Nature of Obligation. The Company intends that its obligations hereunder be construed in the nature of severance pay. Except as set forth in Section 4, the Company’s obligations under Section 3 are absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or others. All amounts payable by the Company hereunder shall be paid without notice or demand.
Appears in 5 contracts
Samples: Control Compensation Agreement (Banctrust Financial Group Inc), Control Compensation Agreement (Banctrust Financial Group Inc), Control Compensation Agreement (Banctrust Financial Group Inc)
Nature of Obligation. The Company intends that its obligations hereunder be construed in the nature of severance pay. Except as set forth in Section 44 and Section 11, the Company’s 's obligations under Section 3 are absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or others. All amounts payable by the Company hereunder shall be paid without notice or demand.. The following shall be added as a new Section 11 to the Agreement:
Appears in 5 contracts
Samples: Change in Control Compensation Agreement (Banctrust Financial Group Inc), Change in Control Compensation Agreement (Banctrust Financial Group Inc), Change in Control Compensation Agreement (Banctrust Financial Group Inc)
Nature of Obligation. The Company intends that its obligations hereunder be construed in the nature of severance pay. Except as set forth in Section 4, the The Company’s 's obligations under Section 3 2 are absolute and unconditional and shall not be affected by any circumstance, including, including without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or others. All amounts payable by the Company hereunder shall be paid without notice or demand.
Appears in 2 contracts
Samples: Executive Agreement (Whitney Holding Corp), Executive Agreement (Whitney Holding Corp)
Nature of Obligation. The Company intends that its obligations hereunder be construed in the nature of severance pay. Except as set forth in Section 4, the The Company’s 's obligations under Section 3 2 are absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or others. All amounts payable by the Company hereunder shall be paid without notice or demand.
Appears in 2 contracts
Samples: First National (Pontotoc Bancshares Corp), First National (Pontotoc Bancshares Corp)
Nature of Obligation. The Company intends that its obligations hereunder be construed in the nature of severance pay. Except as set forth in Section 4, the The Company’s 's obligations under Section 3 2 are absolute and unconditional and shall not be affected by any circumstance, including, including without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive Officer or others. All amounts payable by the Company hereunder shall be paid without notice or demand.
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