Release Clause Example from Business Contracts

Release. As a condition of receiving the compensation and benefits described in Section 7(c), Executive must execute a release of any and all claims arising out of Executive's employment with the Company or Executive's separation from such employment (including, without limitation, claims relating to age, disability, sex or race discrimination to the extent permitted by law), excepting (i) claims for benefits under any employee benefit plan in accordance with the terms of such employee benefit plan,... (ii) any right to exercise Equity Awards that are vested on the Date of Termination pursuant to the terms of such Equity Awards (as modified by the Employment Agreement) (iii) claims based on breach of the Company's obligations to pay the compensation and benefits described in Sections 5 and 7(a) or (c) of this Employment Agreement, (iv) claims arising under the Age Discrimination in Employment Act after the date Executive signs such release, and (v) any right to indemnification by the Company or to coverage under directors and officers liability insurance to which Executive is otherwise entitled in accordance with this Agreement and the Company's articles of incorporation or by laws or other agreement between Executive and the Company (the "Release"). Such Release shall be in a form tendered to the Executive by the Company within five (5) business days following the termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason, which shall comply with any applicable legislation or judicial requirements, including, but not limited to, the Older Workers Benefit Protection Act, and shall be substantially in the form of release attached as Exhibit C. The compensation and benefits described in Section 7(c) will not be paid to the Executive if the Executive fails to execute the Release within the time frame specified in such Release (but in no event later than more than fifty-three (53) days after the Date of Termination), if the Executive revokes the Release within the applicable revocation period set forth in such Release or if the revocation period expires more than sixty (60) days following the Executive's Date of Termination. View More