Common use of Separation Agreement and Release Clause in Contracts

Separation Agreement and Release. Executive’s eligibility for the severance payments described in Section 13.3 above is conditioned upon Executive, after Executive’s employment ends, signing and delivering and not revoking a release of claims in favor of the Company in a form consistent with FELLC’s then-current practice and reasonable satisfactory to FELLC. Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination. The amounts specified in Section 13.3 above shall be paid in lieu of any separation payments that Executive would otherwise be entitled to under any severance plan or program covering employees of the Company. Subject to any applicable Internal Revenue Code Section 409A restrictions, as described more fully in Section 18 below, such amounts shall be paid in a lump sum in cash within thirty (30) days after the expiration of any applicable revocation period following Executive’s execution and delivery of such release to FELLC.