Common use of No Mitigation; No Set-Off Clause in Contracts

No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 8 contracts

Samples: Employment Agreement (Jacuzzi Brands Inc), Employment Agreement (Jacuzzi Brands Inc), Employment Agreement (RBS Global Inc)

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No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and and, except as explicitly set forth herein, there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 7 contracts

Samples: Employment Agreement (Fog Cutter Capital Group Inc), Employment Agreement (Fog Cutter Capital Group Inc), Employment Agreement (Fog Cutter Capital Group Inc)

No Mitigation; No Set-Off. In the event of any termination --- ------------------------- of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 6 contracts

Samples: Employment Agreement (Wilshire Financial Services Group Inc), Employment Agreement (Wilshire Financial Services Group Inc), Employment Agreement (Wilshire Financial Services Group Inc)

No Mitigation; No Set-Off. (a) In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 6 contracts

Samples: Employment Agreement (Eventures Group Inc), Employment Agreement (Eventures Group Inc), Employment Agreement (Eventures Group Inc)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and and, except as explicitly set forth herein, there shall be no offset against any amounts due Executive under this Employment Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 3 contracts

Samples: Employment Agreement (Fog Cutter Capital Group Inc), Employment Agreement (Fog Cutter Capital Group Inc), Employment Agreement (Fog Cutter Capital Group Inc)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of USI or the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 2 contracts

Samples: Employment Agreement (Usi Inc), Employment Agreement (Usi Inc)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 86, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 6 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusiveinclusive of, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 2 contracts

Samples: Employment Agreement (Aphton Corp), Employment Agreement (Aphton Corp)

No Mitigation; No Set-Off. (a) In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.paid

Appears in 2 contracts

Samples: Employment Agreement (Eventures Group Inc), Employment Agreement (Eventures Group Inc)

No Mitigation; No Set-Off. (a) In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 2 contracts

Samples: Interim Employment Agreement (Us Industries Inc /De), Employment Agreement (Strategic Industries Inc /Nj/)

No Mitigation; No Set-Off. (a) In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtainAgreement. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Bell Powersports, Inc.)

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No Mitigation; No Set-Off. (a) In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company (unless specifically excluded thereunder) and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Eventures Group Inc)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Strategic Industries Inc /Nj/)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 89, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 10 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, inclusive and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company Factory 2-U or any affiliate thereof and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Factory 2 U Stores Inc)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 87, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 7 are in the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusiveinclusive of, and in lieu of anyof, any amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Aphton Corp)

No Mitigation; No Set-Off. In the event of any termination of employment under Section 89, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 10 are in the nature of severance payments payments, or liquidated damages, or both, and are not in the nature of a penalty. Such amounts are inclusive, inclusive and in lieu of any, any amounts payable under any other salary continuation or cash severance arrangement of the Company General Textiles or any affiliate thereof and to the extent paid or provided under any other such arrangement shall be offset from the amount due hereunder.

Appears in 1 contract

Samples: Employment Agreement (Family Bargain Corp)

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