Forfeiture and Repayments. The Executive agrees that, in the event he or she violates the provisions of Section 7 hereof during the Restricted Period, he or she will forfeit and not be entitled to any Severance Payments or any non-cash benefits or rights under this Agreement (including, without limitation, stock option rights), other than the payments provided under Section 3 hereof. The Executive further agrees that, in the event he or she violates the provisions of Section 7 hereof following the payment or commencement of any Severance Payments, (A) he or she will forfeit and not be entitled to any further Severance Payments, and (B) he or she will be obligated to repay to the Company an amount in respect of the Severance Payments previously made to him or her under Section 4 hereof (the “Repayment Amount”). The Repayment Amount shall be determined by aggregating the cash Severance Payments made to the Executive and multiplying the resulting amount by a fraction, the numerator of which is the number of full and partial calendar months remaining in the Severance Period at the time of the violation (rounded to the nearest quarter of a month), and the denominator of which is twenty-four (24). The Repayment Amount shall be paid to the Company in cash in a single sum within ten (10) business days after the first date of the violation, whether or not the Company has knowledge of the violation or has made a demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%. Furthermore, in the event the Executive violates the provisions of Section 7 hereof, and notwithstanding the terms of any award agreement or plan document to the contrary (which shall be considered to be amended to the extent necessary to reflect the terms hereof), the Executive shall immediately forfeit the right to exercise any stock option or similar rights that are outstanding at the time of the violation, and the Repayment Amount, calculated as provided above, shall be increased by the amount of any gains (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the stock option or similar right (including without limitation restricted stock, restricted stock units, performance shares and phantom stock units) and the aggregate exercise price (if any) of such stock option or similar right) realized by the Executive upon the exercise or payment of such stock...
Forfeiture and Repayments. The Executive agrees that, in the event he or she violates the provisions of Paragraph 6 or Paragraph 7 of this Agreement, in any material respect, he or she will forfeit and not be entitled to any further payments in accordance with Paragraph 2 or Paragraph 4 of this Agreement or settlement in accordance with Paragraph 3 and he or she will be obligated to repay to Duke Energy any amounts paid (determined as of the date of payment) after the termination of employment pursuant to the applicable provisions of Pxxxxxxxx 0, Xxxxxxxxx 3 and Paragraph 4 of this Agreement (other than any amounts paid pursuant to Paragraph 2(c) [and Paragraph 2(d)] of this Agreement). Such amount shall be paid to Duke Energy in cash in a single lump sum within ten business days after the first date of the violation, whether or not Duke Energy has knowledge of the violation or has made a demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%.
Forfeiture and Repayments. The Employee agrees that, in the event he violates the provisions of this Section 11, (i) he will forfeit and not be entitled to any further payments in accordance with Section 12(b)(i) or Section 12(b)(ii) hereof, as applicable, (ii) any stock options (“Options”) then outstanding shall expire immediately and (iii) if such violation is after the termination of his employment, he will be obligated to repay to Duke Energy the sum of (x) any amounts, other than pursuant to Options, paid (determined as of the date of payment) after the termination of employment pursuant to the applicable provisions of Section 12 hereof (other than the Accrued Obligations and amounts paid pursuant to Section 12(b)(i)(F)) and (y) the amount of any gains realized by the Employee upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Option and the aggregate exercise price of the Option) within the one-year period prior to the first date of the violation, with such sum reduced by any amount previously repaid pursuant to this Section 11(c). Such amount shall be paid to Duke Energy in cash in a single sum within ten business days after the first date of the violation, whether or not Duke Energy has knowledge of the violation or has made a demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%.
Forfeiture and Repayments. With respect to obligations in existence pursuant to the Employment Agreement, all of the remedies under the Employment Agreement shall remain in full force and effect (and no additional remedies shall be available to the Company with respect to those obligations). With respect to obligations arising in connection with this Agreement, the Executive agrees that, if a court issues a judgment or an arbitrator issues a final judgment that states that the Executive has violated the provisions of Section 5 or 6 of this Agreement, in any material respect, on or following the Resignation Date, he will forfeit and not be entitled to any further payments in accordance with Section 3 of this Agreement, and he will be obligated to repay to the Company any amounts paid after the date of the violation pursuant to the applicable provisions of Section 3(a) of this Agreement and shall pay such other damages incurred by the Company as a result of the Executive’s breaches of such obligations. Such amount shall be paid to the Company in cash in a single lump sum within 10 business days after the judgment is entered by the trial court or final judgment by the arbitrator.
Forfeiture and Repayments. The Executive agrees that, in the event that he violates the provisions of Section 10(a) or 10(b), and except for the payment of Accrued Obligations, (i) he will forfeit and not be entitled to any further payments or benefits under this Agreement, (ii) any previously awarded stock options or stock appreciation rights (“Options”), Restricted Shares, or other equity awards then-outstanding shall expire immediately, and (iii) if such violation is after the termination of his employment, he will be obligated to repay to the Company the sum of (x) any amounts paid (determined as of the date of payment) after the termination of employment pursuant to Section 11 and (y) the amount of any gains realized by the Executive upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Options and the aggregate exercise price of the Options) within the one-year period prior to the first date of the violation. Such amount shall be paid to the Company in cash in a single sum within ten business days after the first date of the violation, whether or not the Company has knowledge of the violation or has made a written demand for payment. Any such payment made following such date shall bear interest at an annual rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%. The forfeiture and clawback provisions of this Section 10(c) will terminate on the date that is 18 months following the expiration of the Restricted Period with respect to a violation of the provisions of Section 10(b) or 60 months following the Date of Termination with respect to a violation of the provisions of Section 10(a).
Forfeiture and Repayments. The Executive agrees that, in the event that he violates the provisions of Section 10(a) and 10(b), and except for the payment of Accrued Obligations, (i) he will forfeit and not be entitled to any further payments or benefits under this Agreement, (ii) any stock options (“Options”) then-outstanding shall expire immediately, and (iii) if such violation is after the termination of his employment, he will be obligated to repay to the Company the sum of (x) any amounts paid (determined as of the date of payment) after the termination of employment pursuant to Section 11 hereof and (y) the amount of any gains realized by the Executive upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Options and the aggregate exercise price of the Options) within the one-year period prior to the first date of the violation. Such amount shall be paid to the Company in cash in a single sum within ten business days after the first date of the violation, whether or not the Company has knowledge of the violation or has made a written demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%. The forfeiture and clawback provisions of this Section 10(c) will terminate on the date that is 18 months following the expiration of the Restricted Period with respect to a violation of the provisions of Section 10(b) or 60 months following the Termination Date with respect to a violation of the provisions of Section 10(a).
Forfeiture and Repayments. The Executive agrees that, in the event that he violates the provisions of Section 10(a) or 10(b), and except for the payment of Accrued Obligations (as defined in Exhibit A), (i) he will forfeit and not be entitled to any further payments or benefits under this Agreement, (ii) any stock options or stock appreciation rights (“Options”), restricted shares, or other equity awards then-outstanding shall expire or be forfeited, as applicable, immediately, and (iii) if such violation is after the termination of his employment, he will be obligated to repay to the Company the sum of (x) any amounts paid (determined as of the date of payment) after the termination of employment pursuant to Section 11 and (y) the amount of any gains realized by the Executive upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Options and the aggregate exercise price of the Options) within the one-year period prior to the first date of the violation. Such amount shall be paid to the Company in cash in a single sum within ten business days after the first date of the violation, whether or not the Company has knowledge of the violation or has made a written demand for payment. Any such payment made following such date shall bear interest at an annual rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%. The forfeiture and clawback provisions of this Section 10(c) will terminate on the date that is 18 months following the expiration of the Restricted Period with respect to a violation of the provisions of Section 10(b) or 60 months following the Date of Termination with respect to a violation of the provisions of Section 10(a).
Forfeiture and Repayments. The Employee agrees that, in the event he violates the provisions of this Section 9, (i) he will forfeit and not be entitled to any further payments in accordance with Section 10(b)(i) hereof, (ii) any Options then outstanding shall expire immediately (provided that any then outstanding options to purchase Duke Energy common stock granted before the Effective Date shall remain in effect in accordance with their terms) and (iii) if such violation is after the termination of his employment, he will be obligated to repay to Duke Energy the sum of (x) any amounts, other than pursuant to Options, paid (determined as of the date of payment) after the termination of employment pursuant to Section 10(b), (d) or (e) hereof and (y) the amount of any gains realized by the Employee upon the exercise of Options (measured by the difference between the aggregate fair market value on the date of exercise of shares underlying the Option and the aggregate exercise price of the Option) within the one-year period prior to the first date of the violation, with such sum reduced by any amount previously repaid pursuant to this Section 9(c). Such amount shall be paid to Duke Energy in cash in a single sum within ten (10) business days after the first date of the violation, whether or not Duke Energy has knowledge of the violation or has made a demand for payment. Any such payment made following such date shall bear interest at a rate equal to the prime lending rate of Citibank, N.A. (as periodically set) plus 1%.
Forfeiture and Repayments. With respect to obligations in existence pursuant to the Employment Agreement, all of the remedies under the Employment Agreement shall remain in full force and effect (and no additional remedies shall be available to First PacTrust with respect to those obligations). With respect to obligations arising in connection with this Agreement, the Executive agrees that, in the event a court issues a judgment or arbitrator issues a final judgment which states that the Executive has violated the provisions of Paragraph 4 or Paragraph 6 of this Agreement, in any material respect, on or following the Resignation Date, he will forfeit and not be entitled to any further payments in accordance with Paragraph 2 of this Agreement and he will be obligated to repay to First PacTrust any amounts paid after the date of the violation pursuant to the applicable provisions of Paragraph 2(a) of this Agreement and shall pay such other damages incurred by First PacTrust as a result of the Executive's breaches of such obligations. Such amount shall be paid to First PacTrust in cash in a single lump sum within ten business days after the judgment is entered by the trial court or final judgment by the arbitrator.
Forfeiture and Repayments. With respect to obligations arising in connection with this Agreement, the EXECUTIVE agrees that, in the event a court issues a judgment or an arbitrator issues a final judgment which states that the EXECUTIVE has violated the provisions of Paragraph 4 or 5 of this Agreement on or following the Resignation Date, EXECUTIVE will forfeit and not be entitled to any payments in accordance with Paragraph 2 of this Agreement and he will be obligated to repay to COMPANY any amounts paid by COMPANY under this Agreement and shall pay such other damages incurred by COMPANY as a result of the EXECUTIVE’S breaches of such obligations. Such amount shall be paid to COMPANY in cash in a single lump sum within ten (10) business days after the judgment is entered by the trial court or final judgment by the arbitrator.
