Common use of Remedies for Breach of Restrictive Covenant Clause in Contracts

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 8 are reasonable and necessary for the protection of the legitimate business interests of the Employer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Employer and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Employer, in addition to and not in limitation of, any other rights, remedies or damages available to the Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, the Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive. Notwithstanding anything contained in this Agreement to the contrary, in the event that the Executive’s employment is terminated without Cause or the Executive resigns for Good Reason and the Employer reasonably determines in good faith that the Executive has violated any provision of Section 8, then the Employer shall be entitled to discontinue any payments or benefits that would otherwise be provided to the Executive under Sections 5(c), and 5(d), and the Executive shall forfeit the Executive’s rights to the same.

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 8 are reasonable and necessary for the protection of the legitimate business interests of the Employer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Employer and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Employer, in addition to and not in limitation of, any other rights, remedies or damages available to the Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, the Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein in this Section computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive. Notwithstanding anything If a successor assumes and agrees to perform this Agreement, this Restrictive Covenant shall continue to apply only to the offices of Bank as they existed immediately before such assumption and shall not apply to any of the successor’s other offices. The Restrictive Covenant shall not prohibit Executive from owning directly or indirectly capital stock or similar securities that are listed on a securities exchange or quoted on the NASDAQ Stock Market that do not represent more than five percent (5%) of the outstanding capital stock of any Financial Institution. Executive acknowledges that the restrictions contained in Section 3 and Section 5 of this Agreement are reasonable and necessary for the protection of the legitimate business interests of Employer, that any violation of these restrictions would cause substantial injury to Employer and such interests, that Employer would not have entered into this Agreement with Executive without receiving the contraryadditional consideration offered by Executive in binding himself to these restrictions and that such restrictions were a material inducement to Employer to enter into this Agreement. If there is any violation or threatened violation of these restrictions, Employer, in the event that the Executive’s employment is terminated without Cause addition to and not in limitation of, any other rights, remedies or the Executive resigns for Good Reason and the damages available to Employer reasonably determines under this Agreement or otherwise at law or in good faith that the Executive has violated any provision of Section 8equity, then the Employer shall be entitled to discontinue preliminary and permanent injunctive relief to prevent or restrain any payments such violation by Executive and any and all persons directly or benefits that would otherwise be provided to indirectly acting for or with him, as the Executive under Sections 5(c), and 5(d), and the Executive shall forfeit the Executive’s rights to the samecase may be.

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive Participant acknowledges that the covenants Restrictive Covenant contained in this Section 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 8 are 19 above is reasonable and necessary for the protection of the legitimate business interests of the EmployerCompany and its Subsidiaries, that they create the Restrictive Covenant creates no undue hardshipshardship, that any violation of these restrictions the Restrictive Covenant would cause substantial injury to the Employer Company and its Subsidiaries and such interests, and that such restrictions were the Restrictive Covenant was a material inducement to the Employer Company to enter into this Award Agreement. In the event of any violation or threatened violation of these restrictionsthe restrictions contained in Section 19 above, the EmployerCompany and its Subsidiaries, in addition to and not in limitation of, any other rights, remedies remedies, or damages available to the Employer under this Award Agreement or otherwise at law or in equity, (i) shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any Participant and all persons directly or indirectly acting for or with the ExecutiveParticipant, as the case may be, without any requirement that the Company or a Subsidiary post bond and (ii) shall be relieved of any obligation to pay or provide any amounts or benefits pursuant to this Award Agreement. If the Executive Participant violates the Restrictive Covenant and the Employer Company brings legal action for injunctive or other relief, the Employer Company shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly; accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein computed from the date the relief is granted but reduced by the time between the period when the Restrictive Restricted Period began to run and the date of the first violation of the Restrictive Covenant by the Executive. Notwithstanding anything contained in this Agreement to the contrary, in the event that the Executive’s employment is terminated without Cause or the Executive resigns for Good Reason and the Employer reasonably determines in good faith that the Executive has violated any provision of Section 8, then the Employer shall be entitled to discontinue any payments or benefits that would otherwise be provided to the Executive under Sections 5(c), and 5(d), and the Executive shall forfeit the Executive’s rights to the sameParticipant.

Remedies for Breach of Restrictive Covenant. The Executive has reviewed the provisions of this Agreement with legal counsel, or has been given adequate opportunity to seek such counsel, and the Executive acknowledges that the covenants contained in this Section 8 are reasonable with respect to their duration, geographical area and scope. The Executive further acknowledges that the restrictions contained in this Section 8 are reasonable and necessary for the protection of the legitimate business interests of the Employer, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to the Employer and such interests, and that such restrictions were a material inducement to the Employer to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, the Employer, in addition to and not in limitation of, any other rights, remedies or damages available to the Employer under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive, as the case may be. If the Executive violates the Restrictive Covenant and the Employer brings legal action for injunctive or other relief, the Employer shall not, as a result of the time involved in obtaining such relief, be deprived of the benefit of the full period of the Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to have the duration specified herein in this Section computed from the date the relief is granted but reduced by the time between the period when the Restrictive Period began to run and the date of the first violation of the Restrictive Covenant by the Executive. Notwithstanding anything If a successor assumes and agrees to perform this Agreement, this Restrictive Covenant shall continue to apply only to the offices of Employer as they existed immediately before such assumption and shall not apply to any of the successor’s other offices. The Restrictive Covenant shall not prohibit Executive from owning directly or indirectly capital stock or similar securities that are listed on a securities exchange or quoted on the NASDAQ Stock Market that do not represent more than five percent (5%) of the outstanding capital stock of any Financial Institution, nor shall Executive be prohibited from continuing to hold the stock of Old Second Bancorp, Inc. held by him as of the Effective Date. Executive acknowledges that the restrictions contained in Section 3 and Section 5 of this Agreement are reasonable and necessary for the protection of the legitimate business interests of Employer, that any violation of these restrictions would cause substantial injury to Employer and such interests, that Employer would not have entered into this Agreement with Executive without receiving the contraryadditional consideration offered by Executive in binding himself to these restrictions and that such restrictions were a material inducement to Employer to enter into this Agreement. If there is any violation or threatened violation of these restrictions, Employer, in the event that the Executive’s employment is terminated without Cause addition to and not in limitation of, any other rights, remedies or the Executive resigns for Good Reason and the damages available to Employer reasonably determines under this Agreement or otherwise at law or in good faith that the Executive has violated any provision of Section 8equity, then the Employer shall be entitled to discontinue preliminary and permanent injunctive relief to prevent or restrain any payments such violation by Executive and any and all persons directly or benefits that would otherwise be provided to indirectly acting for or with him, as the Executive under Sections 5(c), and 5(d), and the Executive shall forfeit the Executive’s rights to the samecase may be.