Common use of Supplemental Payment Clause in Contracts

Supplemental Payment. If, during the period commencing on the Effective Date and ending on the earlier of the date of the Spinoff or August 24, 2008, Acuity elects as its President an individual other than ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ or Executive (the date of such election is hereinafter referred to as the “Election Date”), Executive shall be entitled to receive a lump sum payment of $500,000 (subject to all applicable withholding taxes),