Common use of Release at Termination Clause in Contracts

Release at Termination. As a condition to the receipt of any payment or benefit under Section 5(b), the Executive shall first execute and not revoke a release in a form to be provided by the Board, releasing the Bank Group and certain other persons and entities from certain claims and other liabilities which release must be effective and irrevocable within 55 days after the date of the termination of the Executive’s employment with the Bank, provided that if the 55-day period begins in one taxable year and ends in the following taxable year, such payments or benefits shall not commence until the following taxable year.