Release and Payment. Payments under Sections 3(a)(ii) and (iii) of this Agreement shall be conditioned upon the execution, non-revocation, and delivery of a Release Agreement in the form attached hereto as Exhibit A (the “Release”) by Employee within sixty (60) days of the date of Employee’s Termination of Employment. The payments due under Sections 3(a)(ii) and (iii) of this Agreement shall be made (or commenced, in the case of the payments due under Section 3(a)(iii) of this Agreement) to the Employee on the sixtieth (60th) day following the Employee’s Termination of Employment, provided that the Company has received a properly executed Release by the Employee during such sixty (60) day period and the revocation period during which Employee is entitled to revoke such Release has expired on or prior to the sixtieth (60th) day following the Employee’s Termination of Employment. If the Employee fails to properly execute and deliver the Release (or the proper revocation period has not expired during the allowed sixty (60) day period following the Employee’s Termination of Employment), the Employee agrees that he shall not be entitled to receive the benefits described in Sections 3(a)(ii) and (iii) of this Agreement. Notwithstanding anything contained herein to the contrary, Employee has no obligation to execute the Release and a failure to execute (or revoke) the Release by Employee shall only result in a failure to receive the payments under Sections 3(a)(ii) and 3(a)(iii) of this Agreement and shall not form the basis for a breach of this Agreement by the Employee. The Company shall deliver the final form of the Release for Employee’s consideration within the three day period immediately following the Employee’s Termination of Employment in order to ensure that the Employee has adequate time to complete each of the Employee’s requirements set forth herein.
Release and Payment. In consideration for and as a condition precedent to receiving the severance benefits outlined in this Agreement, you agree to execute a release of claims substantially in the form attached as Exhibit A (the “Release”). You agree to execute and deliver the Release to the Company within the later of (a) 21 days after the date you receive the Release or (b) the last day of your employment. Any payments required under this Agreement will be payable only after receipt by the Company of your signed Release and expiration of any required revocation period, and the Company shall not be obligated to make any payments if you do not deliver the signed Release within the time period specified in this Section 4.
Release and Payment. Payment under Section 3(a)(ii) of this Agreement shall be conditioned upon the execution, non-revocation, and delivery of a Release Agreement in the form attached hereto as Exhibit A (the “Release”) by Executive within sixty (60) days of the date of Executive’s Termination of Employment. The payment due under Section 3(a)(ii) of this Agreement shall be made to the Executive on the sixtieth (60th) day following the Executive’s Termination of Employment, provided that the Bank has received a properly executed Release by the Executive during such sixty (60) day period and the revocation period during which Executive is entitled to revoke such Release has expired on or prior to the sixtieth (60th) day following the Executive’s Termination of Employment. If the Executive fails to properly execute and deliver the Release (or the proper revocation period has not expired during the allowed sixty
Release and Payment. All payments to the Executive provided for in this Section 5 shall be conditioned upon Executive’s (or Executive’s estate, as applicable) providing Employer with a signed release limited in scope to employment related claims in a form acceptable to the Board. All such payments shall be made to Executive in cash within sixty (60) days of his death or other termination of employment.
Release and Payment. Notwithstanding anything herein to the contrary, no payments or benefits provided to the Executive under Section 6(b) or 6(c) above shall be paid unless, on or prior to the thirtieth (30th) day following the Date of Termination, the Executive timely executes a general waiver and release of claims agreement in the form attached hereto as Exhibit C (which release shall be delivered by the Company to the Executive within seven (7) days after the Date of Termination), and such release shall not have been revoked by the Executive prior to the expiration of the period (if any) during which any portion of such release is revocable under applicable law. As of the first date on which the Executive violates any covenant contained in Section 8, any remaining payments and benefits to be provided to the Executive under Section 6(b) or 6(c) above shall thereupon be forfeited. For purposes of Section 409A (including, without limitation, for purposes of Section 1.409A-2(b)(2)(iii) of the Department of Treasury Regulations), the Executive's right to receive the Severance Payment in the form of installment payments shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate and distinct payment.
Release and Payment. URSI shall receive a release in form acceptable to it of the security interest of Xxxxxxx X. Xxxxx in the shares of City Towing, Inc. City Towing, Inc. or the COMPANY shall have received the payments of $742,619.34 of principal and $89,114.00 of interest due under that certain Agreement to Pay Intercompany Indebtedness to which the COMPANY and City Towing, Inc. and the Net Obligors defined therein are parties.
Release and Payment. 6.1 As a material inducement for the Company to enter into this Letter Agreement and in consideration of the monies agreed to be paid to the Manager and the Executives and the benefits contemplated to be provided to the Manager and the Executives hereunder, the Manager and each of the Executives hereby acknowledge that they are each executing simultaneously herewith and delivering to the Company on the date hereof a release, dated such date and in the form of EXHIBIT A hereto (the "EXECUTIVE RELEASE").
6.2 As a material inducement for the Manager and the Executives to enter into this Letter Agreement, the Company acknowledges that it is executing simultaneously herewith and delivering to the Manager and the Executives a release, dated the date hereof and in the form of EXHIBIT B hereto (the "COMPANY RELEASE").
Release and Payment. 2.1. In the interest of resolving all matters arising from or related to the Notice of Non-Compliance, the Parties wish to settle their differences upon the terms and conditions set forth in this Agreement.
2.2. Xx’ Xxxxx agrees to forgo efforts to collect all amounts that Xx’ Xxxxx claim is owed to Xx’ Xxxxx by Qualifying Former Students (hereinafter “Institutional Debt”) which amounts total $461,771.42 in full settlement of the issues raised in the Notice of Non- Compliance. (“Settlement Amount”). For the avoidance of doubt, Institutional Debt shall not include debts that are owed to non-Xx’ Xxxxx entities, such as, for example, federal student loans owed to the United States government. Xx’ Xxxxx further agrees to forgo collecting on any amounts owed to Xx’ Xxxxx by any Qualifying Former Students who have not been included in the $461,771.42 identified above.
2.3. Within forty-five (45) days of the Effective Date, Xx’ Xxxxx shall send a letter by
Release and Payment. No severance or other payment under this Section 3 shall be payable to Executive under the terms of this Section 3 unless a release agreement in a form reasonably determined by the Company has been executed and delivered within 22 days of termination of employment and not revoked within the seven day revocation period set forth therein. After satisfaction of the requirements of this Section 3(d), payments under this Section 3 will be made on the 30th day after the Executive’s termination of employment, unless earlier payment is permitted by section 409A of the Code (“Section 409A”) in which event payment will be made at such earlier time immediately after the revocation period.
Release and Payment. All payments to Executive provided for in this Section 5 shall be conditioned upon Executive’s (or Executive’s estate, as applicable) providing Employer with a signed release limited in scope to employment related claims in a form acceptable to the Board, and such release becoming irrevocable within forty-five (45) days after termination of Executive’s employment. All such payments provided for in this Section 5 shall be made to Executive in cash within sixty (60) days of his death or other termination of employment; provided, however, that if such sixty (60) day period begins in one calendar year and ends in another calendar year, payment should not be made until the beginning of the calendar year in which the sixty (60) day period ends.
