Common use of Mitigation and Offset Clause in Contracts

Mitigation and Offset. The payment of severance compensation by the Company to the Executive in accordance with the terms of the Agreement is hereby acknowledged by the Company to be reasonable, and the Executive is under no obligation to mitigate damages or the amount of any payment provided for hereunder by seeking other employment or otherwise; nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in the last sentence of Section 5.5(i)(d).

Appears in 3 contracts

Samples: Merger Agreement (Nevada Power Co), Employment Agreement (Sierra Pacific Resources), Employment Agreement (Sierra Pacific Resources)

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Mitigation and Offset. The payment of severance compensation by the --------------------- Company to the Executive in accordance with the terms of the Agreement is hereby acknowledged by the Company to be reasonable, and the Executive is under no obligation to mitigate damages or the amount of any payment provided for hereunder by seeking other employment or otherwise; nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in the last sentence of Section 5.5(i)(d).

Appears in 2 contracts

Samples: Employment Agreement (Nevada Power Co), Employment Agreement (Nevada Power Co)

Mitigation and Offset. The payment of severance compensation by the Company to the Executive in accordance with the terms of the Agreement is hereby acknowledged by the Company to be reasonable, and the Executive is under no obligation to mitigate damages or the amount of any payment or benefits provided for hereunder by seeking other employment or otherwise; nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in the last sentence sentences of Section 5.5(i)(d3.1(b) and 4.1(a)(ii).

Appears in 1 contract

Samples: Severance Agreement (Elder Beerman Stores Corp)

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Mitigation and Offset. The payment of severance compensation by the Company to the Executive in accordance with the terms of the Agreement is hereby acknowledged by the Company to be reasonable, and the Executive is under no obligation to mitigate damages or the amount of any payment provided for hereunder by seeking other employment or otherwise; nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset, reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in the last sentence of Section 5.5(i)(d).

Appears in 1 contract

Samples: Employment Agreement (Elder Beerman Stores Corp)

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