Common use of Payment Timing & Release Requirement Clause in Contracts

Payment Timing & Release Requirement. Any obligation of the Company to make any payment pursuant to Section 7(b), 7(c) or 7(d) (other than the payment of Accrued Compensation and Benefits) is conditioned upon the Executive first executing and delivering to the Company an executed release, in the form attached hereto as Exhibit B (with such changes, if any, as the Company reasonably deems necessary or advisable to ensure compliance with law, provided that such revised release is delivered to the Executive not later than one day following the Executive’s termination of employment) (the “Release”) within 29 days after the date of termination of employment, with all periods for revocation therein having expired (such revocation period not to exceed seven days from the date the Executive executes the Release). Subject to the Executive’s compliance with the preceding sentence, all amounts payable, or other benefits set forth in this Section 7 (other than the payment of Accrued Compensation and Benefits and any prorated annual bonuses) will be paid or provided (or, in the case of payments over a period of time, will begin to be paid) on the 30th day following the date of termination of employment.