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 of Executive’s employment, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute and not revoke a release (the “Release”) in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. Executive shall execute and deliver such Release to the Company no later than fifty (50) days following the date of the Covered Termination. 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 Confidentiality 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.

Appears in 4 contracts

Samples: Executive Severance Benefits Agreement (Symmetricom Inc), Executive Severance Benefits Agreement (Symmetricom Inc), Executive Severance Benefits Agreement (Symmetricom Inc)

AutoNDA by SimpleDocs

Release Prior to Payment of Benefits. Upon the occurrence of Executive's Change in Control Termination that occurs at any time other than during the six (6) months following the effective date of a Covered Termination of Executive’s employmentChange in Control, and prior to the payment of any benefits under this Agreement on account of such Covered Terminationtermination, Executive shall execute and not revoke a release (the "Release") in the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A A, Exhibit B or Exhibit BC, as applicable. Executive shall execute and deliver such Release to the Company no later than fifty (50) days following the date of the Covered Termination. 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 Confidentiality AgreementCompany'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 executionhe signs it. In the event If 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 4 contracts

Samples: Executive Severance Benefits Agreement (Sbe Inc), Executive Severance Benefits Agreement (Sbe Inc), Executive Severance Benefits Agreement (Sbe Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination of Executive’s employmentTermination, and prior to the payment of any benefits under this Agreement on account of such Covered Termination, Executive shall execute and not revoke a deliver to the Company an effective general release (the “Release”) in the form attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. Executive shall execute and deliver such Release , subject to any changes the Company no later than fifty (50) days following the date of the Covered Terminationdeems necessary or appropriate to reflect applicable law. 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 Confidentiality Agreement. It is understood that, as specified in the applicable Release, Executive has a certain specified 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 and deliver 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.

Appears in 3 contracts

Samples: Executive Severance Benefits Agreement (Mellanox Technologies, Ltd.), Executive Severance Benefits Agreement (Mellanox Technologies, Ltd.), Executive Severance Benefits Agreement (Mellanox Technologies, Ltd.)

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination of Executive’s employmentTermination, and prior to the provision or payment of any benefits under this Agreement on account of such Covered Termination, Executive shall must execute a general waiver and not revoke a release (the “Release”) in substantially the form attached hereto and incorporated herein as Exhibit A or A, Exhibit B, or Exhibit C, as applicableappropriate (each a “Release”), and such release must become effective in accordance with its terms. Executive shall execute and deliver such The Company may modify the Release in its discretion to the Company no later than fifty (50) days following comply with changes in applicable law until the date of the a Covered Termination. 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 Confidentiality AgreementCompany’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 If Executive does not execute such Release within the applicable period, no benefits shall be provided or payable under this Agreement pursuant to a Covered Termination. It is further understood that if Executive is age 40 or older at the time of a Covered Termination, Executive may revoke the applicable Release within seven (7) calendar days after its execution. If Executive revokes such Release within the such subsequent seven (7) day period, no benefits shall be provided or payable under this AgreementAgreement pursuant to such Covered Termination.

Appears in 2 contracts

Samples: Executive Change in Control Severance Benefits Agreement (Onyx Pharmaceuticals Inc), Control Severance Benefits Agreement (Onyx Pharmaceuticals Inc)

AutoNDA by SimpleDocs

Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination of Executive’s employmentChange in Control Termination that occurs at any time other than during the six (6) months following the effective date of a Change in Control, and prior to the payment of any benefits under this Agreement on account of such Covered Terminationtermination, Executive shall execute and not revoke a release (the “Release”) in the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A A, Exhibit B or Exhibit BC, as applicable. Executive shall execute and deliver such Release to the Company no later than fifty (50) days following the date of the Covered Termination. 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 Confidentiality AgreementCompany’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 executionhe signs it. In the event If 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 2 contracts

Samples: Severance Benefits Agreement (Sbe Inc), Severance Benefits Agreement (Sbe Inc)

Release Prior to Payment of Benefits. Upon the occurrence of a Change in Control or a Covered Termination of Executive’s employmentTermination, and prior to the provision or payment of any benefits under this Agreement on account of such Change in Control or Covered Termination, Executive shall execute and not revoke a release (the “Release”) in the form attached hereto and incorporated herein as as, with respect to a Change in Control, Exhibit A or and, with respect to a Covered Termination, Exhibit B[, Exhibit C and Exhibit D], as applicable. Executive shall execute and deliver such Release to the Company no later than fifty applicable (50) days following the date of the Covered Terminationeach a "Release"). 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 Confidentiality AgreementCompany'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 If Executive does not execute such Release within the applicable period, no benefits shall be provided or payable under this Agreement pursuant to the Change in Control or Covered Termination, whichever is applicable. It is further understood that if Executive is age 40 or older at the time of a Covered Termination, Executive may revoke the applicable Release within seven (7) calendar days after its execution. If Executive revokes such Release within the such subsequent seven (7) day period, no benefits shall be provided or payable under this AgreementAgreement pursuant to such Covered Termination.

Appears in 1 contract

Samples: Control Severance Benefits Agreement (Onyx Pharmaceuticals Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!