Common use of Expenses and Reimbursement Clause in Contracts

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for all reasonable, ordinary and necessary business expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance of his services pursuant to this Agreement, provided that Xxxxxxxxxx presents to the Chairman of the Bank's Board of Directors or the Chairman of the Audit Committee of the Bank's Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably request, and further provided that, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreement. In the event any month's expenses in excess of $2,500 are not approved by the Chairman of the Board or the Chairman of the Audit Committee, Xxxxxxxxxx shall submit a summary of those expenses to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In the event of the termination of Xxxxxxxxxx'x employment for any reason, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business expenses incurred prior to termination, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably request.

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for Company will bear all reasonable, ordinary and necessary business of its expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance Conversion and Offering of his services pursuant to this AgreementCommon Stock including, provided that Xxxxxxxxxx presents to but not limited to: appraisal and business plan preparation; the Chairman Company’s attorney fees; SEC and FINRA filing fees; “blue sky” legal fees and state filing fees; fees and expenses of service providers such as transfer agent, information/data processing agent, financial and stock certificate printers, auditors and accountants; advertising; postage; “road show” and other syndicated community offering costs; and all costs of operating the Bank's Board of Directors or the Chairman of the Audit Committee of the Bank's Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably requestStock Information Center, and further provided thatincluding hiring temporary personnel, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreementif necessary. In the event Sxxxxx Xxxxxxxx incurs such expenses on behalf of the Company, the Company shall reimburse Sxxxxx Xxxxxxxx for such reasonable fees and expenses regardless of whether the Offering is successfully completed. The Company also agrees to reimburse Sxxxxx Xxxxxxxx for its reasonable out-of-pocket expenses, including legal fees and expenses, incurred by Sxxxxx Xxxxxxxx in connection with the services contemplated hereunder. In the subscription, community and syndicated community offerings, Sxxxxx Xxxxxxxx will not incur legal fees (excluding the reasonable out-of-pocket expenses of counsel) in excess of $100,000. Sxxxxx Xxxxxxxx will not incur actual accountable reimbursable out-of-pocket expenses reasonably incurred in excess of $25,000 in the subscription and community offering and in excess of $45,000 in the syndicated community offering. The parties acknowledge, however, that such cap may be increased by the mutual consent of the Company and Sxxxxx Xxxxxxxx, including in the event of a material delay in the Offering which would require an update of the financial information in tabular form to reflect a period later than that set forth in the original filing of the offering document; provided that under such circumstances, Sxxxxx Xxxxxxxx will not incur any month's additional accountable reimbursable out-of-pocket expenses in excess of $2,500 are 10,000 or additional reimbursable legal fees in excess of $20,000 and that the aggregate of all reimbursable expenses and legal fees shall not approved by exceed $200,000. Not later than two days before closing, Sxxxxx Xxxxxxxx will provide the Chairman Company with a detailed accounting of the Board or the Chairman all reimbursable expenses of the Audit Committee, Xxxxxxxxxx shall submit a summary of those expenses Sxxxxx Xxxxxxxx and its counsel to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In the event of the termination of Xxxxxxxxxx'x employment for any reason, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business expenses incurred prior to termination, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably requestpaid at closing.

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for Company will bear all reasonable, ordinary and necessary business of its expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance Conversion and Offering of his services pursuant to this AgreementCommon Stock including, provided that Xxxxxxxxxx presents to but not limited to: appraisal and business plan preparation; the Chairman Company’s attorney fees; SEC and FINRA filing fees; “blue sky” legal fees and state filing fees; fees and expenses of service providers such as transfer agent, information/data processing agent, financial and stock certificate printers, auditors and accountants; advertising; postage; “road show” and other syndicated community and publicly underwritten offering costs; and all costs of operating the Bank's Board of Directors or the Chairman of the Audit Committee of the Bank's Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably requestStock Information Center, and further provided thatincluding hiring temporary personnel, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreementif necessary. In the event Xxxxxx Xxxxxxxx incurs such expenses on behalf of the Company, the Company shall reimburse Xxxxxx Xxxxxxxx for such reasonable fees and expenses regardless of whether the Offering is successfully completed. Xxxxxx Xxxxxxxx will not incur any month's single expense of more than $1,000, pursuant to this paragraph without the prior approval of the Company. The Company also agrees to reimburse Xxxxxx Xxxxxxxx for its reasonable out-of-pocket expenses, including legal fees and expenses, incurred by Xxxxxx Xxxxxxxx in connection with the services contemplated hereunder. In the subscription, community offering and syndicated community offering, Xxxxxx Xxxxxxxx will not incur legal fees (excluding the reasonable out-of-pocket expenses of counsel) in excess of $75,000. Xxxxxx Xxxxxxxx will not incur actual accountable reimbursable out-of-pocket expenses reasonably incurred in excess of $30,000 in the subscription and community offering and in excess of $50,000 in the syndicated community offering. The parties acknowledge, however, that such cap may be increased by the mutual consent of the Company and Xxxxxx Xxxxxxxx, including in the event of a material delay in the Offering which would require an update of the financial information in tabular form to reflect a period later than that set forth in the original filing of the offering document; provided that under such circumstances, Xxxxxx Xxxxxxxx will not incur any additional accountable reimbursable out-of-pocket expenses in excess of $2,500 are 15,000 or additional reimbursable legal fees in excess of $25,000 and that the aggregate of all reimbursable expenses and legal fees shall not approved by exceed $195,000. Not later than two days before closing, Xxxxxx Xxxxxxxx will provide the Chairman Company with a detailed accounting of the Board or the Chairman all reimbursable expenses of the Audit Committee, Xxxxxxxxxx shall submit a summary of those expenses Xxxxxx Xxxxxxxx and its counsel to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In the event of the termination of Xxxxxxxxxx'x employment for any reason, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business expenses incurred prior to termination, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably requestpaid at closing.

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for Company will bear all reasonable, ordinary and necessary business of its expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance Offering of his services pursuant to this AgreementCommon Stock including, provided that Xxxxxxxxxx presents to but not limited to: appraisal and business plan preparation; the Chairman Company’s attorney fees; SEC and FINRA filing fees; “blue sky” legal fees and state filing fees; fees and expenses of service providers such as transfer agent, information/data processing agent, financial and stock certificate printers, auditors and accountants; advertising; postage; “road show” and other syndicated community and publicly underwritten offering costs; and all costs of operating the Bank's Board of Directors or the Chairman of the Audit Committee of the Bank's Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably requestStock Information Center, and further provided thatincluding hiring temporary personnel, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreementif necessary. In the event Xxxxxx Xxxxxxxx incurs such expenses on behalf of the Company, the Company shall reimburse Xxxxxx Xxxxxxxx for such reasonable fees and expenses regardless of whether the Offering is successfully completed. Xxxxxx Xxxxxxxx will not incur any month's single expense of more than $1,000, pursuant to this paragraph without the prior approval of the Company. Xx. Xxxxxx Xxx Johnson Charter Financial, MHC Charter Financial Corporation The Company also agrees to reimburse Xxxxxx Xxxxxxxx for its reasonable out-of-pocket expenses, including legal fees and expenses, incurred by Xxxxxx Xxxxxxxx in connection with the services contemplated hereunder. In the subscription, community offering and syndicated community offering, Xxxxxx Xxxxxxxx will not incur legal fees in excess of $100,000, excluding the reasonable out-of-pocket expenses of counsel not to exceed $10,000. Xxxxxx Xxxxxxxx will not incur actual accountable reimbursable out-of-pocket expenses reasonably incurred in excess of $30,000 in the subscription and community offering and in excess of $50,000 in the syndicated community offering. The parties acknowledge, however, that such cap may be increased by the mutual consent of the Company and Xxxxxx Xxxxxxxx, including in the event of a material delay in the Offering which would require an update of the financial information in tabular form to reflect a period later than that set forth in the original filing of the offering document; provided that under such circumstances, Xxxxxx Xxxxxxxx will not incur any additional accountable reimbursable out-of-pocket expenses in excess of $2,500 are 10,000 or additional reimbursable legal fees in excess of $25,000 and that the aggregate of all reimbursable expenses and legal fees shall not approved by exceed $215,000. Not later than two days before closing, Xxxxxx Xxxxxxxx will provide the Chairman Company with a detailed accounting of the Board or the Chairman all reimbursable expenses of the Audit Committee, Xxxxxxxxxx shall submit a summary of those expenses Xxxxxx Xxxxxxxx and its counsel to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In the event of the termination of Xxxxxxxxxx'x employment for any reason, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business expenses incurred prior to termination, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably requestpaid at closing.

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for Company will bear all reasonable, ordinary and necessary business of its expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance Conversion and Offering of his services pursuant to this AgreementCommon Stock including, provided that Xxxxxxxxxx presents to but not limited to: appraisal and business plan preparation; the Chairman Company’s attorney fees; SEC and FINRA filing fees; “blue sky” legal fees and state filing fees; fees and expenses of service providers such as transfer agent, information/data processing agent, financial and stock certificate printers, auditors and accountants; advertising; postage; “road show” and other syndicated community and publicly underwritten offering costs; and all costs of operating the Bank's Board of Directors or the Chairman of the Audit Committee of the Bank's Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably requestStock Information Center, and further provided thatincluding hiring temporary personnel, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreementif necessary. In the event Xxxxxx Xxxxxxxx incurs such expenses on behalf of the Company, the Company shall reimburse Xxxxxx Xxxxxxxx for such reasonable fees and expenses regardless of whether the Offering is successfully completed. Xxxxxx Xxxxxxxx will not incur any month's single expense of more than $1,000, pursuant to this paragraph without the prior approval of the Company. The Company also agrees to reimburse Xxxxxx Xxxxxxxx for its reasonable out-of-pocket expenses, including legal fees and expenses, incurred by Xxxxxx Xxxxxxxx in connection with the services contemplated hereunder. In the subscription, community offering and syndicated community offering, Xxxxxx Xxxxxxxx will not incur legal fees (excluding the reasonable out-of-pocket expenses of counsel) in excess of $2,500 are 100,000. Xxxxxx Xxxxxxxx will not approved incur actual accountable reimbursable out-of-pocket expenses reasonably incurred in excess of $30,000. The parties acknowledge, however, that such cap may be increased by the Chairman mutual consent of the Board or the Chairman of the Audit CommitteeCompany and Xxxxxx Xxxxxxxx, Xxxxxxxxxx shall submit a summary of those expenses to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In including in the event of a material delay in the termination Offering which would require an update of Xxxxxxxxxx'x employment for any reasonthe financial information in tabular form to reflect a period later than that set forth in the. original filing of the offering document. In addition, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business Company will reimburse all reasonable out-of-pocket expenses incurred prior in connection with the syndicated community offering or public underwritten offering. Not later than two days before’ closing, Xxxxxx Xxxxxxxx will provide the Company with a detailed accounting of all reimbursable expenses of Xxxxxx Xxxxxxxx and its counsel to terminationbe paid at closing. Xx. Xxxxxx Xxx Johnson Charter Financial, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably request.MHC Charter Financial Corporation Page 7

Expenses and Reimbursement. The Bank shall pay directly or shall reimburse Xxxxxxxxxx for all reasonable, ordinary and necessary business expenses incurred or paid by Xxxxxxxxxx during the term of his employment and in connection with the performance of his services pursuant to this Agreement, provided that Xxxxxxxxxx presents to the Chairman of the Bank's ’s Board of Directors or the Chairman of the Audit Committee of the Bank's ’s Board of Directors expense statements or vouchers and such other supporting information as the audit committee may from time to time reasonably request, and further provided that, to the extent that such expenses exceed $2,500 in any month, the Chairman of the Board or the Chairman of the Audit Committee approves such expenses. The Bank shall reimburse Xxxxxxxxxx for reasonable business expenses incurred in entertaining business guests at any club joined by Xxxxxxxxxx in accordance with Paragraphs 4.6 and 4.7 of this Agreement. In the event any month's ’s expenses in excess of $2,500 are not approved by the Chairman of the Board or the Chairman of the Audit Committee, Xxxxxxxxxx shall submit a summary of those expenses to the Audit Committee, and Xxxxxxxxxx shall receive reimbursement for those expenses only upon the approval of a majority of the Audit Committee. In the event of the termination of Xxxxxxxxxx'x Xxxxxxxxxx’x employment for any reason, whether by the Bank or by Xxxxxxxxxx, Xxxxxxxxxx shall be reimbursed within thirty (30) days of termination for any reasonable, ordinary and necessary documented business expenses incurred prior to termination, to the extent that such expenses would otherwise be reimbursable pursuant to the terms of this Paragraph, upon presentation of expense statements or vouchers and such other supporting information as the Bank may reasonably request.