Common use of Effective Date of Release Clause in Contracts

Effective Date of Release. Executive is entitled to review and consider this Release for twenty-one (21) calendar days following the date of receipt of the Release (the "Receipt Date") before signing and returning this Release to Employer. If Executive does not accept the terms of this Release in writing and deliver the executed Release to Employer within twenty-one (21) days following the Receipt Date, no Severance Benefits will be payable to the Executive under the Agreement. For a period of seven (7) calendar days following the date of Executive's execution of this Release (the "Acceptance Date"), Executive may revoke this Release ("Revocation Period"). Executive may revoke this Release only by giving Employer formal, written notice of Executive's revocation of this Release to the name and address set forth in paragraph (c) of Section 12 of this Release, to be received by Employer by the close of business on the seventh (7th) day following Executive's execution of this Release (or fifteen (15) days if Executive is subject to the laws of the state of Minnesota). This Release shall not become effective in any respect until the Revocation Period has expired without notice of revocation. In the absence of Executive's revocation of this Release, the eighth (8th) day, or the fifteenth (15th) day if subject to Minnesota law, after Executive's execution of this Release shall be the "Effective Date" of this Release, at which time the rights of all parties under this Release become fully enforceable.

Effective Date of Release. Executive is entitled to review and consider this Release for twenty-one (21) calendar days following the date of receipt of the Release (the "Receipt Date") before signing and returning this Release to Employer. If Executive does not accept the terms of this Release in writing and deliver the executed Release to Employer within twenty-one (21) days following the Receipt Date, no Severance Benefits will be payable to the Executive under the Agreement. For a period of seven (7) calendar days following the date of Executive's execution of this Release (the "Acceptance Date"), Executive may revoke this Release ("Revocation Period"). Executive may revoke this Release only by giving Employer formal, written notice of Executive's revocation of this Release to the name and address set forth in paragraph (c) of Section 12 of this Release, to be received by Employer by the close of business on the seventh (7th) day following Executive's execution of this Release (or fifteen (15) days if Executive is subject to the laws of the state of Minnesota). This Release shall not become effective in any respect until the Revocation Period has expired without notice of revocation. In the absence of Executive's revocation of this Release, the eighth (8th) day, or the fifteenth (15th) day if subject to Minnesota law, after Executive's execution of this Release shall be the "Effective Date" of this Release, at which time the rights of all parties under this Release become fully enforceable.