Common use of Timing and Manner of Payment Clause in Contracts

Timing and Manner of Payment. The amount that becomes payable to Executive pursuant to Section 5.1(b) above shall be paid as follows: (a) If, on the date that the Executive terminates his/her employment for Good Reason pursuant to Section 4 above, the Company is a reporting company under the Exchange Act, then Executive will be entitled to receive such payment in a single lump sum on the first business day that occurs at the end of the period commencing on the date of that termination and ending six months after the last day of the calendar month in which the date of termination occurred (e.g., if Executive were to terminate his/her employment for Good Reason on March 15, 2008, for example, then Employer would be required to pay the amount specified in Section 5.1(b) on the first business day immediately following September 30, 2008); or (b) If, however, the Company is not a reporting company under the Exchange Act at the time the Executive terminates his/her employment for Good Reason pursuant to Section 4 above, then Executive shall be entitled to receive such payment in a single lump sum on the fifth (5th) business day following such termination of employment.

Timing and Manner of Payment. The amount that becomes payable to Executive pursuant to Section 5.1(b) above shall be paid as follows: (a) If, on the date that the Executive terminates his/her employment for Good Reason pursuant to Section 4 above, the Company is a reporting company under the Exchange Act, then Executive will be entitled to receive such payment in a single lump sum on the first business day that occurs at the end of the period commencing on the date of that termination and ending six months after the last day of the calendar month in which the date of termination occurred (e.g., if Executive were to terminate his/her employment for Good Reason on March 15, 20082015, for example, then Employer would be required to pay the amount specified in Section 5.1(b) on the first business day immediately following September 30, 20082015); or (b) If, however, the Company is not a reporting company under the Exchange Act at the time the Executive terminates his/her employment for Good Reason pursuant to Section 4 above, then Executive shall be entitled to receive such payment in a single lump sum on the fifth (5th) business day following such termination of employment.