Common use of Set Off; Mitigation Clause in Contracts

Set Off; Mitigation. After a Change of Control, the Company's and its Affiliates' obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company or its Affiliates may have against the Employee or others; except that to the extent the Employee accepts other employment in connection with which he is provided health insurance benefits, the Company shall only be required to provide health insurance benefits to the extent the benefits provided by the Employee's employer are less favorable than the benefits to which he would otherwise be entitled hereunder. It is the intent of this Agreement that in no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement.

Appears in 12 contracts

Samples: Change of Control Agreement (Tidewater Inc), Change of Control Agreement (Avondale Industries Inc), Change of Control Agreement (Tidewater Inc)

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Set Off; Mitigation. After a Change of Control, the Company's ’s and its Affiliates' obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company or its Affiliates may have against the Employee or others; except that to the extent the Employee accepts other employment in connection with which he is provided health insurance benefits, the Company shall only be required to provide health insurance benefits to the extent the benefits provided by the Employee's ’s employer are less favorable than the benefits to which he would otherwise be entitled hereunder. It is the intent of this Agreement that in no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement.

Appears in 8 contracts

Samples: Change of Control Agreement (Tidewater Inc), Change of Control Agreement (Tidewater Inc), Change of Control Agreement (Tidewater Inc)

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Set Off; Mitigation. After a Change of Control, the Company's ’s and its Affiliates' obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company or its Affiliates may have against the Employee or others; except that to the extent the Employee accepts other employment in connection with which he or she is provided health insurance benefits, the Company shall only be required to provide health insurance benefits to the extent the benefits provided by the Employee's ’s employer are less favorable than the benefits to which he or she would otherwise be entitled hereunder. It is the intent of this Agreement that in no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement.

Appears in 1 contract

Samples: Change of Control Agreement (Tidewater Inc)

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