Common use of Forfeiture and Repayments Clause in Contracts

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 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, on or following the Resignation Date, 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)] 2(e) 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%.