Common use of Additional Lump Sum Payment Clause in Contracts

Additional Lump Sum Payment. In the event that (a) Executive remains in the Company’s employ until Executive attains age fifty-five (55), or (b) Executive’s employment terminates for a reason other than termination for Cause or voluntary quit, Executive shall become entitled to a bonus payment of $800,000. The Company shall pay Executive (or, in the event of Executive’s death, Executive’s estate) such payment in a lump sum on the earlier to occur of Executive’s death or the first business day immediately following the six (6)-month anniversary of Executive’s Separation from Service (as such term is defined in Section 6.2(c)).