Common use of Employee’s Obligation to Execute a General Release Clause in Contracts

Employee’s Obligation to Execute a General Release. In the event that Employee’s employment is terminated for any reason, the Company’s obligation to pay the Employee the amounts set forth above in this Section 5 (with the exception of any accrued but unpaid Salary for services rendered on the date of termination) shall be conditioned upon the Employee (or his estate or beneficiary, as applicable) executing, and the effectiveness within ninety (90) days after such termination of employment of, a valid waiver and release of all claims that the Employee may have against the Company, Board of Directors, consultants, advisors, etc. under this Agreement in a form reasonably satisfactory to the Company (which waiver and release of all claims shall not waive or release claims for amounts payable pursuant to this Agreement or claims Employee may have as a shareholder of the Company). Notwithstanding the above, Employee agrees not to bring, or cause to bring, any type of legal action against any member of the Company’s board of directors, past or present, for any reason. Employee acknowledges that by being a member of the board of directors they have the ability to influence and approve actions that require board of directors approval and, as such, have an equal voice related to all board of directors decisions.

Employee’s Obligation to Execute a General Release. In the event that Employee’s employment is terminated for any reason, the Company’s obligation to pay the Employee the amounts set forth above in this Section 5 (with the exception of any accrued but unpaid Salary for services rendered on the date of termination) shall be conditioned upon the Employee (or his estate or beneficiary, as applicable) executing, and the effectiveness within ninety (90) days after such termination of employment of, a valid waiver and release of all claims that the Employee may have against the Company, Board of Directors, consultants, advisors, etc. under this Agreement in a form reasonably satisfactory to the Company (which waiver and release of all claims shall not waive or release claims for amounts payable pursuant to this Agreement or claims Employee may have as a shareholder of the Company). Notwithstanding the above, Employee agrees not to bring, or cause to bring, any type of legal action against any member of the Company’s board Board of directorsDirectors, past or present, for any reason. Employee acknowledges that by being a member of the board Board of directors Directors they have the ability to influence and approve actions that require board Board of directors Directors approval and, as such, have an equal voice related to all board Board of directors Directors decisions.