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

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 Change in Control, and prior to the payment of any benefits under this Agreement on account of such termination, Executive shall execute a release (the "Release") in the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A, Exhibit B or Exhibit C, 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 he signs it. 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)

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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 Change in ControlCovered Termination, and prior to the payment of any benefits under this Agreement on account of such terminationCovered Termination, Executive shall execute a and deliver to the Company an effective general release (the "Release") in the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A, Exhibit B A or Exhibit CB, as applicable, subject to any changes the Company deems necessary or appropriate to reflect applicable law. 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 standard form of proprietary information and inventions agreementConfidentiality 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 he signs itexecution. If 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, and this Agreement shall be null and void.

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 Executive's Change in Control Termination that occurs at any time other than during the six (6) months following the effective date of a Change in ControlCovered Termination, and prior to the provision or payment of any benefits under this Agreement on account of such terminationCovered Termination, Executive shall must execute a general waiver and release (the "Release") in substantially the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A, Exhibit B B, or Exhibit C, as applicableappropriate (each a “Release”), and such release must become effective in accordance with its terms. The Company may modify the Release in its discretion to comply with changes in applicable law until the date of a 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 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 he signs it. 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 Agreement, and this Agreement shall be null and voidpursuant to such Covered Termination.

Appears in 3 contracts

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

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Release Prior to Payment of Benefits. Upon the occurrence of Executive's ’s Change 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 termination, Executive shall execute a release (the "Release") in the form (or in a substantially similar form to that) attached hereto and incorporated herein as Exhibit A, Exhibit B or Exhibit C, 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 he signs it. 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 Agreement (Sbe Inc), Severance Agreement (Sbe Inc)

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