Common use of Supplemental Payment Clause in Contracts

Supplemental Payment. (a) In exchange for the consideration given by the Executive pursuant to Article IV of the Agreement and the execution of the Waiver and Release (as defined in Section 3.6(b), the Executive shall be entitled to receive an amount equal to $150,000 payable in a cash lump sum payment on January 31, 2014, subject to Section 4.5 of the Agreement (the “Supplemental Payment”). (b) The Supplemental Payment is provided subject to the binding execution by the Executive (without revocation) of the Waiver and Release attached hereto as Appendix A (the “Waiver and Release”), which must be executed and returned during the period beginning on the Retirement Date and ending on January 15, 2014. The Executive hereby agrees that he has 21 calendar days to consider whether to sign and return the Waiver and Release to the Company.