Examples of Release and Covenant Agreement in a sentence
In the event of a breach of the covenants and obligations under the Release and Covenant Agreement, the Release and Covenant Agreement shall provide the Company with the right to seek injunctive and other equitable relief, the right to cease providing or clawback/recoup any payments or benefits provided or previously provided under this Plan and any benefits with respect to the vesting or continued vesting or retention of equity awards in respect of the Company’s common stock.
To the extent necessary, the Release and Covenant Agreement shall be intended to comply in all respects with the Massachusetts Noncompetition Agreement Act, M.G.L. c.
Notwithstanding the foregoing, Tier 2 Employees shall have no right to benefits under this Plan unless they execute and do not revoke the Release and Covenant Agreement set forth as Exhibit A hereto, and all other Designated Employees shall have no right to benefits unless they execute and do not revoke the Release Agreement set forth as Exhibit B hereto.
The Release and Covenant Agreement shall be delivered to the Participant by the Company on or as soon as practicable (and no later than three (3) business days) after the Date of Termination.
The Release and Covenant Agreement shall be delivered to the Participant by the Company on or as soon as practicable (and no later than five (5) business days) after the Date of Termination, and such agreements need not be uniform.
Approved and Adopted by the Board of Directors on April 22, 2013 EXHIBIT A FORM OF RELEASE AND COVENANT AGREEMENT This Release and Covenant Agreement (“Agreement”) is entered into as of this ______day of ________, hereinafter “Execution Date”, by and between [Employee Full Name] (hereinafter “Employee”), and [Employer Full Name] and its parent companies, affiliates, successors and assigns (hereinafter, the “Company”).
In the event of Employee’s Disability (as defined below), all Options then outstanding will remain exercisable until the applicable expiration date set forth in the Agreement provided that Employee executes a Release and Covenant Agreement; provided however that, any unexercised Options will subsequently be forfeited if there occurs a Forfeiture Event prior to the earlier of (i) the applicable expiration date set forth in the Agreement or (ii) Employee’s death.