Common use of Transition Payment Clause in Contracts

Transition Payment. Subject to lawful deductions, the gross sum of $2,039,713, equal to two times the sum of (i) Executive’s annual base salary plus (ii) an amount equal to Executive’s “Average Annual Bonus” as defined in the Employment Agreement (the “Transition Payment”), in accordance with Section 3(c)(i)(A) of the Employment Agreement. Executive acknowledges and agrees that payment of the Transition Payment shall be made in substantially equal installments not less frequently than twice per month over the twenty-four (24) month period commencing as of the date of his Separation from Service (expected to be January 2, 2025), provided that, the first payment shall be made sixty (60) days following the date of Separation from Service (or the first business day following such 60 day period) and shall include all payments accrued from the date of Separation from Service to the date of the first payment.

Transition Payment. Subject to lawful deductions, the gross sum of $2,039,713853,455, equal to two one and one-half times the sum of (i) Executive’s annual base salary plus (ii) an amount equal to Executive’s “Average Annual Bonus” as defined in the Employment Agreement (the “Transition Payment”), in accordance with Section 3(c)(i)(A) of the Employment Agreement. Executive acknowledges and agrees that payment of the Transition Payment shall be made in substantially equal installments not less frequently than twice per month over the twenty-four eighteen (2418) month period commencing as of the date of his Separation from Service (expected to be January November 2, 20252020), provided that, the first payment shall be made sixty (60) days following the date of Separation from form Service (or the first business day following such 60 day period) and shall include all payments accrued from the date of Separation from Service to the date of the first payment.