Common use of Execution of Release as a Condition Precedent Clause in Contracts

Execution of Release as a Condition Precedent. As a condition precedent to receipt of the severance benefits described in Sections 6.4.1 and 6.4.2, the Employee must execute and deliver to the Company a full general release of all claims, known and unknown, in a form acceptable to the Company, including a waiver of the benefits of Section 1542 of the California Civil Code. If the Employee does not execute and deliver the Release within twenty-one (21) days of the date of termination which Employee does not rescind during the following seven (7) days, the Company shall have no further obligation to provide the Employee with any severance benefits. The first payments under Sections 6.4.1 and 6.4.2 shall not be due or payable until such seven-day period has expired without rescission of the release.