Separation Agreement Required; Time of Payment Sample Clauses

Separation Agreement Required; Time of Payment. As noted above, in order to receive any payments or benefits pursuant to Section 7.3(iii), (iv) or (v), Executive must execute (and not revoke) a Separation Agreement, which Agreement shall include a mutual general release of any and all claims that Executive had, has or may have in connection with Executive’s employment with IMH or Infinet, as applicable, as well as a release of any claims that IMH or Infinet (including in each case their affiliated and related entities, owners, directors, officers, consultants, agents and representatives) as applicable, had, has or may have against the Executive. The Separation Agreement shall be provided to Executive within five (5) days following Executive’s Separation from Service. The Separation Agreement must be executed and returned to IMH or Infinet, as applicable, within the twenty-one (21) or forty-five (45) day (as applicable) period that will be described in the Separation Agreement and it must not be revoked by Executive within the seven (7) day revocation period that will be described in the Separation Agreement. The Separation Agreement may not be executed prior to Executive’s last day of employment. The lump sum payments called for by Section 7.3(iii), (iv) and (v) shall be paid within five (5) days following the last day on which Executive could revoke the Separation Agreement. Notwithstanding anything in this Section to the contrary, if the period of time during which Executive has to consider the execution of the Separation Agreement, plus the seven (7) day revocation period, spans two (2) calendar years, the lump sum cash payments called for by Section 7.3(iii), (iv) and (v) shall be paid in the second calendar year
Sample 1
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Separation Agreement Required; Time of Payment. As set forth above, in order to receive any payments or benefits pursuant to Section 7.3(ii) or 7.3(iii), the Consultant must execute a separation agreement (the “Separation Agreement”), which Separation Agreement shall include a mutual general release of any and all claims that the Consultant had, has or may have in connection with the Consultant’s Consulting Services with IMH, as well as a release of any claims that IMH had, has or may have against the Consultant. The Separation Agreement shall be in a commercially reasonable form and be provided by IMH to the Consultant within five (5) days following the Consultant’s Separation from Service (defined below). The Separation Agreement must be executed and returned to IMH within the thirty (30) day period thereafter that will be described in the Separation Agreement. The Separation Agreement may not be executed prior to the Consultant’s last day of rendering any Consulting Services. The lump sum payments called for by Section 7.3(ii) and 7.3(iii) shall be paid within five (5) days following the Consultant’s execution and delivery of the Separation Agreement; provided, that, notwithstanding the foregoing, if the thirty (30) day period specified in the Separation Agreement spans two calendar years, such lump sum payments shall commence in the second calendar year.
Sample 1
Separation Agreement Required; Time of Payment. As set forth above, in order to receive any payments or benefits pursuant to Section 6.3(i), the Consultant must execute (and not revoke) a Separation Agreement, which Agreement shall include a general release of any and all claims that the Consultant had, has or may have in connection with the Consultant’s Consulting Services with IMHFC. The Separation Agreement must be executed and returned to IMHFC, within the applicable period that will be described in the Separation Agreement and it must not be revoked by the Consultant within any applicable revocation period that will be described in the Separation Agreement. The Separation Agreement may not be executed prior to the Consultant’s last day of rendering any Consulting Services.
Sample 1

Related to Separation Agreement Required; Time of Payment

  • Effective Date of Agreement This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

  • Lock-Up Period; Agreement In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with the Rule 2711 of the National Association of Securities Dealers, Inc.) from the effective date of such registration statement as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering.

  • EFFECTIVE DATE OF CONTRACT This Contract shall become effective upon signing by the parties hereto. (End of Article)

  • Effective Date of Agreement; Termination (a) This Agreement shall become effective when the parties hereto have executed and delivered this Agreement.

  • EFFECTIVE DATE OF PLAN Stock Awards and Options may be granted under this Plan upon its adoption by the Board, provided that no incentive stock option will continue to be effective unless this Plan is approved by a majority of the votes entitled to be cast by the Stockholders, voting either in person or by proxy, at a duly held Stockholders’ meeting or by the consent of Stockholders owning more than fifty percent (50%) of shares of the Common Stock within twelve months of such adoption.

  • Revocation Period and Effective Date In the event that Executive elects to sign and return to the Company a copy of this Agreement, he/she has a period of seven (7) days (the “Revocation Period”) following the date of such execution to revoke this Release, after which time this agreement will become effective (the “Effective Date”) if not previously revoked. In order for the revocation to be effective, written notice must be received by the Company no later than close of business on the seventh day after the Executive signs this Release at which time the Revocation Period shall expire.

  • Separation Agreement and General Release The Company’s obligation to make the Severance Payment or to pay the Salary Continuation is conditioned on Executive’s or his legal representative’s executing a separation agreement and general release of claims related to or arising from Executive’s employment with the Company or the termination of employment, against the Company and its affiliates (and their respective officers and directors) in a form reasonably determined by the Company, which shall be provided by the Company to Executive within five (5) days following the Date of Termination; provided, that, if Executive should fail to execute (or revokes) such release within 60 days following the Date of Termination, the Company shall not have any obligation to provide the Severance Payment or the Salary Continuation. If Executive executes the release within such 60 day period and does not revoke the release within seven (7) days following the execution of the release, the Severance Payment will be made in accordance with Section 4(a)(ii) or the Salary Continuation shall commence at such time, as applicable.

  • Continuing Agreement (a) This Agreement shall remain in full force and effect until the Facility Termination Date, at which time this Agreement shall be automatically terminated (other than obligations under this Agreement which expressly survive such termination) and the Administrative Agent shall, upon the request and at the expense of the Grantors, forthwith release all of its liens and security interests hereunder and shall execute and deliver all UCC termination statements and/or other documents reasonably requested by the Grantors evidencing such termination.

  • Termination Amendment Waiver 55 Section 6.1. Termination ........................................................................ 55

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

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