Common use of Covenant Not to Sxx Clause in Contracts

Covenant Not to Sxx. (a) A “covenant not to sxx” is a legal term that means Executive promises not to file a lawsuit in court. It is different from the release of claims and waiver of rights contained in Section 4 above. Besides waiving and releasing the claims covered by Section 4 above, Executive shall never sxx the Releasees in any forum for any reason covered by the Release. Notwithstanding this covenant not to sxx, Executive may bring a claim against the Company to enforce this Agreement, to challenge the validity of this Agreement under the ADEA or for any claim that arises after execution of this Agreement. If Executive sues any of the Releasees in violation of this Agreement, Executive shall be liable to them for their reasonable attorneys’ fees and costs (including the costs of experts, evidence, and counsel) and other litigation costs incurred in defending against Executive’s suit. In addition, if Executive sues any of the Releasees in violation of this Agreement, the Company can require Executive to return all but a sum of $100 of the Severance Payments, which sum is, by itself, adequate consideration for the promises and covenants in this Agreement. In that event, the Company shall have no obligation to make any further Severance Payments.

Covenant Not to Sxx. (a) A “covenant not to sxx” is a legal term that means Executive promises not to file a lawsuit in court. It is different from the release of claims and waiver of rights contained in Section 4 above. Besides waiving and releasing the claims covered by Section 4 above, Executive shall never sxx the Releasees in any forum for any reason covered by the Release. Notwithstanding this covenant not to sxx, Executive may bring a claim against the Company Bank to enforce this Agreement, to challenge the validity of this Agreement under the ADEA ADEA, or for any claim that arises after execution of this Agreement. If Executive sues any of the Releasees in violation of this Agreement, Executive shall be liable to them for their reasonable attorneys’ fees and costs (including without limitation the costs of experts, evidence, and counsel) and other litigation costs incurred in defending against Executive’s suit. In addition, if Executive sues any of the Releasees in violation of this Agreement, the Company Bank can require Executive to return all but a sum of one hundred dollars ($100 100) of the Severance Paymentsseverance benefit received pursuant to Section 2 above, which sum is, by itself, adequate consideration for the promises and covenants in this Agreement. In that event, the Company Bank shall have no obligation to make provide any further Severance Paymentsseverance benefits.