Limited Vicarious Liability definition
Limited Vicarious Liability means any liability which is based on acts of the Company for which the Participant is responsible solely as a result of Participant’s office(s) with the Company; provided that (i) the Participant is not directly involved in such acts and either had no prior knowledge of such actions or, upon obtaining such knowledge, promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (ii) after consulting with the Company’s counsel, the Participant reasonably believed that no law was being violated by such acts.
Limited Vicarious Liability means any liability that (x) is based on acts or omissions of the Company for which Executive is responsible solely as a result of his offices with the Company, where Executive was not directly involved in such acts or omissions and either had no prior knowledge of such intended acts or omissions or upon obtaining any such knowledge promptly acted reasonably and in good faith to attempt to prevent the acts or omissions causing such liability, or (y) Executive did not have a reasonable basis to believe that any applicable law was being violated by such acts or omissions; or
Limited Vicarious Liability means any liability which is based on acts of the Company for which you are responsible solely as a result of your office(s) with the Company; provided that (x) you are not directly involved in such acts and either had no prior knowledge of such intended actions or, upon obtaining such knowledge, promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) after consulting with the Company’s counsel, you reasonably believed that no law was being violated by such acts. In the event of termination by the Company for cause, without prejudice to any other rights or remedies that the Company may have at law or in equity, the Company shall have no further obligation to you other than (i) to pay Base Salary through the effective date of termination, (ii) to pay any Bonus for any year prior to the year in which such termination occurs that has been determined but not yet paid as of the date of such termination, and (iii) with respect to any rights you have pursuant to any insurance or other benefit plans or arrangements of the Company. You hereby disclaim any right to receive a pro rata portion of any Bonus with respect to the year in which such termination occurs.
Examples of Limited Vicarious Liability in a sentence
Limited Vicarious Liability, as used above, shall mean any liability which is based on acts of the Company (x) for which the Executive is charged solely as a result of his offices with the Company, (y) in which he was not directly or indirectly involved, and (z) with respect to which he had no prior knowledge or reasonable belief that a law was being violated.
Limited Vicarious Liability, as used above, shall mean any liability which is (x) based on acts of the Company for which the Executive is charged solely as a result of his offices with the Company and (y) in which he was not directly involved or had prior knowledge of such actions or intended actions with, in either case, knowledge or reasonable belief that a law was being violated by such acts.
Limited Vicarious Liability, as used above, shall mean any liability which is based on acts of the Company (x) for which the Executive is charged solely as a result of his offices with the Company, (y) in which he was not directly or indirectly involved, and (z) with respect to which he had prior knowledge or reasonable belief that a law was being violated.
More Definitions of Limited Vicarious Liability
Limited Vicarious Liability means any liability which is (i) based on acts of the Company for which the Executive is responsible solely as a result of his office(s) with the Company and (ii) provided that (x) he was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) he did not have a reasonable basis to believe that a law was being violated by such acts. No act or failure to act will be considered "willful" for purposes of this Section 8(a) unless it is done, or omitted to be done, by the Executive in bad faith and without reasonable belief that this action or omission was in the best interests of the Company.
Limited Vicarious Liability means any liability, other than liability for omissions by the Executive for which he has a duty under which he has disregarded in gross neglect, which is (A) based on acts of the Company Group for which the Executive is responsible solely as a result of his office(s) with the Company Group and (B) provided that (x) he was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) he did not have a reasonable basis to believe that a law was being violated by such acts.
Limited Vicarious Liability means any liability which is (A) based on acts of the Corporation for which Executive is responsible solely as a result of his office(s) with the Corporation and (B) provided that (x) he was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) he did not have a reasonable basis to believe that a law was being violated by such acts. For purposes of this Agreement, no act, or failure to act, by Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith and without reasonable belief that Executive’s act or failure to act was in the best interest of the Corporation. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Corporation’s Board of Directors (the “Board of Directors”) or based upon the advice of counsel for the Corporation, shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interest of the Corporation. The termination of employment of Executive shall not be “for Cause” unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of then sitting directors of the Board of Directors at a meeting of the Board of Directors called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before the Board of Directors), finding that Executive is guilty of the conduct described in clauses (i), (ii), (iii) or (iv) above, and specifying the particulars in detail and, in the case of any act or failure to act forming a basis for such proposed termination under clause (iv), Executive shall be provided not less than thirty (30) days within which to cure any such conduct.
Limited Vicarious Liability means any liability which is based on acts of the Company for which you are responsible solely as a result of your office(s) with the Company; provided that (x) you are not directly involved in such acts and either had no prior knowledge of such intended actions or, upon obtaining such knowledge, promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (y) after consulting with the Company's counsel, you reasonably believed that no law was being violated by such acts. In the event of termination by the Company for cause, without prejudice to any other rights or remedies that the Company may have at law or in equity, the Company shall have no further obligation to you other than (i) to pay Base Salary through the effective date of termination, (ii) to pay any Additional Compensation the Company deems is owed to you, such as trailing payments, and (iii) with respect to any rights you have pursuant to any insurance or other benefit plans or arrangements of the Company (including rights under Section 7.2 hereof).
Limited Vicarious Liability means any liability which is (A) based on acts of Employer for which the Executive is responsible solely as a result of his office(s) with Employer and (B) provided that (1) he was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (2) he did not have a reasonable basis to believe that a law was being violated by such acts.
Limited Vicarious Liability means any liability that (1) is based on acts or omissions of the Company for which Executive is responsible solely as a result of his responsibilities with the Company, where Executive was not directly involved in such acts or omissions and either had no prior knowledge of such intended acts or omissions or upon obtaining any such knowledge promptly acted reasonably and in good faith to attempt to prevent the acts or omissions causing such liability, or (2) Executive did not have a reasonable basis to believe that any applicable law was being violated by such acts or omissions. With respect to Section 6(a)(ii), (iii) and (iv), “Cause” shall not exist unless Executive fails to cure such act or omission (if capable of being cured) on or before the date ten (10) days after the date on which Executive receives such notice from the Company.
Limited Vicarious Liability means any liability which is (1) based on acts of the Company for which Executive is responsible solely as a result of his office(s) with the Company and (2) provided that (A) he was not directly involved in such acts and either had no prior knowledge of such intended actions or promptly acted reasonably and in good faith to attempt to prevent the acts causing such liability or (B) he did not have a reasonable basis to believe that a law was being violated by such acts. If the Executive agrees to resign from his employment with the Company in lieu of being terminated for Cause, he may be deemed to have been terminated for Cause for purposes of this Agreement.