As severance, the Company shall pay the Executive three separate lump sum payments of Six Hundred Thousand Dollars ($600,000.00) each, subject to this Agreement becoming effective as described in Paragraph 10(c). The amounts to be paid hereunder shall be treated as a right to a series of separate payments in accordance with Treasury Regulation Section 1.409A-2(b)(2)(iii). The first such Six Hundred Thousand Dollar ($600,000.00) payment shall be made in January of 2016, in accordance with Treasury Regulation Section 1.409A-l(b)(4). The second payment shall be made on September 30, 2016, and the third payment shall be made on March 31, 2017, both in accordance with the requirements under Treasury Regulation Section 1.409A-1(c)(3)(v). The Company and the Executive acknowledge and agree that the payments made under this Paragraph 2(a) are "wages" for purposes of FICA, FUTA and income tax withholding and such taxes shall be withheld from the payments made hereunder. Five thousand dollars ($5,000.00) of the payments 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 payments shall be in consideration of the release 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.