Required Release. Payment of the Severance Benefit is conditioned on your execution and delivery of a general waiver and release of claims in favor of the Company, Parent, their respective subsidiaries and affiliates, their respective predecessors and successors, and all of their respective current and former directors, officers, employees, shareholders, agents and representatives (collectively, the “Released Parties”), in the form attached as Exhibit B hereto (the “Release”), that has become irrevocable and effective in accordance with its terms within sixty (60) days following termination of your employment (the “Release Condition”). If the Release Condition is not satisfied, then you will not receive the Severance Benefit.
Appears in 5 contracts
Samples: Severance Agreement (MAGNACHIP SEMICONDUCTOR Corp), Severance Agreement (MAGNACHIP SEMICONDUCTOR Corp), Severance Agreement (MAGNACHIP SEMICONDUCTOR Corp)
