STOCKHOLDERS' RELEASE. The Stockholders shall have delivered to IES an instrument dated the Closing Date which shall be effective only upon the occurrence of the Consummation Date releasing the Company from (i) any and all claims of the Stockholders against the Company and IES and (ii) obligations of the Company and IES to the Stockholders, except for (x) items specifically identified on Schedules 5.10 and 5.15 as being claims of or obligations to the Stockholders, (y) continuing obligations to Stockholders relating to their employment by the Company and (z) obligations arising under this Agreement or the transactions contemplated hereby. In the event that the Consummation Date does not occur, then the release instrument referenced herein shall be void and of no further force or effect.
Appears in 16 contracts
Samples: Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc), Stock Purchase Agreement (Integrated Electrical Services Inc)
