Sonat definition
Examples of Sonat in a sentence
For the purposes of this subsection (d), the term “Continuing Director” shall have the meaning ascribed thereto in that certain Capital Stock Agreement, dated June 30, 1986, among El Paso Energy Corporation (as successor interest to Sonat, Inc.
All amounts payable by or on behalf of Sonat hereunder shall be paid without notice or demand.
Any payment or delivery required under this Agreement shall be subject to all requirements of the law with regard to withholding of taxes, filing, making of reports and the like, and Sonat shall use its best efforts to satisfy promptly all such requirements.
To the extent Executive is eligible thereunder, Executive shall continue to be covered by the life and dependent life insurance, medical and dental insurance, and accident and disability insurance plans of Sonat and its subsidiaries or any successor plan or program in effect at Termination for employees in the same class or category as Executive, subject to the terms of such plans and to Executive's making any required contributions thereto.
In addition, prior to the last day of the calendar year in which Executive's Termination occurs, Executive may waive any or all rights and benefits provided for herein which have been received by Executive; provided that prior to the end of such year Executive repays to Sonat (or, if the benefit was received from an employee benefit plan trust, to such trust) the amount of the benefit received together with interest thereon at the minimum rate required to avoid imputed income.
In connection with such cooperation, Sonat will pay or reimburse Executive for reasonable expenses.
Sonat shall pay or reimburse Executive for all costs and expenses, including, without limitation, court costs and attorneys' fees, incurred by Executive as a result of any claim, action or proceeding (including, without limitation, a claim, action or proceeding by Executive against Sonat) arising out of, or challenging the validity or enforceability of, this Agreement or any provision hereof.
For purposes of this Agreement, termination of employment for "cause" shall mean termination solely for dishonesty, conviction of a felony, or willful unauthorized disclosure of confidential information of Sonat.
Sonat's obligation to pay or cause to be paid to Executive the benefits and to make the arrangements provided in this Section 3 shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any setoff, counterclaim, recoupment, defense or other right, which Sonat may have against Executive or anyone else.
This Agreement is not, and nothing herein shall be deemed to create, a commitment of continued employment of Executive by Sonat or any of its subsidiaries.