Common use of Pay Continuation Clause in Contracts

Pay Continuation. Contingent on your execution of this Agreement and it becoming effective as described in section 7, the Company will pay you an amount equal to six (6) months of your current base salary ($290,000.00 annualized), less all required local, state, federal and other employment-related taxes and deductions (the “Severance”). The Severance will be paid in one lump sum, in a check in the amount of $145,000 upon execution of this Agreement, in accordance with the company’s standard payroll policies.