Common use of NOT A PENALTY OR FORFEITURE Clause in Contracts

NOT A PENALTY OR FORFEITURE. The parties hereto acknowledge and agree that any payment under this Agreement is not a penalty or a forfeiture; rather, the amount specified is a reasonable and fair reflection of damages that Executive may incur in the event of Executive's termination. 3.04

NOT A PENALTY OR FORFEITURE. The parties hereto acknowledge and agree that any payment under this Agreement is not a penalty or a forfeiture; rather, the amount specified is a reasonable and fair reflection of damages the valuable protection, benefits, and consideration Executive is giving up by agreeing to terminate that certain Executive may incur in the event of Executive's termination. 3.04Compensation agreement dated December 16, 2002.