Opportunity for Review and Revocation. Employee has forty-five (45) days to review and consider this Agreement, although Employee may sign the Agreement before the 45 days expire. Notwithstanding anything contained herein to the contrary, this Agreement will not become effective or enforceable for a period (the “Revocation Period”) of seven (7) calendar days following the date of its execution, during which time Employee may revoke Employee’s acceptance of this Agreement by notifying ▇▇▇ ▇▇▇▇, in writing. To be effective, such revocation must be received by the Company no later than 5:00 p.m. local time on the seventh calendar day following its execution. Provided that the Agreement is executed and Employee does not revoke it within the Revocation Period, on the eighth (8th) day following the date on which this Agreement is executed this Agreement shall become effective (the “Effective Date”). In the event that Employee fails to execute and deliver this Agreement to the Company prior to the 46th day after the date of his termination or Employee revokes this Agreement during the Revocation Period, this Agreement will be null and void and of no effect, and the Company will have no further obligations to Employee hereunder or, except where explicitly provided otherwise therein, under the Severance Plan.
Appears in 2 contracts
Sources: General Release and Separation Agreement (Loral Space & Communications Inc.), General Release and Separation Agreement (Loral Space & Communications Inc.)