Common use of Severance Release Clause in Contracts

Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Sections 7.3, 7.5 or 7.6 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.3, 7.5 or 7.6 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in form and substance reasonably satisfactory to the Company pursuant to which Executive will release and waive any and all claims against the Company (and its officers, directors, shareholders, employees and representatives) arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by the Company, (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to severance compensation under Sections 7.3, 7.5 or 7.6 of this Agreement. Executive further agrees that the Release Agreement contemplated in this Section 7.12 must be executed, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s termination.

Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Sections 7.3, 7.5 or 7.6 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.3, 7.5 or 7.6 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in form and substance reasonably satisfactory to the Company pursuant to which Executive will release and waive any and all claims against the Company (and its officers, directors, shareholders, employees and representatives) arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by the Company, (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to severance compensation under Sections 7.3, 7.5 or 7.6 of this Agreement. Executive further agrees that the Release Agreement contemplated in this Section 7.12 must be executed, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s termination.

Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Sections 7.3Section 7.4, Section 7.5 or 7.6 Section 7.7 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.37.4, Section 7.5 or 7.6 Section 7.7 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in substantially the form and substance reasonably satisfactory attached as Exhibit A (with such changes as may be necessary due to the Company changes in applicable law) pursuant to which Executive will release and waive any and all claims against the Company (Company, its affiliates, and all of its and their present and/or former members, owners, officers, directors, shareholdersemployees, employees agents, attorneys and representatives) , including, without limitation, all claims arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights claim for Base Salary earned by Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by prior to the Company, employment termination date; (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to the severance or other compensation under Sections 7.3Section 7.4, Section 7.5 or 7.6 Section 7.7, as applicable, of this Agreement; or (d) any rights Executive may have with respect to vested benefits under any employee benefit plans or programs of the Company. Executive further agrees that The severance compensation described in Section 7.4, Section 7.5 or Section 7.7 of this Agreement is in lieu of any severance benefits under any severance policy or plan the Release Agreement contemplated Company may have now or in this Section 7.12 must be executedthe future, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s terminationExecutive acknowledges that he is not entitled to any other severance benefits.

Severance Release. Executive acknowledges and agrees that the Company’s 's payment of the severance compensation pursuant to Sections 7.3, 7.5 or 7.6 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s 's employment with the Company and/or the termination of Executive’s 's employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.3, 7.5 or 7.6 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in form and substance reasonably satisfactory to the Company pursuant to which Executive will release and waive any and all claims against the Company (and its officers, directors, shareholders, employees and representatives) arising out of this Agreement, Executive’s 's employment with the Company, and/or the termination of Executive’s 's employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by the Company, (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to severance compensation under Sections 7.3, 7.5 or 7.6 of this Agreement. Executive further agrees that the Release Agreement contemplated in this Section 7.12 must be executed, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s termination.

Severance Release. Executive acknowledges and agrees that the Company’s payment of the severance compensation pursuant to Sections 7.3Section 7.4, Section 7.5 or 7.6 Section 7.7 of this Agreement shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Executive arising out of this Agreement, Executive’s employment with the Company and/or the termination of Executive’s employment with the Company, except for any vested rights Executive may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company. Executive further acknowledges and agrees that as a condition to receiving any of the severance compensation pursuant to Section 7.37.4, Section 7.5 or 7.6 Section 7.7 of this Agreement, Executive will execute and deliver to the Company a Release Agreement in substantially the form and substance reasonably satisfactory attached as Exhibit A (with such changes as may be necessary due to the Company changes in applicable law) pursuant to which Executive will release and waive any and all claims against the Company (Company, its affiliates, and all of its and their present and/or former members, owners, officers, directors, shareholdersemployees, employees agents, attorneys and representatives) , including, without limitation, all claims arising out of this Agreement, Executive’s employment with the Company, and/or the termination of Executive’s employment with the Company, including without limitation claims under all federal, state and local laws; provided, however, that such Release Agreement shall not affect or relinquish (a) any vested rights claim for Base Salary earned by Executive may have under any insurance, stock option or equity compensation plan, or other employee benefit plan sponsored by prior to the Company, employment termination date; (b) any claims for reimbursement of business expenses incurred prior to the employment termination date, or (c) any rights to the severance or other compensation under Sections 7.3Section 7.4, Section 7.5 or 7.6 Section 7.7, as applicable, of this Agreement; or (d) any rights Executive may have with respect to vested benefits under any employee benefit plans or programs of the Company. Executive further agrees that The severance compensation described in Section 7.4, Section 7.5 or Section 7.7 of this Agreement is in lieu of any severance benefits under any severance policy or plan the Release Agreement contemplated Company may have now or in this Section 7.12 must be executedthe future, and the applicable revocation period must expire without Executive’s revocation, within the timeframe set forth in the Release Agreement but in no event later than fifty-five (55) days after the effective date of Executive’s terminationExecutive acknowledges that she is not entitled to any other severance benefits.