Common use of Release Payment Clause in Contracts

Release Payment. Payment of the benefits provided by Sections 6(c)(ii), 6(c)(iii), 6(d)(ii), 6(d)(iii) and 6(d)(iv) shall be conditioned on the Executive’s or, in the event of his death, his estate’s, execution and delivery to the Company of a full release of all claims that the Executive, his heirs and assigns may have against the Company, its Affiliates and each of their respective directors, officers, employees and agents, in substantially the form attached hereto as Exhibit D (the “Release”). The Release must become enforceable and irrevocable on or before the sixtieth (60th) day following the Termination Date (the “Review Period”). If the Executive (or his estate) fails to execute and deliver the Release without revocation within the prescribed time period, the Executive shall not be entitled to any benefits under Section 6 other than the Accrued Obligations. The installments of severance provided under Section 6(d)(ii) shall commence in the calendar month following the month in which the Release becomes enforceable and irrevocable; provided, however, that if the Review Period begins in one taxable year of the Executive and ends in a later taxable year, the installments of the severance shall commence in the later taxable year. The first installment shall include, however, all amounts that would otherwise have been paid to the Executive between the Termination Date and the Executive’s receipt of the first installment, assuming the first installment would otherwise have been paid in the month following the month in which the Termination Date occurs.

Release Payment. Payment of the benefits provided by Sections 6(c)(ii), 6(c)(iii), 6(d)(ii), 6(d)(iii) and 6(d)(iv) Severance Benefits shall be conditioned on (i) the Executive’s or, in continued compliance with the event obligations of his death, his the Executive under Sections 5 and 6; and (ii) the Executive (or Executive’s estate’s, execution ) executing and delivery delivering to the Company of a full release of all claims that the Executive and Executive, his ’s heirs and assigns may have against the Company, its Affiliates affiliates and subsidiaries and each of their respective directors, officers, employees and agents, in substantially a form reasonably acceptable to the form attached hereto as Exhibit D Company, which shall include an affirmation by Executive that Executive shall fully comply with Sections 5 and 6 of this Agreement (the “Release”). The Release must become enforceable and irrevocable on or before the sixtieth (60th) day following the Termination Date (the “Review Period”)Date. If the Executive (or his estate) fails to execute and deliver the Release without revocation within the prescribed time periodRelease, the Executive shall not be entitled to any benefits under Section 6 other than the Accrued ObligationsSeverance Benefits. The installments of severance Severance provided under Section 6(d)(ii4(a) shall commence in the calendar month following the month in which the Release becomes enforceable and irrevocable; provided. If, however, that if the Review Period sixty (60) day period in which the Release must become enforceable and irrevocable begins in one taxable year of the Executive and ends in a later taxable the following year, the installments Company shall commence payment of the severance shall commence Severance installments in the second year in the later taxable yearof January and the first calendar month following the month in which the Release becomes effective and irrevocable. The first installment shall include, however, all amounts that would otherwise have been paid to the Executive between the Termination Date and the Executive’s receipt of the first installment, assuming the first installment would otherwise have been paid in the month following the month in which the Termination Date occurs.