Payment to Xxxxxxxx Sample Clauses

Payment to Xxxxxxxx. MDI agrees to pay Xxxxxxxx the sum of $500,000, following MDI’s closing of the Formestane Asset Sale and its receipt of the payment for such sale, subject to Xxxxxxxx fulfilling the “Ongoing Duties” set forth in Section 5 herein. Xxxxxxxx agrees that, with the exception of the payment described in this Section 1 and the compensation payable pursuant to Sections 5 and 6 hereof, she will not be owed any amounts by MDI under the Employment Agreement or otherwise for her services as an employee, director or consultant of MDI through the date of her resignation pursuant to Section 7, whether in the form of salary, bonus, vacation pay, sick pay or any other compensation or benefits, and MDI shall have no other obligation to provide or maintain any compensation or benefits for MDI after the date of her deemed resignation.

Payment to Xxxxxxxx. Silverado shall pay to Xxxxxxxx the amount of $425,000.00. Such amount shall accrue interest at the rate of $16,000 payable each month from the Effective Date until the date on which the total $425,000 is paid to Xxxxxxxx with a pro rata portion of the $16,000 being paid during the month the $425,000 is paid.

Payment to Xxxxxxxx. The Company shall pay Xxxxxxxx (or his estate) the gross sum of $1,000,000 (the “Payment”) in one lump sum on the first day of the seventh month following Xxxxxxxx’x “separation from service” with the Company within the meaning of Treasury Regulation Section 1.409A-1(h). The Payment shall be treated as wages for purposes of federal and state taxation and withholding but shall not be considered as compensation for purposes of any employee benefit plans sponsored by the Company.

Payment to Xxxxxxxx a. In consideration of the promises contained herein, Employer will pay to Xxxxxxxx a lump sum equal to six months of his base salary, less normal federal and state withholdings. Xxxxxxxx understands and agrees that the payment of this sum shall fully compensate him for any and all personal injury claims, including claims of pain and suffering, emotional distress, anxiety, or trauma, and any physical manifestations thereof, arising from or associated with his employment or termination of his employment with the Employer. It is agreed that the payment shall fully compensate any alleged claim for (1) impairment of his ability to compete in the open labor market, (2) permanent disability, (3) temporary disability, (4) vocational rehabilitation, (5) medical treatment or payment therefor or (6) any other losses as a result of any alleged stress injuries or disabilities. Xxxxxxxx and Employer also represent and agree that this payment is intended exclusively to compensate Xxxxxxxx for claims of personal and physical sickness and disability due to emotional distress. It is not a payment of wages or benefits, nor compensation for wages or benefits due or owing. As a result, it shall not be considered as “covered earnings” for purposes of Xxxxxxxx’x pension or retirement benefits.