Accrued Obligation. The Company’s obligations under this Agreement, including its obligations pursuant to Section 2, shall accrue and be owing as of the Effective Date and the rights of Employee hereunder shall vest immediately but remain contingent and conditioned on the occurrence of an Involuntary Termination and Employee delivering (and not revoking) a release of claims as required under Section 8. For clarity, the Company shall treat its obligations hereunder as outstanding as of the date hereof, including for purposes of determining its insolvency, and the Company’s obligations hereunder shall be due and payable regardless of any subsequent insolvency of the Company.
Appears in 4 contracts
Samples: Retention and Incentive Agreement (Adventrx Pharmaceuticals Inc), Retention and Incentive Agreement (Adventrx Pharmaceuticals Inc), Retention and Incentive Agreement (Adventrx Pharmaceuticals Inc)
