Common use of Enforcement Costs; Interest Clause in Contracts

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 6 contracts

Samples: Executive Agreement (Too Inc), Executive Agreement (Too Inc), Executive Agreement (Too Inc)

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Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank The Huntington National Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 4 contracts

Samples: Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank Fifth Third Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 3 contracts

Samples: Agreement (Fifth Third Bancorp), Agreement (Fifth Third Bancorp), Agreement (Fifth Third Bancorp)

Enforcement Costs; Interest. The Corporation Huntington is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Huntington may then cause or attempt to cause the Corporation Huntington to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Huntington to institute, or may institute, litigation, arbitration, or other legal action litigation seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Huntington that the Executive not be required to incur the expenses associated with the enforcement of the Executive's his rights under this Agreement by litigation, arbitration, litigation or other legal action nor be bound to negotiate any settlement of the Executive's his rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreementhereunder. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Huntington has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, Agreement or in the event that the Corporation Huntington or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Huntington irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's his choice at the expense of the Corporation Huntington as provided in this Section 8 7 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Huntington or any director, officer, stockholder, stockholder or other person affiliated with the CorporationHuntington. Notwithstanding any existing or prior attorney-client relationship between the Corporation Huntington and such counsel, the Corporation Huntington irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Huntington and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as hereinabove provided in this Section shall be paid or reimbursed to the Executive by the Corporation Huntington on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the greater of (a) 12%, or (b) the prime commercial rate in effect at Citibank The Huntington National Bank or its successor in effect from time to time during the prejudgment period plus 4 percentperiod.

Appears in 3 contracts

Samples: Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank Fifth Third Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 3 contracts

Samples: Agreement (Fifth Third Bancorp), Agreement (Fifth Third Bancorp), Agreement (Fifth Third Bancorp)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in of Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in of Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Upcalculations under Section 5, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 10 to represent the Executive in connection with the calculation of the Tax Gross-Upcalculations under Section 5, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank The Huntington National Bank or its successor in effect from time to time during the prejudgment period plus 4 percent4%.

Appears in 3 contracts

Samples: Release Agreement (Huntington Bancshares Inc/Md), Release Agreement (Huntington Bancshares Inc/Md), Release Agreement (Huntington Bancshares Inc/Md)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank The Huntington National Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 3 contracts

Samples: Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md), Executive Agreement (Huntington Bancshares Inc/Md)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank Fifth Third Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 3 contracts

Samples: Amended Executive Agreement (Fifth Third Bancorp), Amended Executive Agreement (Fifth Third Bancorp), 2012 Executive Agreement (Fifth Third Bancorp)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank the corporation’s principal bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 2 contracts

Samples: Executive Agreement (State Auto Financial CORP), Executive Agreement (State Auto Financial Corp)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder shareholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 9 shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate published in effect at Citibank the Wall Street Journal or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 2 contracts

Samples: Executive Severance Agreement (Standard Register Co), Executive Severance Agreement (Standard Register Co)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in ControlControl of the Company, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 11 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counselCompany. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid within thirty days following the Executive’s delivery to the Company of such counsel’s invoice(s) for services rendered. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank JPMorgan Chase Bank, N.A., or its successor in effect from time to time during the prejudgment period plus 4 two percent.

Appears in 2 contracts

Samples: Executive Severance Agreement (Escalade Inc), Executive Severance Agreement (Escalade Inc)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank Fifth Third Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 2 contracts

Samples: Agreement (Fifth Third Bancorp), Agreement (Fifth Third Bancorp)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action litigation seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's his rights under this Agreement by litigation, arbitration, litigation or other legal action nor be bound to negotiate any settlement of the Executive's his rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreementhereunder. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, Agreement or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunderunder this Agreement, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's his choice at the expense of the Corporation as provided in this Section 8 7 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, stockholder or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section above shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the greater of (a) 12%, or (b) the prime commercial rate in effect at Citibank or its successor in effect the Corporation's primary lender from time to time during the prejudgment period plus 4 percentperiod.

Appears in 1 contract

Samples: Executive Agreement (Certified Diabetic Services Inc)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. Notwithstanding any provision contained herein, any reimbursement to be provided under this Section 8 shall be subject to the following conditions: (i) the reimbursement provided during any taxable year of the Executive may not affect the reimbursement to be provided to the Executive in any other taxable year; (ii) reimbursement of any eligible expense must be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred; and (iii) the right to such benefits or payments is not subject to liquidation or exchange for another benefit or payment. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (Tween Brands, Inc.)

Enforcement Costs; Interest. The Corporation is Companies are aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Companies may then cause or attempt to cause the Corporation Companies to refuse to comply with its their obligations under this Agreement, or may cause or attempt to cause the Corporation Companies to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Companies that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has Companies have failed to comply with any of its their obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Companies or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Companies irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Companies as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Companies or any director, officer, stockholder, or other person affiliated with the CorporationCompanies. Notwithstanding any existing or prior attorney-client relationship between the Corporation Companies and such counsel, the Corporation Companies irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Companies and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 9 shall be paid or reimbursed to the Executive by the Corporation Companies on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its their customary practices; provided, however, that the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, and provided further, that the reimbursement of any eligible expenses shall be made on or before the last day of the calendar year following the calendar year in which such expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank the corporation’s principal bank or its their successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (State Auto Financial CORP)

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Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in Control, the Board or a stockholder shareholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 9 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the CorporationCompany. Notwithstanding any existing or prior attorney-client relationship between the Corporation Company and such counsel, the Corporation Company irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate published in effect at Citibank the Wall Street Journal or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Severance Agreement (Standard Register Co)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank The Huntington National Bank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (Huntington Bancshares Inc/Md)

Enforcement Costs; Interest. The Corporation is Companies are aware that, upon the occurrence of a Change in of Control, the Board or a stockholder shareholder or policyholder of the Corporation Companies, as the case may be, may then cause or attempt to cause the Corporation Companies to refuse to comply with its their obligations under this Agreement, or may cause or attempt to cause the Corporation Companies to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Companies that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in of Control it should appear to the Executive that the Corporation Companies has failed to comply with any of its their obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Companies or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Companies irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Companies as provided in this Section 8 10 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Companies or any director, officer, stockholder, or other person affiliated with the CorporationCompanies. Notwithstanding any existing or prior attorney-client relationship between the Corporation Companies and such counsel, the Corporation Companies irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Companies and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 10 shall be paid or reimbursed to the Executive by the Corporation Companies on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its their customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank the corporation’s principal bank or its their successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (State Auto Financial CORP)

Enforcement Costs; Interest. The Corporation Company is aware that, upon the occurrence of a Change in ControlControl of the Company, the Board or a stockholder of the Corporation Company may then cause or attempt to cause the Corporation Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation Company to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Company has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Company as provided in this Section 8 13 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Company or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counselCompany. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 13 shall be paid or reimbursed to the Executive by the Corporation Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In all events, such amounts shall be paid within thirty days following the Executive’s delivery to the Company of such counsel’s invoice(s) for services rendered. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank JPMorgan Chase Bank, N.A., or its successor in effect from time to time during the prejudgment period plus 4 two percent.

Appears in 1 contract

Samples: Executive Severance Agreement (Escalade Inc)

Enforcement Costs; Interest. The Corporation Companies is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Companies may then cause or attempt to cause the Corporation Companies to refuse to comply with its their obligations under this Agreement, or may cause or attempt to cause the Corporation Companies to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Companies that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Companies has failed to comply with any of its their obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Companies or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Companies irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Companies as provided in this Section 8 10 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Companies or any director, officer, stockholder, or other person affiliated with the CorporationCompanies. Notwithstanding any existing or prior attorney-client relationship between the Corporation Companies and such counsel, the Corporation Companies irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Companies and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 10 shall be paid or reimbursed to the Executive by the Corporation Companies on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its their customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank the corporation’s principal bank or its their successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (State Auto Financial CORP)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank or its successor in effect from time to time during the prejudgment period plus 4 percent.. 100

Appears in 1 contract

Samples: Executive Agreement (Too Inc)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (Tween Brands, Inc.)

Enforcement Costs; Interest. The Corporation is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation may then cause or attempt to cause the Corporation to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the Corporation to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation that the Executive not be required to incur the expenses associated with the enforcement of the Executive's rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation has failed to comply with any of its obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's choice at the expense of the Corporation as provided in this Section 8 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation or any director, officer, stockholder, or other person affiliated with the Corporation. Notwithstanding any existing or prior attorney-client relationship between the Corporation and such counsel, the Corporation irrevocably consents to the Executive entering into an attorney-attorney- client relationship with such counsel, and in that connection the Corporation and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Corporation on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its customary practices. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank or its successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (Too Inc)

Enforcement Costs; Interest. The Corporation Companies is aware that, upon the occurrence of a Change in Control, the Board or a stockholder of the Corporation Companies may then cause or attempt to cause the Corporation Companies to refuse to comply with its their obligations under this Agreement, or may cause or attempt to cause the Corporation Companies to institute, or may institute, litigation, arbitration, or other legal action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the intent of the Corporation Companies that the Executive not be required to incur the expenses associated with the enforcement of the Executive's ’s rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive's ’s rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should appear to the Executive that the Corporation Companies has failed to comply with any of its their obligations under this Agreement, including the proper calculation of the Tax Gross-Up, or in the event that the Corporation Companies or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation or other legal action designed to deny, diminish, diminish or to recover from the Executive, the benefits intended to be provided to the Executive hereunder, the Corporation Companies irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting) of the Executive's ’s choice at the expense of the Corporation Companies as provided in this Section 8 10 to represent the Executive in connection with the calculation of the Tax Gross-Up, or the initiation or defense of any litigation or other legal action, whether by or against the Corporation Companies or any director, officer, stockholder, or other person affiliated with the CorporationCompanies. Notwithstanding any existing or prior attorney-client relationship between the Corporation Companies and such counsel, the Corporation Companies irrevocably consents to the Executive entering into an attorney-client relationship with such counsel, and in that connection the Corporation Companies and the Executive agree that a confidential relationship shall exist between the Executive and such counsel. The reasonable fees and expenses of counsel selected from time to time by the Executive as provided in this Section 10 shall be paid or reimbursed to the Executive by the Corporation Companies on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its their customary practices; provided, however, that the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, and provided further, that the reimbursement of any eligible expenses shall be made on or before the last day of the calendar year following the calendar year in which such expense was incurred. In any action involving this Agreement, the Executive shall be entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at Citibank the corporation’s principal bank or its their successor in effect from time to time during the prejudgment period plus 4 percent.

Appears in 1 contract

Samples: Executive Agreement (State Auto Financial CORP)

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