Cash Severance Payments and Benefits Sample Clauses

Cash Severance Payments and Benefits. The Company shall pay Executive in full satisfaction of his rights and any benefits he might be entitled to under the Company’s Severance Benefits Plan (i) the sum of Five Hundred Fifty Thousand Dollars ($550,000) payable in a lump sum on the Effective Date; and (ii) in lieu of any annual bonus that Executive would have been eligible for under the 2002 Bonus Plan, the sum of Seven Hundred Eight Thousand Seven Hundred Fifty Dollars ($708,750) payable in a lump sum on the Effective Date; provided, however, that pursuant to Sections 1.4 and 3.2 of the Loan Agreement, such amounts shall be applied to repay outstanding principal under any Tax Withholding Loans (as defined in Section 1.4 of the Loan Agreement) and the amount provided in (ii) shall be further reduced as provided in Section 3.2 of the Loan Agreement ((i) and (ii) are collectively, the “Cash Severance Payment”).