Common use of Acceptance and Revocability Clause in Contracts

Acceptance and Revocability. The Executive acknowledges that he has been given a period of 21 days within which to consider this Waiver and Release of Claims, unless applicable law requires a longer period, in which case the Executive shall be advised of such longer period and such longer period shall apply. The Executive may accept this Waiver and Release of Claims at any time within this period of time by signing the Waiver and Release of Claims and returning it to the Company. This Waiver and Release of Claims becomes effective and enforceable on the eighth calendar day following the date of execution by Executive (“Effective Date”). The Executive may revoke his acceptance of this Waiver and Release of Claims at any time within seven calendar days after signing by sending written notice to the Company. Such notice must be received by the Company within the seven calendar day period in order to be effective and, if so received, would void this Waiver and Release of Claims for all purposes. This Waiver and Release of Claims does not waive rights or claims under the ADEA that may arise after the Effective Date. The Executive acknowledges that the rights and claims waived in this Waiver and Release of Claims are in exchange for consideration over and above anything to which Executive is already entitled.