Common use of Mitigation; Exclusivity of Benefits Clause in Contracts

Mitigation; Exclusivity of Benefits. a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise so long as the Executive has not breached this Agreement. In the event of any breach of this Agreement by the Executive following the Date of Termination, the Executive shall immediately repay to the Corporation all severance payments paid to him under Section 6 hereof and all amounts paid to him under Section 7 hereof, plus interest at the rate of 10% per annum from the date of such breach until all such severance payments and other amounts have been repaid in full to the Corporation.

Mitigation; Exclusivity of Benefits. a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise so long as the Executive has not breached this Agreement. In the event of any breach of this Agreement by the Executive following the Date of Termination, the Executive shall immediately repay to the Corporation Employers all severance payments paid to him under Section 6 hereof and all amounts paid to him under Section 7 hereof6, plus interest at the rate of 10% per annum from the date of such breach until all such severance payments and other amounts have been repaid in full to the CorporationCompany, plus the Company’s reasonable attorneys fees and expenses in collecting such amounts.

Mitigation; Exclusivity of Benefits. a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise so long as the Executive has not breached this Agreement. In the event of any breach of this Agreement by the Executive following the Date of Termination, the Executive shall immediately repay to the Corporation Bank all severance payments paid to him under Section 6 hereof and all amounts paid to him under Section 7 hereof, plus interest at the rate of 10% per annum from the date of such breach until all such severance payments and other amounts have been repaid in full to the CorporationBank.