Common use of Executive's Election Clause in Contracts

Executive's Election. At the Executive's election if the Executive's employment is terminated by PremierWest without Cause or if the Executive's employment is terminated by the Executive with Good Reason, PremierWest and the Executive shall enter into a Separation Agreement in substantially the form attached hereto as Appendix A upon termination of the Executive's employment. If the Executive exercises this election, PremierWest shall pay to the Executive the severance compensation specified in Section 6.5(a), subject to (1) the Executive's execution of and compliance with the terms and conditions of the Separation Agreement and (2) expiration of the 21-day period for acceptance of the Separation Agreement and the seven-day period for revocation of acceptance of the Separation Agreement set forth in Section 8(b) of the Separation Agreement, without an effective revocation by the Executive. The "Restriction Period," as that term is defined in the Separation Agreement, shall be one year if the Executive elects under this Section 6.8(b) to enter into the Separation Agreement.