Common use of Timing and Form of Payment Clause in Contracts

Timing and Form of Payment. (a) If payment to the Executive is due as a result of Section 1.1(a)(i), the Company shall pay to the Executive: (i) seventy-five percent (75%) of the Retention Bonus in a lump sum as soon as administratively feasible following the date of a full and complete execution of a Sale Transaction (the “Signing”); provided, however, that Executive shall not be entitled to the payment contemplated in this Paragraph 1.2(a)(i) unless the Executive exercises all reasonable efforts to support a Signing which contemplates a Sale Transaction; and (ii) the remaining twenty-five percent (25%) of the Retention Bonus in a lump sum as soon as administratively feasible following the earlier of: (A) the date of the consummation of the transactions contemplated by the Sale Transaction; or (B) January 27, 2007, provided, however, that Executive shall not be entitled to the payment contemplated in this Paragraph 1.2(a)(ii) unless the Executive, after the Signing, exercises all reasonable efforts to support the consummation of the Sale Transaction and to cooperate with the Company to consummate the Sale Transaction (including, if so requested by the Company, providing assistance to the prospective buyer in obtaining financing for the Sale Transaction. (b) If payment to the Executive is due as a result of Section 1.1(a)(ii), the Company shall pay to the Executive the Retention Bonus in a lump sum as soon as administratively feasible following the date a Change in Control occurs. (c) If payment to the Executive is due as a result of Section 1.1(a)(iii), the Company shall pay to the Executive the Retention Bonus in a lump sum as soon as administratively feasible following January 27, 2007. (d) If payment to the Executive is due as a result of Section 1.1(b), the Company shall pay to the Executive the Retention Bonus in a lump sum as set forth in Section 2.9(c) or Section 2.9(d), as applicable.