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

No Set-Off; No Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible (a) for Employee to find reasonably comparable employment following the Termination Date; and (b) to measure the amount of damages which Employee may suffer as a result of termination of employment hereunder. In addition, the Company acknowledges that its severance pay plans applicable to corporate officers do not provide for mitigation, offset or reduction of any severance payment received thereunder. Accordingly, the payment of the severance compensation by the Company to Employee in accordance with the terms of this Agreement is hereby acknowledged by the Company to be reasonable and will be liquidated damages, and Employee will not be required to mitigate the amount of any payment provided for in this Agreement 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 Employee hereunder or otherwise, except as expressly provided in Sections 7(d) and (e) and the last sentence of Section 8 (b)(ii).