Common use of Payment on Separation Clause in Contracts

Payment on Separation. (a) The Company shall pay to the Executive, on the Separation Date, an amount equal to the following (to the extent not already paid by the Company) whether or not he executes this Agreement: i. Executive’s Base Salary through the Separation Date; ii. Reimbursement for Executive’s business expenses incurred through the Separation Date; and iii. Any other amounts required to be paid to Executive under applicable law in connection with the termination of his employment. (b) The Company shall pay to the Executive, on the Separation Date, the sum of Four Hundred Five Thousand and 00/100 Dollars ($405,000), representing the Executive’s 2013 Annual Bonus under the Management Incentive Compensation Plan (MICP) based on his target (consistent with the Company’s historical course of dealing with executive bonuses).

Payment on Separation. (a) The Company shall pay to the Executive, on the Separation Date, an amount equal to the following (to the extent not already paid by the Company) whether or not he executes this Agreement: i. (i) Executive’s Base Salary through the Separation Date; (ii. ) Reimbursement for Executive’s business expenses incurred through the Separation Date; and (iii. ) Any other amounts required to be paid to Executive under applicable law in connection with the termination of his employment. (b) The Company shall pay to the Executive, on the Separation Date, the sum of Four Hundred Five Thousand and 00/100 Dollars ($405,000), representing the Executive’s 2013 Annual Bonus under the Management Incentive Compensation Plan (MICP) based on his target (consistent with the Company’s historical course of dealing with executive bonuses).