Common use of General Waiver and Release Clause in Contracts

General Waiver and Release. You agree that the Retention Bonus to which you may become entitled hereunder will become payable to you only if (a) you execute, prior to the payment of such amount, a general waiver and release of all claims, including those under the Employment Agreement, in favor of Parent, the Company and their respective subsidiaries and affiliates, and others related to such entities (including their respective directors, officers and employees), in a form customary for similarly situated employees of Parent, as reasonably determined in good faith by Parent, and (b) such waiver and release becomes effective and irrevocable (the date of such effectiveness and irrevocability, the “Release Effective Date”, which date shall be no later than 75 days after your date of termination); provided, however, that unless the Company shall have delivered such waiver and release to you within 10 days following the Retention Payment Date, then any requirement for you to execute, deliver and not revoke such waiver and release as a condition of receiving the Retention Bonus will have no effect, and you shall be entitled to receive the Retention Bonus as though such condition had been satisfied.