Common use of Conditions for Payment Clause in Contracts

Conditions for Payment. (a) Except as specifically provided herein, Executive must remain continuously employed by the Company through the Closing Date to be entitled to the Transaction Bonus. Executive’s right to payment will vest on the Closing Date. Notwithstanding the foregoing, however, Executive (or his estate) will be entitled to payment of the Transaction Bonus under the following circumstances: (i) Executive is discharged involuntarily, without Cause, or resigns from employment for Good Reason, within 180 days prior to the Closing Date; and (ii) Executive dies or terminates employment due to disability entitling him to payment of disability benefits under a disability insurance program of the Company or under the federal Social Security Act, in either case within 180 days prior to the Closing Date. For purposes hereof,