Common use of Separation Agreement and General Release Clause in Contracts

Separation Agreement and General Release. The Company’s obligation to make the Severance Payment is conditioned on Executive’s or her legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof (and their respective officers and directors), in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) calendar days following the Date of Termination; provided, however, that if Executive should fail to execute (or revokes) such Release within forty-five (45) calendar days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment. If Executive executes the Release within such 45-calendar day period and does not revoke the Release within seven (7) calendar days following the execution of the Release, the Severance Payment will be made in accordance with Section 4(a)(ii).

Appears in 2 contracts

Samples: Employment Agreement, Employment Agreement (EVERTEC, Inc.)

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Separation Agreement and General Release. The Company’s obligation to make the Severance Payment or to pay the Salary Continuation is conditioned on Executive’s or her his legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof Company and its affiliates (and their respective officers and directors), ) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) calendar days following the Date of Termination; provided, howeverthat, that if Executive should fail to execute (or revokes) such Release release within forty-five (45) 45 calendar days following the Date of Termination, the Company shall not have any obligation to provide the Severance PaymentPayment or the Salary Continuation. If Executive executes the Release release within such 45-calendar day period and does not revoke the Release release within seven (7) calendar days following the execution of the Releaserelease, the Severance Payment will be made in accordance with Section 4(a)(ii) or the Salary Continuation shall commence at such time, as applicable.).

Appears in 2 contracts

Samples: Employment Agreement (EVERTEC, Inc.), Employment Agreement (EVERTEC, Inc.)

Separation Agreement and General Release. The Company’s obligation to make the Severance Payment or the Expiration Payment (and the acceleration of long term incentive awards pursuant to Section 4(d)), as applicable, is conditioned on Executive’s or her legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof Company and its affiliates (and their respective officers and directors), ) substantially in a the form reasonably determined by the Company, set forth in Exhibit A which shall be provided in final form by the Company to Executive within five (5) calendar days following the Date of Termination; provided, however, that that, if Executive should fail to execute (or revokes) such Release release within forty-five (45) 21 calendar days following the Date receipt of Terminationthe release, or revokes within seven (7) days of execution, the Company shall not have any obligation to provide the Severance Payment or Expiration Payment. If Executive executes the Release release within such 4521-calendar day period and does not revoke the Release release within seven (7) calendar days following the execution of the Releaserelease, the Severance Payment or the Expiration Payment, as applicable, will be made in accordance with Section 4(a)(ii4(a) or (d), as applicable.

Appears in 1 contract

Samples: Employment Agreement (EVERTEC, Inc.)

Separation Agreement and General Release. The Company’s obligation to make the Severance Payment is conditioned on Executive’s or her his legal representative’s executing a EXECUTION COPY separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof (and their respective officers and directors), in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) calendar days following the Date of Termination; provided, however, that if Executive should fail to execute (or revokes) such Release within forty-five (45) calendar days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment. If Executive executes the Release within such 45-calendar day period and does not revoke the Release within seven (7) calendar days following the execution of the Release, the Severance Payment will be made in accordance with Section 4(a)(ii).

Appears in 1 contract

Samples: Employment Agreement (EVERTEC, Inc.)

Separation Agreement and General Release. The Company’s obligation to make the Severance Payment or to pay the Salary Continuation is conditioned on Executive’s or her his legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof Company and its affiliates (and their respective officers and directors), ) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) calendar days following the Date of Termination; provided, howeverthat, that if Executive should fail to execute (or revokes) such Release release within forty-five (45) 45 calendar days following the Date of Termination, the Company shall not have any obligation to provide the Severance PaymentPayment or the Salary Continuation. If Executive executes the Release release within such 45-calendar day period and does not revoke the Release release within seven (7) calendar days following the execution of the Releaserelease, the Severance Payment will be made in accordance with Section 4(a)(ii)) or the Salary Continuation shall commence at such time, as applicable.

Appears in 1 contract

Samples: Employment Agreement (EVERTEC, Inc.)

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Separation Agreement and General Release. The Company’s obligation to make the Severance Payment Payment, to pay the Prorated Bonus, the Prior Bonus and the Professional Fees and to effect the Accelerated Vesting is conditioned on Executive’s or her Executive’s legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof Company and its affiliates (and their respective officers and directors), ) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) calendar days following the Date of Termination; provided, howeverthat, that if Executive should fail to execute (or revokes) such Release release within forty-five (45) calendar days following the Date delivery of Terminationsuch release, the Company shall not have any obligation to provide the Severance Payment. If Executive executes the Release release within such forty-five (45-calendar ) day period and does not revoke the Release release within seven (7) calendar days following the execution of the Releaserelease, the Severance Payment will be made in accordance with Section 4(a)(ii).

Appears in 1 contract

Samples: Employment Agreement (Verso Corp)

Separation Agreement and General Release. The Company’s obligation to make the Severance Payment or the Expiration Payment or the payment of the RSU Grant under Section 2(d)(vii), as applicable, is conditioned on Executive’s or her legal representative’s executing a separation agreement and general release of claims (a “Release”) related to or arising from Executive’s employment with the Company or the termination of employment, against the Company, including, for the avoidance of doubt, any subsidiary or affiliate thereof Company and its affiliates (and their respective officers and directors), ) substantially in a the form reasonably determined by the Company, set forth in Exhibit A which shall be provided in final form by the Company to Executive within five (5) calendar days following the Date of Termination; provided, however, that that, if Executive should fail to execute (or revokes) such Release release within forty-five (45) 21 calendar days following the Date receipt of Terminationthe release, or revokes within seven (7) days of execution, the Company shall not have any obligation to provide the Severance Payment or Expiration Payment. If Executive executes the Release release within such 4521-calendar day period and does not revoke the Release release within seven (7) calendar days following the execution of the Releaserelease, the Severance Payment, the Expiration Payment or (as applicable) the RSU Grant payment under Section 2(d)(vii) will be made in accordance with Section 4(a)(ii).

Appears in 1 contract

Samples: Employment Agreement (EVERTEC, Inc.)

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