Common use of Initial and Renewed Separation Payment Clause in Contracts

Initial and Renewed Separation Payment. (a) No later than ten days after the Effective Date (as defined in paragraph 7.8), the Company will pay Executive a lump sum of Ten Thousand Dollars ($10,000), less standard deductions and withholdings required by law and directed by Executive (“Initial Separation Payment”). (b) Subject to the Executive’s compliance with all the terms and conditions of this Agreement, no later than ten days after the Second Effective Date (as defined in Exhibit B), provided the Executive has executed the renewed release in Exhibit B and has not revoked acceptance of this Agreement or Exhibit B, the Company will pay Executive a lump sum of Ten Thousand Dollars ($10,000), less standard deductions and withholdings required by law and directed by Executive. (“Renewed Separation Payment,” and, collectively, with the Initial Separation Payment, the “Separation Payment’).