Common use of Effect of Unenforceability of Release Clause in Contracts

Effect of Unenforceability of Release. In addition to any other remedy available to the Company hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the Company’s obligation to make any additional payments or to provide any additional benefits under the Retention Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company any payments or benefits the provision of which by the Company was conditioned on the enforceability of this General Release.

Appears in 3 contracts

Samples: Retention Agreement (Banknorth Group Inc/Me), Retention Agreement (Td Banknorth Inc.), Retention Agreement (Td Banknorth Inc.)

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Effect of Unenforceability of Release. In addition to any other remedy available to the Company hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the Company’s obligation to make any additional payments or to provide any additional benefits under the Retention Severance Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company any payments or benefits the provision of which by the Company was conditioned on the enforceability of this General Release.

Appears in 2 contracts

Samples: Employment Agreement (Chester Valley Bancorp Inc), Employment Agreement (Willow Grove Bancorp Inc/New)

Effect of Unenforceability of Release. In addition to any other remedy available to the Company hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the Company’s obligation to make any additional payments or to provide any additional benefits under the Retention Employment Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company any payments or benefits the provision of which by the Company was conditioned on the enforceability of this General Release.

Appears in 2 contracts

Samples: Employment Agreement (Banknorth Group Inc/Me), Employment Agreement (Banknorth Group Inc/Me)

Effect of Unenforceability of Release. In addition to any other remedy available to the Company hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the Company’s 's obligation to make any additional payments or to provide any additional benefits under the Retention Employment Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company any payments or benefits the provision of which by the Company was conditioned on the enforceability of this General Release.

Appears in 1 contract

Samples: Employment Agreement (Conseco Inc)

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Effect of Unenforceability of Release. In addition to any other remedy available to the Company hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the Company’s 's obligation to make any additional payments or to provide any additional benefits under the Retention Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company any payments or benefits the provision of which by the Company was conditioned on the enforceability of this General Release.

Appears in 1 contract

Samples: Retention Agreement (Banknorth Group Inc/Me)

Effect of Unenforceability of Release. In addition to any other remedy available to the Company Corporation hereunder, in the event that, as a result of a challenge brought by an Employee Released Party (as defined below), the release of claims set forth in Section 1 becomes null and void or is otherwise determined not to be enforceable, then the CompanyCorporation’s obligation to make any additional payments or to provide any additional benefits under the Retention Severance Agreement shall immediately cease to be of any force and effect, and Executive shall promptly return to the Company Corporation any payments or benefits the provision of which by the Company Corporation was conditioned on the enforceability of this General Release.

Appears in 1 contract

Samples: Employment Agreement (Willow Financial Bancorp, Inc.)

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