As severance , the Company shall pay the Executive the sum of $400,000, payable in a single lump sum on or before June 30, 2016, subject to this Agreement becoming effective as described in Paragraph 10 (c). The Company and the Executive acknowledge and agree that the payment made hereunder is "wages" for purposes of FICA, FUTA and income tax withholding and such taxes shall be withheld from the payment made hereunder . Five thousand dollars ($5,000 . 00) of the payment hereunder shall be in consideration of the release of any claim under the Age Discrimination in Employment Act of 1967 , as amended ("ADEA''), and as described in Paragraph 3 hereof , and the Executive agrees that such consideration is in addition to anything of value to which he is already entitled. The remainder of the payment shall be in consideration of the release of all claims described below in Paragraph 3, the Covenant Not to Sue described in Paragraph 4 , the protective agreements described in Paragraphs 6 and 7 and the obligation to cooperate described in Paragraph 14.