Common use of FEES AND EXPENSES WILL BE PAID BY THE CORPORATION Clause in Contracts

FEES AND EXPENSES WILL BE PAID BY THE CORPORATION. The Corporation desires that the Officer not be required to incur legal fees and the related costs and expenses associated with the interpretation, enforcement, or defense of Officer's rights under this Agreement by litigation or otherwise, because the amounts thereof would substantially detract from the benefits intended to be extended to the Officer under this Agreement. Therefore, even if the Officer does not prevail in whole or in part in the litigation or other legal action associated with the interpretation, enforcement or defense of Officer's rights under this Agreement, the Corporation hereby agrees to pay and be solely financially responsible for any and all attorneys' and related fees, costs and expenses incurred by the Officer in the litigation or other legal action, up to a maximum of $500,000. The fees and expenses of counsel selected by the Officer shall be paid or reimbursed to the Officer by the Corporation on a regular, periodic basis, upon presentation by the Officer of a statement or statements prepared by such counsel in accordance with counsel's customary practices. Anything herein to the contrary notwithstanding, nothing in this Agreement authorizes the Corporation to pay or the Officer to demand payment of fees, costs and expenses if and to the extent payment of fees, costs and expenses constitutes a "prohibited indemnification payment" within the meaning of Federal Deposit Insurance Corporation Rule 359.1(l) (1) [12 CFR 359.1(l)(1)].

FEES AND EXPENSES WILL BE PAID BY THE CORPORATION. The Corporation desires that the Officer Executive not be required to incur legal fees and the related costs and expenses associated with the interpretation, enforcement, or defense of OfficerExecutive's rights under this Agreement by litigation or otherwise, because the amounts thereof would substantially detract from the benefits intended to be extended to the Officer Executive under this Agreement. Therefore, even if the Officer Executive does not prevail in whole or in part in the litigation or other legal action associated with the interpretation, enforcement or defense of OfficerExecutive's rights under this Agreement, the Corporation hereby agrees to pay and be solely financially responsible for any and all attorneys' and related fees, costs and expenses incurred by the Officer Executive in the litigation or other legal action, up to a maximum of $500,000. The fees and expenses of counsel selected by the Officer Executive shall be paid or reimbursed to the Officer Executive by the Corporation on a regular, periodic basis, upon presentation by the Officer Executive of a statement or statements prepared by such counsel in accordance with counsel's customary practices. Anything herein to the contrary notwithstanding, nothing in this Agreement authorizes the Corporation to pay or the Officer Executive to demand payment of fees, costs and expenses if and to the extent payment of fees, costs and expenses constitutes a "prohibited indemnification payment" within the meaning of Federal Deposit Insurance Corporation Rule 359.1(l) (1) [12 CFR 359.1(l)(1)].

FEES AND EXPENSES WILL BE PAID BY THE CORPORATION. The Corporation desires that the Officer Executive not be required to incur legal fees and the related costs and expenses associated with the interpretation, enforcement, enforcement or defense of OfficerExecutive's rights under this Agreement by litigation or otherwise, because the amounts thereof would substantially detract from the benefits intended to be extended to the Officer Executive under this Agreement. Therefore, even if the Officer Executive does not prevail in whole or in part in the litigation or other legal action associated with the interpretation, enforcement or defense of OfficerExecutive's rights under this Agreement, the Corporation hereby agrees to pay and be solely financially responsible for any and all attorneys' and related fees, costs and expenses incurred by the Officer Executive in the litigation or other legal action, up to a maximum of $500,000. The fees and expenses of counsel selected by the Officer Executive shall be paid or reimbursed to the Officer Executive by the Corporation on a regular, periodic basis, upon presentation by the Officer Executive of a statement or statements prepared by such counsel in accordance with counsel's customary practices. Anything herein to the contrary notwithstanding, nothing in this Agreement authorizes the Corporation to pay or the Officer Executive to demand payment of fees, costs and expenses if and to the extent payment of fees, costs and expenses constitutes a "prohibited indemnification payment" within the meaning of Federal Deposit Insurance Corporation Rule 359.1(l) (1) [12 CFR 359.1(l)(1)].