Common use of Timing and Conditions of Payment Clause in Contracts

Timing and Conditions of Payment. (a) Amounts that the Employee is entitled to receive pursuant to Section 3(a) of this Agreement shall be paid within 30 days from the date the Employee completes twelve (12) months of employment following the Change in Control. (b) The payment of any amounts under Section 3(b) of this Agreement shall be conditioned upon the execution, non-revocation, and delivery of a general release that is similar in form to the general release attached hereto as Exhibit 1 (the “Release”) within forty-five (45) days of the date of Employee’s Termination Date. The payments due under Section 3(b) of this Agreement shall be made to the Employee on the sixtieth (60th) day following the Employee’s Termination Date, provided that the Company has received a properly executed Release by the Employee no later than the forty-fifth (45th) day following the Termination Date which has not been revoked by Employee. If the Employee fails to properly execute and deliver the Release during the allowed forty-five (45) day period following the Employee’s Termination Date, the Employee agrees that he or she shall not be entitled to receive the benefits described in Section 3(b) of this Agreement (if applicable).