Equitable and Other Relief. The Executive acknowledges that money damages would be both incalculable and an insufficient remedy for a breach of Sections 6 or 7 by the Executive and that any such breach would cause the Company irreparable harm. Accordingly, the Company, in addition to any other remedies at law or in equity it may have, shall be entitled, without the requirement of posting of bond or other security, to equitable relief, including injunctive relief and specific performance, in connection with a breach of Sections 6 or 7 by the Executive. In addition to the remedies the Company may have at law or in equity, violation of Sections 6 or 7 herein will entitle the Company at its sole option (i) not to pay any unpaid amount of the Initial Severance Payment, the COBRA Payment or the CIC Severance Payment, as applicable, and (ii) to require repayment of a pro-rated portion of any previously paid Initial Severance Payment, COBRA Payment or CIC Severance Payment, as applicable, with such pro-ration based on the time at which the material breach occurred relative to the remaining period of time of the applicable restrictive covenant that was materially breached. Such remedies shall not be deemed to be liquidated damages and shall not be deemed the exclusive remedies for a breach of this Section 6 or 7 but shall be in addition to all remedies available, at law or in equity, including the recovery of damages from the Executive and his agents. No action taken by the Company under this Section 9(g) shall affect the enforceability of the release and waiver of claims executed by the Executive pursuant to Section 4(f).
Appears in 2 contracts
Samples: Executive Employment Agreement (Midstates Petroleum Company, Inc.), Executive Employment Agreement (Midstates Petroleum Company, Inc.)
Equitable and Other Relief. The Executive acknowledges that money damages would be both incalculable and an insufficient remedy for a breach of Sections 6 or 7 by the Executive and that any such breach would cause the Company irreparable harm. Accordingly, the Company, in addition to any other remedies at law or in equity it may have, shall be entitled, without the requirement of posting of bond or other security, to equitable relief, including injunctive relief and specific performance, in connection with a breach of Sections 6 or 7 by the Executive. In addition to the remedies the Company may have at law or in equity, violation of Sections 6 or 7 herein will entitle the Company at its sole option (i) not to pay any unpaid amount of the Initial Severance Payment, the COBRA Payment or the CIC Severance Payment, as applicable, and (ii) to require repayment of a pro-rated portion of any previously paid Initial Severance Payment, COBRA Payment or CIC Severance Payment, as applicable, with such pro-ration based on the time at which the material breach occurred relative to the remaining period of time of the applicable restrictive covenant that was materially breached. Such remedies shall not be deemed to be liquidated damages and shall not be deemed the exclusive remedies for a breach of this Section 6 or 7 but shall be in addition to all remedies available, at law or in equity, including the recovery of damages from the Executive and his agents. No action taken by the Company under this Section 9(g) shall affect the enforceability of the release and waiver of claims executed by the Executive pursuant to Section 4(f4(d).
Appears in 1 contract
Samples: Executive Employment Agreement (Midstates Petroleum Company, Inc.)
Equitable and Other Relief. The Executive acknowledges that money damages would be both incalculable and an insufficient remedy for a breach of Sections 6 or 7 by the Executive and that any such breach would cause the Company irreparable harm. Accordingly, the Company, in addition to any other remedies at law or in equity it may have, shall be entitled, without the requirement of posting of bond or other security, to equitable relief, including injunctive relief and specific performance, in connection with a breach of Sections 6 or 7 by the Executive. In addition to the remedies the Company may have at law or in equity, violation of Sections 6 or 7 herein will entitle the Company at its sole option (i) not to pay any unpaid amount of the Initial Severance Payment, the COBRA Payment or the CIC Severance Payment, as applicable, and (ii) to require repayment of a pro-rated portion of any previously paid Initial Severance Payment, COBRA Payment or CIC Severance Payment, as applicable, with such pro-ration based on the time at which the material breach occurred relative to the remaining period of time of the applicable restrictive covenant that was materially breached. Such remedies shall not be deemed to be liquidated damages and shall not be deemed the exclusive remedies for a breach of this Section 6 or 7 but shall be in addition to all remedies available, at law or in equity, including the recovery of damages from the Executive and his agents. No action taken by the Company under this Section 9(g) shall affect the enforceability of the release and waiver of claims executed by the Executive pursuant to Section 4(f4(e).
Appears in 1 contract
Samples: Executive Employment Agreement (Midstates Petroleum Company, Inc.)
Equitable and Other Relief. The Executive acknowledges that money damages would be both incalculable and an insufficient remedy for a breach of Sections 6 7 or 7 8 by the Executive and that any such breach would cause the Company irreparable harm. Accordingly, the Company, in addition to any other remedies at law or in equity it may have, shall be entitled, without the requirement of posting of bond or other security, to equitable relief, including injunctive relief and specific performance, in connection with a breach of Sections 6 7 or 7 8 by the Executive. In addition to the remedies the Company may have at law or in equity, violation of Sections 6 7 or 7 8 herein will entitle the Company at its sole option (i) not to pay any unpaid amount of the Initial Severance Payment, the COBRA Payment Average Bonus or the CIC Severance PaymentPayments, to discontinue the Salary Continuation Payments to the Executive, not to accelerate the vesting of LTIP awards as applicablecontemplated in Section 4(e), and (ii) to require seek repayment of a pro-rated portion from the Executive of any previously paid Initial Severance Payment, COBRA Payment Payments or CIC Severance Payment, Payments already paid to him by the Company or amounts received as applicable, with such pro-ration based on the time at which the material breach occurred relative to the remaining period of time a result of the applicable restrictive covenant that was materially breachedacceleration of the vesting of LTIP awards as contemplated in Section 4(e). Such remedies shall not be deemed to be liquidated damages and shall not be deemed the exclusive remedies for a breach of this Section 6 7 or 7 8 but shall be in addition to all remedies available, at law or in equity, including the recovery of damages from the Executive and his agents. No action taken by the Company under this Section 9(g10(h) shall affect the enforceability of the release and waiver of claims executed by the Executive pursuant to Section 4(f).
Appears in 1 contract
Samples: Executive Employment Agreement (Midstates Petroleum Company, Inc.)