Common use of Waiver and Release Requirement Clause in Contracts

Waiver and Release Requirement. Payment of the benefits under this Section 3 is subject to Employee’s timely execution and return of the Waiver and Release to the Company, without subsequent revocation during the seven (7)-day period following such execution date (the "Waiver and Release Revocation Period"), as provided in this Section 3(i). Employee will have fifty (50) days following (i) his or her Qualifying Termination date to consider, execute and return the Waiver and Release to the Company and will then have the right to revoke the Waiver and Release during the Waiver and Release Revocation Period. If Employee fails to timely execute and return the Waiver and Release to the Company or revokes such Waiver and Release during the Waiver and Release Revocation Period, then Employee will forfeit, and will not be entitled to, any of the benefits described in this Section 3 (other than the amounts described in Section 3(b)).