Older Workers’ Benefit Protection Act Clause Example from Business Contracts

Older Workers’ Benefit Protection Act. This Agreement is intended to satisfy the requirements of the Older Workers' Benefit Protection Act, 29 U.S.C. sec. 626(f). The following general provisions, along with the other provisions of this Agreement, are agreed to for this purpose: i. Employee acknowledges and agrees that Employee has read and understands the terms of this Agreement. ii. Employee is advised that Employee should consult with an attorney before executing this Agreement, and Employee acknowledges that Employee has obtained... and considered any legal advice Employee deems necessary, such that Employee is entering into this Agreement freely, knowingly, and voluntarily. iii. Employee acknowledges that Employee has been given at least 21 days in which to consider whether or not to enter into this Agreement. Employee understands that, at Employee's option, Employee may elect not to use the full 21-day period. iv. If Employee accepts the Agreement, Employee shall deliver a signed copy to Tom Comery as a member of the Board of Directors as soon as practical but no later than 21 days after receipt of the Agreement. This Agreement shall not become effective or enforceable until the eighth day after Employee signs this Agreement, or as soon thereafter as Employee satisfies the conditions expressed in paragraph 2 above. In other words, Employee may revoke Employee's acceptance of this Agreement within seven days after the date Employee signs it. Employee's revocation must be in writing and received by Tom Comery as member of the Board of Directors by 5:00 p.m. on the seventh day in order to be effective. If Employee does not revoke acceptance within the seven day period, Employee's acceptance of this Agreement becomes binding and enforceable on the eighth day (the "Effective Date"). The Severance Payment will become due and payable in accordance with paragraph 1 above after the Effective Date, provided Employee does not revoke. v. This Agreement does not waive or release any rights or claims that Employee may have under the Age Discrimination in Employment Act that arise after the execution of this Agreement. View More