Example ContractsClausesRelease Requirement
Release Requirement
Release Requirement contract clause examples

Requirement. Without limiting the Licensee’s liability pursuant to the indemnity provisions of this Agreement, the Licensee shall maintain (throughout the term and Disposal Period and for one (1) year thereafter) comprehensive general liability insurance in the amount of at least ​ (combined single limit per occurrence and in the aggregate) with a broad form property damage liability endorsement. This insurance shall include broad form blanket contractual liability, personal injury liability, advertising liability, products and completed operations liability. Each coverage shall be written on an “occurrence” form.

Release Requirement. Notwithstanding anything in this Agreement to the contrary, Executive’s right to receive the Salary Continuation Payments or the Change of Control Severance Payment, as applicable, is conditioned on Executive’s execution and delivery of a separation agreement and release of claims in favor of the [[Bank:Organization]] Group, its officers, directors, employees and agents in a form provided by the Bank (the “Release”) and such Release becoming effective and irrevocable within 60 days following the Termination Date (such 60-day period, the “Release Execution Period”). The Release will include an affirmation of the restrictive covenants set forth in Section 4, and will be in a form and substance satisfactory to the Bank.

Release Requirement. Notwithstanding anything in this Agreement to the contrary, Executive’s right to receive the Salary Continuation Payments or the Change of Control Severance Payment, as applicable, is conditioned on Executive’s execution and delivery of a separation agreement and release of claims in favor of the [[Bank:Organization]] Group, its officers, directors, employees and agents in a form provided by the Bank (the “Release”) and such Release becoming effective and irrevocable within 60 days following the Termination Date (such 60-day period, the “Release Execution Period”). The Release will include an affirmation of the restrictive covenants set forth in Section 4, and will be in a form and substance satisfactory to the Bank.

Release Requirement. As set forth in the Agreement, the Compensation and Early Vesting will not be payable or provided to Executive unless this Release becomes effective and irrevocable. This Release will become effective and irrevocable on the date specified in Section 5.

To be eligible for any of the Severance Benefits provided in clause 16.6 and clause 16.7 of this Agreement, the Executive must satisfy the following release requirement (Release Requirement):

Release Requirement. Pursuant to [Section 5(e)] of the Employment Agreement, in order to be entitled to receive the Severance Payment, Welfare Benefits and Equity Acceleration, the Executive must execute and return to the Company the general waiver and release attached hereto as [Exhibit A] no earlier than the day following the Termination Date and no later than the twenty-first (21st) day following the Termination Date and Executive must not revoke the release during the period of time the release is subject to revocation as provided therein (the date on which the release becomes effective and is no longer subject to revocation, the “Release Effective Date”). Upon the Release Effective Date, the Company agrees to promptly execute Executive’s executed and irrevocable waiver and release in the form attached hereto as [Exhibit A] and return an executed version to Executive.

General Release Requirement. Executive will not be eligible to receive any payments or benefits under Section 5(c) until # Executive executes a general release of all claims arising out of his employment with, and termination of employment from, Orion in the form proscribed by and acceptable to Orion (“General Release”); and # the revocation period specified in such General Release expires without such Executive exercising his right of revocation as set forth in the General Release.

Release Requirement; Additional Agreements. In order to be eligible to receive benefits under the Plan, a Participant also must timely execute and return to the Company a general waiver and release of all claims in a form acceptable to the Company (the “Release”), within the applicable time period set forth therein, but in no event more than fifty (50) days following the date of the applicable Covered Termination, and such Release must become effective in accordance with its terms. As a condition of being eligible to receive benefits under the Plan, a Participant shall be required to be in full compliance with a non-compete/confidentiality and trade secrets/inventions undertaking agreement or similar agreement as may be required or requested by the Company from time to time.

Payment Timing & Release Requirement. Any obligation of the Company to make any payment pursuant to Section 4(b), 4(c) or 4(d) (other than the payment of Accrued Compensation and Benefits) is conditioned upon the Executive first executing and delivering to the Company an effective release of claims in favor of the Company and each other member of the Company Group on a form acceptable to the Company, (the “Release”), within 59 days following the date of termination of employment, with all periods for revocation therein having expired. Subject to the Executive’s compliance with the preceding sentence, all amounts payable, or other benefits set forth in this Section 4 (other than the payment of Accrued Compensation and Benefits and any Pro-Rated Bonus) will be paid or provided on the 60th day following the date of termination of employment (or, if such 60th day is a weekend or holiday, the next business day) (the “Severance Payment Date”), subject to any delay that may be required by Section 14(b).

Release Requirement. Notwithstanding anything in this Agreement to the contrary, Executive’s right to receive the Salary Continuation Payments or the Change of Control Severance Payment, as applicable, is conditioned on Executive’s execution and delivery of a separation agreement and release of claims in favor of the [[Bank:Organization]] Group, its officers and directors in a form provided by the Bank (the “Release”) and such Release becoming effective and irrevocable within 60 days following the Termination Date (such 60-day period, the “Release Execution Period”). The Release will include an affirmation of the restrictive covenants set forth in Section 4, and will be in a form and substance satisfactory to the Bank.

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