Common use of Special Payment Clause in Contracts

Special Payment. Subject to the other terms approved by the Board of Directors of the Corporation, as an inducement for you to enter into this Amendment and in consideration of both your continued employment until the first anniversary of the Closing Date (notwithstanding the existence of Good Reason following the Closing Date), and your agreement to the competition restrictions set forth in Section 9 hereof, and in recognition of the fact that (a) your services and expertise are essential to the success of the business combination and (b) your continued employment hereunder may preclude your pursuit of certain other employment opportunities (including opportunities which might otherwise have allowed you to earn incentive bonuses and equity awards), the Corporation shall pay to you a special payment (the "Special Payment") in the amount of $500,000. The Special Payment shall be paid to you during the first six (6) months following the Acquisition in equal monthly installments.

Special Payment. Subject to the other terms approved by the Board of Directors of the Corporation, as an inducement for you to enter into this Amendment and in consideration of both your continued employment until the first anniversary of the Closing Date November 15, 2000 (notwithstanding the existence of Good Reason following the Closing Date), and your agreement to the competition restrictions set forth in Section 9 hereof, and in recognition of the fact that (a) your services and expertise are essential to the success of the business combination and (b) your continued employment hereunder may preclude your pursuit of certain other employment opportunities (including opportunities which might otherwise have allowed you to earn incentive bonuses and equity awards), the Corporation shall pay to you a special payment (the "Special Payment") in the amount of $500,0002,000,000. The Special Payment shall be paid to you during the first six (6) months following the Acquisition in equal monthly installments.