Common use of Remedies of the Employer for Breach Clause in Contracts

Remedies of the Employer for Breach. If the Employer believes that the Participant has breached any of the covenants set forth in this Section 4, it shall give written notice of such alleged breach to the Participant within thirty (30) days of the actual discovery thereof by a senior officer of the Employer. Within thirty (30) days of receiving such notice, the Participant shall have the opportunity to (i) present evidence or arguments to the Employer to refute the allegations, and/or (ii) cure such breach (if it is capable of being cured). The opportunity to cure shall not be applicable in the event that the Participant has been successful in soliciting customers or employees of the Employer for another financial institution in violation of Section 4(a) or (b) hereof or has not immediately ceased engaging in the conduct giving rise to such breach. If the Employer reasonably finds that the Participant has materially breached any covenant set forth in this Section 4 and the Participant is able to cure but has not cured such breach pursuant to the terms of this Section 4(d), then the Employer shall notify the Participant of that belief in writing. The Employer may then seek a judicial determination of whether a material breach has occurred. If a court of competent jurisdiction in a proceeding to which the Participant is a party finds that a material breach occurred, then future SERP Benefits may be terminated. No such forfeiture may be enforced without a judicial order to that effect. Until such time as the judicial order is given effect and is not appealable, the Employer shall continue to pay the SERP Benefits to the Participant or his or her spouse and shall likewise continue to pay his or her legal fees as provided hereunder. Any judicial action alleging a breach of this Section 4 must be brought within six months of the alleged breach. Since a breach of any of the provisions of this Section 4 may not adequately be compensated by money damages, the Employer also shall be entitled, in addition to any other right and remedy available to it, to an injunction restraining such breach or a threatened breach, and in either case no bond or other security shall be required in connection therewith, and the Participant hereby consents to the issuance of such injunction.

Remedies of the Employer for Breach. If the Employer believes that the Participant has breached any of the covenants set forth in this Section 45, it shall give written notice of such alleged breach to the Participant within thirty (30) days of the actual discovery thereof by a senior officer of the Employer. Within thirty (30) days of receiving such notice, the Participant shall have the opportunity to (i) present evidence or arguments to the Employer to refute the allegations, and/or (ii) cure such breach (if it is capable of being cured). The opportunity to cure shall not be applicable in the event that the Participant has been successful in soliciting customers or employees of the Employer for another financial institution in violation of Section 4(a5(a) or (b) hereof or has not immediately ceased engaging in the conduct giving rise to such breach. If the Employer reasonably finds that the Participant has materially breached any covenant set forth in this Section 4 5 and the Participant is able to cure but has not cured such breach pursuant to the terms of this Section 4(d5(d), then the Employer shall notify the Participant of that belief in writing. The Employer may then seek a judicial determination of whether a material breach has occurred. If a court of competent jurisdiction in a proceeding to which the Participant is a party finds that a material breach occurred, then future SERP Benefits may be terminated. No such forfeiture may be enforced without a judicial order to that effect. Until such time as the judicial order is given effect and is not appealable, the Employer shall continue to pay the SERP Benefits to the Participant or his or her spouse and shall likewise continue to pay his or her legal fees as provided hereunder. Any judicial action alleging a breach of this Section 4 5 must be brought within six months of the alleged breach. Since a breach of any of the provisions of this Section 4 5 may not adequately be compensated by money damages, the Employer also shall be entitled, in addition to any other right and remedy available to it, to an injunction restraining such breach or a threatened breach, and in either case no bond or other security shall be required in connection therewith, and the Participant hereby consents to the issuance of such injunction.