Common use of Required Release Clause in Contracts

Required Release. The Company's obligation to provide any payment or reimbursement under Sections 5.2(ii) or 5.3(ii), is conditioned upon Employee's execution of an enforceable release of all claims and his compliance with Section 6 of this Agreement. If Employee chooses not to execute such a release or fails to comply with that Section, then the Company's obligation to compensate him ceases on the effective termination date except as to amounts due at that time. The release of claims shall be provided to Employee within seven (7) days of his separation from service and Employee must execute it within the time period specified in the release (which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective until any applicable revocation period has expired. Any payments subject to the release, shall be made or commence, as applicable, within sixty (60) days of Employee's separation from service with the Company and, if the sixty (60) day period begins in one taxable year and ends in another taxable year, no payment shall be made until the beginning of the second taxable year.

Required Release. The Company's ’s obligation to provide any payment or reimbursement under Sections 5.2(ii) ), 5.3(ii), or 5.3(ii5.4(ii), is conditioned upon Employee's ’s execution of an enforceable release of all claims and his compliance with Section 6 of this Agreement. If Employee chooses not to execute such a release or fails to comply with that Section, then the Company's ’s obligation to compensate him ceases on the effective termination date except as to amounts due at that time. The release of claims shall be provided to Employee within seven (7) days of his separation from service and Employee must execute it within the time period specified in the release (which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective until any applicable revocation period has expired. Any payments subject to the release, shall be made or commence, as applicable, within sixty (60) days of Employee's ’s separation from service with the Company and, if the sixty (60) day period begins in one taxable year and ends in another taxable year, no payment shall be made until the beginning of the second taxable year.