Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the Bank, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 14 contracts
Samples: Change of Control Employment Agreement (Cathay General Bancorp), Change of Control Employment Agreement (Cathay General Bancorp), Change of Control Employment Agreement (Cathay General Bancorp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) ), to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, Interest determined as case interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the date such legal fees and expenses were incurredCode (“Interest”). In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 8 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 12 contracts
Samples: Employment Agreement (Lee Enterprises, Inc), Employment Agreement (Lee Enterprises, Inc), Employment Agreement (Lee Enterprises, Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of Interest, provided that the date Executive prevails on any material issue in such legal fees and expenses were incurredcontest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; (iii) the Company’s obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 7 contracts
Samples: Employment Agreement (Visa Inc.), Employment Agreement (Visa Inc.), Employment Agreement (Visa Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, and except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date Change of Control through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective DateChange of Control) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurredincurred (or, in connection with a contest related to an Anticipatory Termination, following the calendar year in which such contest is finally resolved). The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 6 contracts
Samples: Change of Control Employment Agreement (Comerica Inc /New/), Change of Control Employment Agreement (Comerica Inc /New/), Change of Control Employment Agreement (Comerica Inc /New/)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) , to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurredInterest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; and (iii) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 5 contracts
Samples: Change of Control Employment Agreement (Triumph Group Inc), Change of Control Employment Agreement (Triumph Group Inc /), Change of Control Employment Agreement (Triumph Group Inc /)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(27(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof whether such contest is between the Company and the Executive or between either of them and any third party, and (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, case Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 9 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, provided that the Executive or the Executive’s estate shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 4 contracts
Samples: Change of Control Employment Agreement (Borgwarner Inc), Change of Control Employment Agreement (Phinia Inc.), Change of Control Employment Agreement (Phinia Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(26(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof whether such contest is between the Company and the Executive or between either of them and any third party, and (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, case Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 8 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, provided that the Executive or the Executive’s estate shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 4 contracts
Samples: Change of Control Employment Agreement (Borgwarner Inc), Change of Control Employment Agreement (Borgwarner Inc), Change of Control Employment Agreement (Borgwarner Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, and except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 3 contracts
Samples: Change of Control Employment Agreement (Assurant Inc), Change of Control Employment Agreement (Assurant Inc), Change of Control Employment Agreement (Assurant Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurredInterest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. Notwithstanding anything contained herein to the contrary, in no event shall the Executive be entitled to the payment of legal fees under this Section 7 in connection with an enforcement action by the Company of the Executive’s obligations under the NCA (as modified by Section 9(a) of this Agreement).
Appears in 3 contracts
Samples: Change of Control Employment Agreement (Capital One Financial Corp), Change of Control Employment Agreement (Capital One Financial Corp), Change of Control Employment Agreement (Capital One Financial Corp)
Full Settlement; Legal Fees. (a) The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment.
(b) This Section 7(b) shall only apply following a Change of Control. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date date of the Change of Control through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Datedate of the Change of Control) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the Bank, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 7(b) be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 3 contracts
Samples: Change of Control Employment Agreement (Cathay General Bancorp), Change of Control Employment Agreement (Cathay General Bancorp), Change of Control Employment Agreement (Cathay General Bancorp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall shall, subject to Section 11(g), not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in and subject to Section 5(a)(25(a)(iii)(C), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred; provided, however, in connection with a contest initiated by the Executive related to an Anticipatory Termination, if a Change of Control has not occurred during the pendency of such contest relating to an Anticipatory Termination (and unless and until such time as a Change of Control does occur during the 12 months following the date of such Anticipatory Termination), the Company (i) shall not pay such legal fees and expenses as incurred, but (ii) shall reimburse the Executive for such legal fees and expenses within 30 days following the final resolution of such contest if the Executive prevails on a material issue in such contest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; incurred (or, in connection with a contest related to an Anticipatory Termination, following the calendar year in which such contest is finally resolved), provided, however, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurredincurred (or, in connection with a contest related to an Anticipatory Termination, following the calendar year in which such contest is finally resolved). The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 2 contracts
Samples: Change of Control Employment Agreement (PNC Financial Services Group Inc), Change of Control Employment Agreement (PNC Financial Services Group Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following incurred, to the Company’s or full extent permitted by law, all legal fees and expense which the Bank’s receipt of an invoice from the Executive), Executive may reasonably incur at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law), all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, Interest determined as case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the date such legal fees and expenses were incurredCode. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or under the Bank under preceding sentence of this Section 7 8 that may be subject to Section 409A of the Code be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; providedand notwithstanding the preceding sentence, that if the Executive shall have submitted fails to submit an invoice for any such fees and or expenses at least 10 days before the end of the calendar year next following the calendar year in which such the fees and or expenses were incurred, the Company shall not reimburse the Executive for those particular fees or expenses. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. Notwithstanding the foregoing, in the event of any contest between the Company and the Executive brought by the Executive where there is a final adjudication that finds the Company to be the prevailing party, the Executive shall reimburse to the Company all legal fees and expenses incurred by the Executive associated with that contest (and any interest associated therewith) which have been previously paid by the Company to the Executive pursuant to this Section 8.
Appears in 2 contracts
Samples: Change of Control Employment Agreement (National Semiconductor Corp), Change of Control Employment Agreement (National Semiconductor Corp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s 's obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-offset‑off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(26(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s 's remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) ), to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, Interest determined as case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the date such legal fees and expenses were incurredCode. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 9 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, provided that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s 's right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 2 contracts
Samples: Change of Control Agreement (Eaton Corp PLC), Change of Control Agreement (Eaton Corp PLC)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of Interest, provided that the date Executive prevails on any material issue in such legal fees and expenses were incurredcontest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 6 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; (iii) the Company’s obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 2 contracts
Samples: Employment Agreement (PureSafe Water Systems, Inc.), Employment Agreement (PureSafe Water Systems, Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that the Company or the Bank any Affiliated Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(24(a)(2), such amounts shall not be reduced reduced, regardless of whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (incurred, within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur incur, at any time from the date of this Agreement through the Executive’s remaining lifetime or, if longer, through the 20th anniversary of the date of the Change of Control, as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of interest on any delayed payment at the date such legal fees and expenses were incurred. In order to comply with applicable federal rate provided for in Section 409A 7872(f)(2)(A) of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; and provided, further, that the Company shall not be required to pay any fees or expenses charged by any accounting or consulting firm to perform calculations or make determinations required to be carried out by the Accounting Firm pursuant to Section 7. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 2 contracts
Samples: Change of Control Employment Security Agreement (Monsanto Co /New/), Change of Control Employment Security Agreement (Monsanto Co /New/)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the Bank, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred; provided, however, that Executive shall be required to reimburse the Company or the Bank (as applicable) for the cost of such legal fees and expenses if the applicable fact finder determines that Executive’s claim or position is frivolous. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 2 contracts
Samples: Change of Control Employment Agreement (Cathay General Bancorp), Change of Control Employment Agreement (Cathay General Bancorp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall shall, subject to Section 12(g), not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(26(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 ten days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability or entitlement under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, case Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 8 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change of Control Employment Agreement (Pmi Group Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall shall, subject to Section 11(i), not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in and subject to Section 5(a)(25(a)(iii)(C), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that however, in connection with a contest initiated by the Executive shall have submitted related to an invoice for Anticipatory Termination, if a Change of Control has not occurred during the pendency of such fees contest relating to an Anticipatory Termination (and expenses at least 10 days before unless and until such time as a Change of Control does occur during the end of the calendar year next 12 months following the calendar year in which such fees and expenses were incurred. The amount date of such legal fees and expenses that Anticipatory Termination), the Company or the Bank is obligated to pay in any given calendar year (i) shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged as incurred, but (ii) shall reimburse the Executive for any other benefitsuch legal fees and expenses within 30 days following the final resolution of such contest if the Executive prevails on a material issue in such contest.
Appears in 1 contract
Samples: Change of Control Employment Agreement (PNC Financial Services Group, Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurredInterest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. Notwithstanding anything contained herein to the contrary, in no event shall the Executive be entitled to the payment of legal fees under this Section 7 in connection with an enforcement action by the Company of the Executive’s obligations under the IPPA (as modified by Section 9(a) of this Agreement).
Appears in 1 contract
Samples: Change of Control Employment Agreement (Capital One Financial Corp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, and except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurredInterest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change in Control Employment Agreement (Valspar Corp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that the Company or the Bank any Affiliated Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(24(a)(3), such amounts shall not be reduced reduced, regardless of whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (incurred, within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur incur, at any time from the date of this Agreement through the Executive’s remaining lifetime or, if longer, through the 20th anniversary of the date of the Change of Control, as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of interest on any delayed payment at the date such legal fees and expenses were incurred. In order to comply with applicable federal rate provided for in Section 409A 7872(f)(2)(A) of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; and provided, further, that the Company shall not be required to pay any fees or expenses charged by any accounting or consulting firm to perform calculations or make determinations required to be carried out by the Accounting Firm pursuant to Section 7. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change of Control Employment Security Agreement (Monsanto Co /New/)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, and except as specifically provided in Section 5(a)(23(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (orfollowing an applicable Change in Control Date, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 5 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Severance and Change in Control Agreement (Verde Realty)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(27(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date 4879-8906-6782.11 through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof whether such contest is between the Company and the Executive or between either of them and any third party, and (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, case Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 9 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, provided that the Executive or the Executive’s estate shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change of Control Employment Agreement (Borgwarner Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that the Company or the Bank any Affiliated Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(24(a)(3), such amounts shall not be reduced reduced, regardless of whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (incurred, within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur incur, at any time from the date of this Agreement through the Executive’s remaining lifetime or, if longer, through the 20th anniversary of the date of the Change of Control, as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of interest on any delayed payment at the date such legal fees and expenses were incurred. In order to comply with applicable federal rate provided for in Section 409A 7872(f)(2)(A) of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; and provided, further, that the Company shall not be required to pay any fees or expenses charged by any accounting or consulting firm to perform calculations or make determinations required to be carried out by the Accounting Firm pursuant to Section 7 or Section 8. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change of Control Employment Security Agreement (Monsanto Co /New/)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right right, or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of Interest, provided that the date Executive prevails on any material issue in such legal fees and expenses were incurredcontest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 6 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; (iii) the Company’s obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit. 7 Certain Additional Payments by the Company.
Appears in 1 contract
Samples: Employment Agreement (Lifestyle Medical Network, Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(26(a)(iii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability or entitlement under, any provision of this Agreement or any guarantee of performance thereof (and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, Interest determined as of the date such legal fees and expenses were incurredcase Interest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 8 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Key Employee Change of Control Contract (Unit Corp)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-offsetoff, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of Interest, provided that the date Executive prevails on any material issue in such legal fees and expenses were incurredcontest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; (iii) the Company’s obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Employment Agreement (Visa Inc.)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall shall, subject to Section 12(g), not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, Agreement and except as specifically provided in Section 5(a)(26(a)(ii), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred incurred, (within 10 ten days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability or entitlement under, any provision of this Agreement or any guarantee of performance thereof (whether such contest is between the Company and the Executive or between either of them and any third party, and including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, plus in each case, case Interest determined as of the date such legal fees and expenses were incurred. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 8 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change of Control Employment Agreement (Pmi Group Inc)
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, defense or other claim, right right, or action that which the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, except as specifically provided in Section 5(a)(2), Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive)incurred, at any time from the Effective Date through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of Interest, provided that the date Executive prevails on any material issue in such legal fees and expenses were incurredcontest. In order to comply with Section 409A of the Code, (i) in no event shall the payments by the Company or the Bank under this Section 7 6 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The ; (ii) the amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, ; (iii) the Company’s obligation to pay the Executive’s legal fees shall terminate on the 20th anniversary of the Effective Date; and (iv) the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Full Settlement; Legal Fees. The Company’s and/or the Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform their its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or the Bank may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and, and except as specifically provided in Section 5(a)(2), such amounts shall not be reduced whether or not the Executive obtains other employment. The Company or the Bank (as applicable) agrees to pay as incurred (within 10 days following the Company’s or the Bank’s receipt of an invoice from the Executive), at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date) to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or the BankCompany, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, Interest determined as of the date such legal fees and expenses were incurredInterest. In order to comply with Section 409A of the Code, in no event shall the payments by the Company or the Bank under this Section 7 be made later than the end of the calendar year next following the calendar year in which such fees and expenses were incurred; , provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred. The amount of such legal fees and expenses that the Company or the Bank is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company or the Bank is obligated to pay in any other calendar year, and the Executive’s right to have the Company or the Bank pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.
Appears in 1 contract
Samples: Change in Control Employment Agreement (Valspar Corp)