Common use of Timing of Release Clause in Contracts

Timing of Release. Whenever in this Agreement a payment or benefit is conditioned on the Executive’s execution of a release of claims and covenant not to xxx, the Company shall provide such release to the Executive promptly following the Termination Date, and such release and covenant not to xxx must be executed and all revocation periods shall have expired in accordance with terms set forth in the release, but in no case later than 60 days after the Termination Date; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection 7.3 above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Termination Date provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Code Section 409A, the Company may elect to make or commence payment at any time during such 60-day period.

Timing of Release. Whenever in this Agreement a payment or benefit is conditioned on the Executive’s execution of a release of claims and covenant not to xxxclaims, the Company shall provide such release to the Executive promptly following the Termination DateDate of Termination, and such release and covenant not to xxx must be executed and all revocation periods shall have expired in accordance with terms set forth in the release, but in no case later than 60 sixty (60) days after the Termination DateDate of Termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Nonnon-Exempt Deferred Compensation, exempt “deferred compensation,” then, subject to subsection 7.3 Section 17(c) above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination Date provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Code Section 409A409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.

Timing of Release. Whenever in this Agreement a payment or benefit is conditioned on the Executive’s execution of a release of claims and covenant not to xxxclaims, the Company shall provide such release to the Executive promptly following the Termination DateDate of Termination, and such release and covenant not to xxx must be executed and all revocation periods shall have expired in accordance with terms set forth in the release, but in no case later than 60 sixty (60) days after the Termination DateDate of Termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Nonnon-Exempt Deferred Compensation, exempt “deferred compensation,” then, subject to subsection 7.3 Section 17(c) above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination Date provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Code Section 409A409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.

Timing of Release. Whenever in this Agreement a payment or benefit is conditioned on the Executive’s execution of a release of claims and covenant not to xxxsxx, the Company shall provide such release to the Executive promptly following the Termination DateDate of Termination, and such release and covenant not to xxx sxx must be executed and all revocation periods shall have expired in accordance with terms set forth in the release, but in no case later than 60 sixty (60) days after the Termination DateDate of Termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection 7.3 5.3 above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination Date provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Code Section 409A409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.