Transitional Payment definition
Transitional Payment means a net payment (i.e., after reduction for applicable withholding taxes and other source deductions) to be paid by Smart Tech to a Transitional Participant upon termination of the employment of the Transitional Participant in an amount previously determined by the Board of Directors, which amount will be applied by the Transitional Participant to repay a portion of the Participant Loan owed to Smart Tech.
Examples of Transitional Payment in a sentence
Such elections shall be made in accordance with the Transitional Payment Election Form attached to this Addendum.