Companys Annual Incentive Performance Plan. Such annual bonus shall be calculated on the basis of the twelve-month period encompassing the entire fiscal year 2021 and pro-rated for the number of full months during which Executive serviced as an active employee. Because Executive will not complete a full month as an active employee during fiscal year 2021, he will receive a payment of three twelfths (3/12) of Executives annual target bonus for fiscal year 2021. Executive is not entitled to any payments pursuant to the discretionary recognition award issued in December 2019.
e. Long Term Incentive. The treatment of any outstanding long term incentive awards that Executive was granted will be administered in accordance with the terms and conditions of the Long Term Incentive Plan (LTIP).
f. Lump Sum Payment. The Company agrees to pay Executive a one-time lump sum payment of Ninety Thousand Dollars ($90,000) minus any applicable deductions or withholdings or other reductions provided by this Agreement or law. Such lump sum payment will be made to Executive within thirty (30) calendar days after execution of this Agreement, or, if applicable, the end of the revocation period provided in this Agreement, whichever is later. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions from this payment.
3. Release of All Claims. In consideration of the benefits described in paragraph 2 above, Executive hereby REMISES, RELEASES and FOREVER DISCHARGES the Released Parties (defined below) from any and all claims, contracts, judgments and expenses (including attorneys fees and costs of any kind), whether known or unknown, which Executive has or may have against the Released Parties, or any of them, arising out of or based on any transaction, occurrence, matter, event, cause or thing whatsoever which has occurred prior to or on the date Executive executes this Agreement. Released Parties includes the Company, and all of its affiliated entities (including but not limited to any subsidiary, division, business unit, parent, sister, partner and related companies or entities), predecessors and successors, and its and their past, present and future officers, directors, agents, employees, shareholders, members, managers, partners, attorneys, executors, employee benefit plans, insurers, assigns and other representatives of any kind. This release includes, but is not limited to: (i) all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, whether known or unknown, or which Executives heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, up to the date of Executives execution of this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executives employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under any applicable Company severance or supplemental unemployment benefits pay plan(s); (ii) claims arising under the Age Discrimination in Employment Act of