Common use of Future Payments Clause in Contracts

Future Payments. Upon Executive's return of all Company (and any of its affiliates') property, (including all automobiles, computers, electronic equipment of any kind, computer software, keys, key cards, credit cards, identification tags, documents, data and other proprietary material), and all other materials required to be returned under the terms of his Employment Agreement, receipt of a copy of this Agreement fully executed and upon the expiration of the rescission period, GFOL will pay Executive [severance due under contract] minus required withholdings. Such payment will be made via direct deposit and shall take place from the date the Agreement is fully executed and the rescission period has expired. In the event of a breach by Executive of the provisions of this Agreement or the Employment Agreement which is attached hereto and incorporated herein, Executive shall forfeit the right to any additional Conditional Future Payments. It is agreed that Executive will not be accruing any vacation or sick days during this period.