Common use of Release Prior to Payment of Benefits Clause in Contracts

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. Such Release shall specifically relate to all of Executive's rights and claims in existence at the time of such execution and shall confirm Executive's obligations under the Company's standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 18 contracts

Samples: Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc)

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Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. B. Such Release shall specifically relate to all of Executive's ’s rights and claims in existence at the time of such execution and shall confirm Executive's ’s obligations under the Company's ’s standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In Notwithstanding anything in the applicable Release, in the event Executive does has not execute such provided the Company with a signed irrevocable Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period2 1/2 months after Executive’s Covered Termination, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 4 contracts

Samples: Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. Such Release shall specifically relate to all of Executive's ’s rights and claims in existence at the time of such execution and shall confirm Executive's ’s obligations under the Company's ’s standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 3 contracts

Samples: Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc), Executive Severance Benefits Agreement (Cv Therapeutics Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. A. Such Release shall specifically relate to all of Executive's rights and claims in existence at the time of such execution and shall confirm Executive's obligations under the Company's standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 1 contract

Samples: Executive Severance Benefits Agreement (Virologic Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a deliver to the Company an effective release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. A. Such Release shall specifically relate to all of Executive's rights and claims in existence at the time of such execution and shall confirm Executive's obligations under the Company's standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and if Executive is 40 when he executes the Release, Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 1 contract

Samples: Executive Severance Benefits Agreement (LXN Corp)

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Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A A, Exhibit B or Exhibit BC, as applicable. Such Release shall specifically relate to all of Executive's rights and claims in existence at the time of such execution and shall confirm Executive's obligations under the Company's standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 1 contract

Samples: Executive Severance Benefits Agreement (Egreetings Network Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute a release (the "Release") in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. B. Such Release shall specifically relate to all of Executive's rights and claims in existence at the time of such execution and shall confirm Executive's obligations under the Company's standard form of proprietary information and inventions agreement. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider whether to execute such Release, and Executive may revoke such Release within seven (7) calendar days after execution. In the event Executive does not execute such Release within the applicable period, or if Executive revokes such Release within the subsequent seven (7) day period, no benefits shall be payable under this Agreement, and this Agreement shall be null and void.

Appears in 1 contract

Samples: Executive Severance Benefits Agreement (Cypros Pharmaceutical Corp)

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