Common use of Payment by the Company Clause in Contracts

Payment by the Company. The Company agrees that, within ten (10) business days of the effective date of this Agreement as defined in paragraph 3 below, it will deliver a check payable to [EMPLOYEE] in the amount of Dollars ($ .00), less all appropriate withholdings and deductions (this amount shall be referred to herein as the “Payment”). [EMPLOYEE] acknowledges that upon execution of this Agreement, the Payment described herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to [EMPLOYEE] (including, but not limited to, all forms of payments and/or compensation described in paragraph 2 below) as a result of [EMPLOYEE]’s employment with the Company and/or the termination of that employment and that in the absence of this Agreement, [EMPLOYEE] would not be entitled to the Payment as specified in this paragraph 1 and the other consideration provided under this Agreement.

Payment by the Company. The Company agrees that, within ten (10) business days of the effective date Effective Date of this the Agreement as defined in paragraph 3 below, it will deliver a check payable to [EMPLOYEE] Xxxxxx in the amount of One Million One Hundred Twenty Four Thousand Seven Hundred Dollars ($ .00$1,124,700.00), less all appropriate withholdings and deductions (this amount shall be referred to herein as the “Payment”). [EMPLOYEE] Xxxxxx acknowledges that upon execution of this Agreement, the Payment described herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to [EMPLOYEE] Xxxxxx (including, but not limited to, all forms of payments and/or compensation described in paragraph 2 below) as a result of [EMPLOYEE]’s his employment with the Company and/or the termination of that employment and that in the absence of this Agreement, [EMPLOYEE] Xxxxxx would not be entitled to the Payment as specified in this paragraph 1 and the other consideration provided under this Agreement.