits in an amount equal to the greater of # 6 Month’s Base Pay or # the product of # one Month’s Base Pay and # the number of Executive’s Years of Service through the Date of Termination; provided that, if Executive is under age 55 as of the Date of Termination, Executive’s General Non-Compete Benefits shall not be less than the sum of the value, as of the Date of Termination, of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the LTIP and Executive’s forfeitable shares of restricted stock awarded under the LTIP. (For the avoidance of doubt, the minimum amount of General Non-Compete Benefits payable to Executive who is under age 55 as of the Date of Termination shall not include the value of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the AIP or the value of any forfeitable restricted stock units or forfeitable shares of restricted stock awarded to Executive under the Equity Award Plan). Executive’s General Non-Compete Benefits shall be reduced and offset, but not below zero, by any severance pay or pay in lieu of notice required to be paid to Executive under applicable law, including, without limitation, the Worker Adjustment and Retraining Notification Act or any similar state or local law. Subject to the provisions of Section 26, General Non-Compete Benefits shall be paid at the time and in the form described in Section 4(c).

Executive shall be entitled to receive General Non-Compete Benefits from [[Nucor Corporation:Organization]] as provided in Section 4(b) if # on the Date of Termination, Executive is an executive officer of [[Nucor Corporation:Organization]] (as determined in the Committee’s sole discretion), # Executive’s employment with [[Nucor Corporation:Organization]] is terminated for any reason (other than due to the Executive’s death), including due to the Executive’s disability, voluntary retirement, involuntary termination or resignation, and # on or before the Date of Termination, Executive executes a separation and release agreement in form and content reasonably satisfactory to the Committee releasing any and all claims Executive has or may have against [[Nucor Corporation:Organization]] as of the Date of Termination.

If Executive’s employment is terminated in circumstances entitling Executive to General Non-Compete Benefits as provided in Section 4(a), [[Nucor Corporation:Organization]] shall pay Executive General Non-Compete Benefits in an amount equal to the greater of # 6 Month’s Base Pay or # the product of # one Month’s Base Pay and # the number of Executive’s Years of Service through the Date of Termination; provided that, if Executive is under age 55 as of the Date of Termination, Executive’s General Non-Compete Benefits shall not be less than the sum of the value, as of the Date of Termination, of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the LTIP and Executive’s forfeitable shares of restricted stock awarded under the LTIP. (For the avoidance of doubt, the minimum amount of General Non-Compete Benefits payable to Executive who is under age 55 as of the Date of Termination shall not include the value of Executive’s forfeitable deferred common stock units credited to Executive’s deferral account under the AIP or the value of any forfeitable restricted stock units or forfeitable shares of restricted stock awarded to Executive under the Equity Award Plan). Executive’s General Non-Compete Benefits shall be reduced and offset, but not below zero,

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