Common use of Requirement of Release Clause in Contracts

Requirement of Release. Notwithstanding anything in this Agreement to the contrary, except as prohibited by law, the Executive’s entitlement to any compensation, benefits, or equity vesting under Section 7 of this Agreement (other than the Accrued Compensation) shall be contingent upon the Executive signing and not revoking a full release of claims substantially in the form of Appendix I attached here to and included in this Agreement (“Release”), which Release shall not be executed by Executive earlier than the Termination Date and must become binding and irrevocable no later than sixty (60) days following the Termination Date. Failure to satisfy the release requirement shall result in the forfeiture in full of all compensation, benefits or equity vesting to which the Executive would otherwise be entitled under Section 7. Any equity award for which vesting is contingent upon satisfaction of the release requirement set forth in this Section 7(g) shall remain outstanding (but shall not vest or otherwise be paid) following the Termination Date for such period as is necessary to allow satisfaction of the release requirement, notwithstanding any contrary term in any Award Agreement. Any cash separation benefits that are contingent upon satisfaction of the release requirement set forth in this Section 7(g) and that would otherwise be paid prior to satisfaction of such requirement shall instead be withheld and paid in a lump sum within five (5) days of the release requirement being satisfied.