Common use of Conditional Nature of Severance Payments Clause in Contracts

Conditional Nature of Severance Payments. The receipt of any severance or other benefits pursuant to Section 7 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company within two and one-half (2 1/2) months following the end of the calendar year in which the Executive’s termination of employment occurs. No severance or other benefits will be paid or provided until the separation agreement and release of claims becomes effective. Executive further agrees and acknowledges that Executive’s right to receive the severance payments set forth in Section 7 and any Benefits set forth in Section 3(d) (to the extent Executive is otherwise entitled to such payments or Benefits) will be conditioned upon Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of, any person, firm, corporation or business that directly competes with the Company (or any parent or subsidiary of the Company) or is a customer of the Company (or any parent or subsidiary of the Company), in each case during the six (6) month period in which Employee is eligible to receive severance payments. Upon any breach of this section, all severance payments pursuant to Section 7 of this Agreement will immediately cease.

Conditional Nature of Severance Payments. The receipt of any severance or other benefits pursuant to Section 7 8 will be subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company within two and one-half (2 1/2) months following the end of the calendar year in which the Executive’s termination of employment occurs. No severance or other benefits will be paid or provided until the separation agreement and release of claims becomes effective. Executive further agrees and acknowledges that Executive’s right to receive the severance payments set forth in Section 7 and any Benefits set forth in Section 3(d) 8 (to the extent Executive is otherwise entitled to such payments or Benefitspayments) will be conditioned upon Executive not directly or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of, of any person, firm, corporation or business that directly competes with the Company (or any parent or subsidiary of the Company) or is a customer of the Company (or any parent or subsidiary of the Company), in each case during the six (6) month period in which Employee is eligible to receive severance payments. Upon any breach of this section, all severance payments pursuant to Section 7 8 of this Agreement will immediately cease.