Common use of Release of Claims Requirements Clause in Contracts

Release of Claims Requirements. In consideration of the receipt of any severance benefits under this Agreement, and as a precondition to their receipt, Employee must execute and not revoke and deliver to the Company a release of all known and unknown claims substantially in the form attached hereto as Exhibit A (the “Release”). Employee shall be granted a twenty-one (21) day period (or such other time period required by applicable law but not to exceed forty-five (45) days) commencing within ten (10) days after termination of Employee’s employment in which to review and study the Release and consult with an attorney prior to deciding whether to execute the Release. Employee’s failure to timely execute and deliver such Release within the prescribed time period (or Employee’s revocation of the Release) shall be deemed to be a waiver of Employee’s ability to receive any of the applicable severance benefits. If the Release is executed and delivered and no longer subject to revocation as provided herein, then any cash severance benefits shall be paid on the 70th day following the termination of Employee’s employment (other than the Pro-Rated Incentive Compensation or Incentive Compensation becoming payable pursuant to Section 5(d) or 5(f), which shall be paid as specified in Section 5(a), (d) or (f), as applicable), except to the extent that such payments are further delayed pursuant to the application of Section 5(h). If Employee’s employment terminates within six (6) months prior to the date of the Change in Control under circumstances entitling Employee to the Change in Control Benefits and the Change in Control does not occur until after the 70th day following the termination of Employee’s employment, Employee shall initially be paid the cash Severance Benefits specified in Sections 5(d)(i)(B) and (C) on such 70th day, and shall be paid any additional amounts becoming payable pursuant to Sections 5(f)(i)(B)(1)(B) and (C) within ten (10) days following the date the Change in Control constitutes a change in the ownership, effective control or ownership of a substantial portion of the assets of Employer within the meaning of Code Section 409A.

Release of Claims Requirements. In consideration of the receipt of any severance benefits under this Agreement, and as a precondition to their receipt, Employee must execute and not revoke and deliver to the Company a release of all known and unknown claims substantially in the form attached hereto as Exhibit A (the “Release”). Employee shall be granted a twenty-one (21) day period (or such other time period required by applicable law but not to exceed forty-five (45) days) commencing within ten (10) days after termination of Employee’s employment in which to review and study the Release and consult with an attorney prior to deciding whether to execute the Release. Employee’s failure to timely execute and deliver such Release within the prescribed time period (or Employee’s revocation of the Release) shall be deemed to be a waiver of Employee’s ability to receive any of the applicable severance benefits. If the Release is executed and delivered and no longer subject to revocation as provided herein, then any cash severance benefits shall be paid on the 70th day following the termination of Employee’s employment (other than the Pro-Rated Incentive Compensation or Incentive Compensation becoming payable pursuant to Section 5(d) or 5(f), which shall be paid as specified in Section 5(a), (d) or (f), as applicable), except to the extent that such payments are further delayed pursuant to the application of Section 5(h). If Employee’s employment terminates within six (6) 6 months prior to the date of the Change in Control under circumstances entitling Employee to the Change in Control Benefits and the Change in Control does not occur until after the 70th day following the termination of Employee’s employment, Employee shall initially be paid the cash Severance Benefits specified in Sections 5(d)(i)(B) and (C) on such 70th day, and shall be paid any additional amounts becoming payable pursuant to Sections 5(f)(i)(B)(1)(B) and (C) within ten (10) days following the date the Change in Control constitutes a change in the ownership, effective control or ownership of a substantial portion of the assets of Employer within the meaning of Code Section 409A.