Payment to the Employee. The Company shall, if necessary, make a Gross-Up Payment as defined in the Duke Energy Corporation Grantor Trust Agreement dated October 1, 1997, as amended.
Payment to the Employee pursuant to Section 3 or 4 of this Agreement shall constitute the entire obligation of the Company and any subsidiary to the Employee and full settlement of any claim under law or equity that the Employee might otherwise assert against the Company or a subsidiary, or any of their employees, officers or directors on account of the Employee's termination.
Payment to the Employee. Contemporaneously with the execution and delivery of this Agreement, and in full and final payment of all obligations of the Company to the Employee hereunder, there has been delivered to the Employee 10,000,000 shares of the Company's common stock, par value $0.001 per share, the receipt and sufficiency of which are hereby acknowledged by the Employee. It is agreed by the parties that the shares of the Company's common stock delivered to the Employee hereunder have been value at $0.006 per share. Consequently, the Employee has received consideration in the amount of $60,000 in connection with this Agreement.
Payment to the Employee. Contemporaneously with the execution and delivery of this Agreement, and in full and final payment of all obligations of the Company to the Employee hereunder, there has been delivered to the Employee 275,000 shares of the Company's common stock, par value $0.001 per share, the receipt and sufficiency of which are hereby acknowledged by the Employee.
Payment to the Employee. In consideration for the Employee's promises, agreements, and covenants contained herein, and in lieu of any payment or claims that the Employee may have with respect to (i) the Old Employment Agreement, (ii) any formal and/or informal severance policy of the Company, and (iii) any other right to receive payment from the Company related to his former employment as Chairman, the Company agrees to the following:
Payment to the Employee. Subject to the Employee's acceptance of and compliance with all of the terms and conditions set forth in this Agreement, the Company shall pay to the Employee in lieu of all other payments or benefits of any kind or nature whatsoever (including, without limitation, retention bonuses, cash incentive payments, stock option grants, stock grants, employee benefits and vacation compensation) due or alleged to be due to the Employee under the Employment Agreement or otherwise, the sum of One Hundred and Fifteen Thousand Dollars ($115,000), less applicable deductions, including without limitation, federal and state withholdings, which shall be paid to the Employee as soon as practicable after the Effective Date of this Agreement.
Payment to the Employee
