Payment in Lieu of Severance. Payment under clause 14.4 constitutes full satisfaction and discharge of the Company's obligations with respect to notice of termination.
Payment in Lieu of Severance. In consideration for Executive's agreement to terminate the Existing Employment Contract and the release set forth in Section 1(b) hereof and in light of the fact that the New Employment Agreement in certain significant respects less advantageous to Executive that the Existing Employment Agreement, Newco hereby agrees to pay to Executive an aggregate sum of Five Hundred Thousand Dollars ($500,000), payable in periodic installments over a period of three (3) years commencing January 1, 1998 at regular intervals consistent with Newco's normal business practices of paying salary compensation to senior executives.
