Limited Release. The Company’s obligation to provide severance payments to Executive under this Agreement is expressly contingent upon the Company’s prior receipt of an executed copy of a Limited Release in a form customarily utilized by the Company for such matters (the “Limited Release”). The Company will have no obligation to provide severance payments to Executive in the event that Executive (i) does not deliver to the Company an executed Limited Release , or (ii) does deliver an executed General Release to the Company, but Executive breaches any representation, warranty or covenant of the Limited Release after delivery. Furthermore, the Company will be entitled to accrue and withhold any severance payment otherwise due during any period in which the Limited Release is revocable (in whole or in part) by Employee, provided that any such withheld payments will promptly be remitted to Executive when the Release Agreement becomes irrevocable.
Appears in 3 contracts
Sources: Severance Compensation and Restrictive Covenant Agreement (Mimedx Group, Inc.), Severance Compensation and Restrictive Covenant Agreement (Mimedx Group, Inc.), Severance Compensation and Restrictive Covenant Agreement (Mimedx Group, Inc.)