Common use of Payment of Retention Pay Clause in Contracts

Payment of Retention Pay. Executive’s Retention Pay shall be paid in a lump sum upon the Closing Date. If, however, Executive is terminated as a result of a Qualifying Separation from his employment in connection with a Major Transaction, no Retention Pay shall be payable or available until after the seven (7) day revocation period (as described in Section 8 of this Agreement) for a signed Release has expired. Upon the expiration of the seven (7) day revocation period, payment of the Retention Pay shall be made within three (3) days of such expiration, with the payment date being determined by the Agreement Administrator in its sole discretion determined in good faith. All taxes and other deductions required by law shall be deducted from any Retention Pay. In addition to the Retention Pay pursuant hereto, in the event Executive is terminated during the Term as a result of a Qualifying Separation from his employment in connection with a Major Transaction, Executive and the Company agree that, notwithstanding the terms and conditions set forth in the Employment Agreement, any severance payment to be made to Executive pursuant to the Employment Agreement (including, without limitation, base salary, pro-rata bonus award and any amount paid in connection with Executive’s COBRA benefits) shall be paid to Executive in a lump sum at the same time as the payment of the Retention Pay.