The Separation Pay payable to a Participant in the event of the Participant’s Qualifying Termination shall be paid over the 12-month period following the Qualifying Termination in accordance with the Company’s usual payroll practices, less the amount of applicable federal, state and local income and employment tax withholdings. The payment of Separation Pay shall commence with the first full payroll period following the expiration of the period during which the Participant may revoke the waiver and release required by Paragraph 2(b), and the first installment of Separation Pay shall include any installments that would otherwise have been paid following the date of the Participant’s Qualifying Termination and before the payment date of such first installment of Separation Pay.