Release Required; Time of Payment Sample Clauses

Release Required; Time of Payment. The Executive’s right to receive or retain the payments and benefits described in Sections 4, 5 and 6 shall be conditioned upon the Executive’s delivery to the Company and non-revocation of a general release and waiver of all claims substantially in the form as set forth in Exhibit A hereto; provided, however, that, such release will not waive any rights the Executive may have (a) to enforce the Executive’s rights under this Agreement, or (b) to indemnification and directors and officers liability insurance coverage. The release condition must be satisfied (and the release must become irrevocable), if at all, within 60 days after the Executive’s termination of employment. If it is not satisfied within that time, the Executive will not be entitled to receive or retain the severance payments and benefits to which he would otherwise be entitled under Sections 4, 5 and 6. If the release condition is satisfied, the severance payments that are subject to the release condition under this paragraph will be made on the day following the date on which the release condition is satisfied, provided that, if the 60-day period during which the release condition may be satisfied straddles two calendar years, payment will be made or begin on the later of the date on which the release condition is satisfied and January 2 of the calendar year following the calendar year in which the Executive’s termination of employment occurs. On the deferred payment date, the Executive will receive a catch-up payment equal to the aggregate amount that otherwise would have been received by such date. If the release condition is not satisfied by the Employee, the Company will be entitled to recoup the amount of any premiums it may have paid for group health continuation coverage under Section 4.2 or 5.2.