Common use of Acceleration of Payments Clause in Contracts

Acceleration of Payments. The Company may, in the Company’s sole discretion, if Employee so requests within thirty (30) days following a Termination at Will or a Termination by Reason of Disability, elect to pay to Employee a lump sum severance payment by bank cashier’s check equal to the present value of the flow of cash payments that would otherwise be paid to Employee pursuant to Section 4.1 above. Such present value shall be determined as of the date of payment and shall be based on a discount rate equal to the interest rate on 90-day U.S. Treasury bills, as reported in the Wall Street Journal (or similar publication), on the date of payment. If the Company elects to make a lump sum severance payment, the Company shall make such payment to Employee within ten (10) days following the date on which the Company notifies Employee of its agreement to make a lump sum payment.