Severance Pay. Severance pay in the gross amount of $145,382.40 (the “Severance Payment”). The Severance Payment will be paid to Employee in one lump sum, within 30 days from the Effective Date of this Agreement.

Severance Payment. In exchange for the terms of this Agreement, Employee shall receive a severance payment in the amount of $648,000. This total severance amount shall be paid to Employee in installments of $75,000 for each of the first five months and $21,000 for each of the next thirteen months pursuant to the Company’s regular payroll dates and procedures during the period between the effective date of the Separation Agreement and January 31, 2020. Said payments will commence no later than 60 days after the Separation Date provided that Employee has signed and not rescinded this Agreement.