Common use of Escrow Arrangement Clause in Contracts

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee (the “Bank”) promptly upon the earliest to occur of (i) Dee’s receipt in writing of notice of termination of his employment upon a Change in Control, (ii) public notice of Change in Control, (iii) an agreement in principle to effect a Change in Control, or (iv) the date of consummation of a Change in Control (“Change in Control Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee under Section 4. The escrow amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee that he has received all amounts payable to him by the Company under Section 4 or otherwise releases such amounts. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee or his designated beneficiary, in such amount as Dee shall certify to the Bank as the amount he is owed by the Company and that the Company has not paid under Section 4 of this Agreement, or to the Company, to the extent that any amount remains on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee shall release such amounts to the Company by written release. If any amount payable to Dee pursuant to Section 4 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee ▇▇▇▇▇▇ (the “Bank”) promptly upon the earliest to occur of (i) Dee’s ▇▇▇▇▇▇’▇ receipt in writing of notice of termination of his employment upon a Change in Control, (ii) public notice of Change in Control, (iii) an agreement in principle to effect a Change in Control, or (iv) the date of consummation of a Change in Control (“Change in Control Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee ▇▇▇▇▇▇ under Section 4. The escrow amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee ▇▇▇▇▇▇ that he has received all amounts payable to him by the Company under Section 4 or otherwise releases such amounts. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee ▇▇▇▇▇▇ or his designated beneficiary, in such amount as Dee ▇▇▇▇▇▇ shall certify to the Bank as the amount he is owed by the Company and that the Company has not paid under Section 4 of this Agreement, or to the Company, to the extent that any amount remains on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee ▇▇▇▇▇▇ shall release such amounts to the Company by written release. If any amount payable to Dee ▇▇▇▇▇▇ pursuant to Section 4 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 8 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee Holeman (the “Bank”) promptly upon the earliest to occur of (i) Dee’s ▇▇▇▇▇▇▇’▇ receipt in writing of notice of termination of his employment upon a Change in Controlhereunder, (ii) public notice of Change in ControlControl or Shift in Ownership, (iii) an agreement in principle to effect a Change in ControlControl or Shift in Ownership by merger, purchase or sale of assets or other business combination by any person or (iv) the date of consummation of a Change in Control or Shift in Ownership (“Change in Control Date” or “Shift in Ownership Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee ▇▇▇▇▇▇▇ under Section 48. The escrow If the Company were to terminate ▇▇▇▇▇▇▇’▇ employment on the Change in Control Date or Shift in Ownership Date, such amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee ▇▇▇▇▇▇▇ that he has received all amounts payable to him by the Company under Section 4 or otherwise releases such amounts8. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee Holeman or his designated beneficiary, in such amount as Dee ▇▇▇▇▇▇▇ shall certify to the Bank as the amount he is owed by the Company and that which the Company has not paid under Section 4 8 of this Agreement, or to the Company, to the extent that any amount remains remain on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee shall release such amounts to the Company by written releasemake. If any amount payable to Dee Holeman pursuant to Section 4 8 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 8 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee ▇▇▇▇▇▇▇▇▇▇ (the “Bank”) promptly upon the earliest to occur of (i) Dee’s ▇▇▇▇▇▇▇▇▇▇’▇ receipt in writing of notice of termination of his employment upon a Change in Controlhereunder, (ii) public notice of Change in ControlControl or Shift in Ownership, (iii) an agreement in principle to effect a Change in ControlControl or Shift in Ownership by merger, purchase or sale of assets or other business combination by any person or (iv) the date of consummation of a Change in Control or Shift in Ownership (“Change in Control Date” or “Shift in Ownership Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee ▇▇▇▇▇▇▇▇▇▇ under Section 48. The escrow If the Company were to terminate ▇▇▇▇▇▇▇▇▇▇’▇ employment on the Change in Control Date or Shift in Ownership Date, such amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee ▇▇▇▇▇▇▇▇▇▇ that he has received all amounts payable to him by the Company under Section 4 or otherwise releases such amounts8. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee ▇▇▇▇▇▇▇▇▇▇ or his designated beneficiary, in such amount as Dee ▇▇▇▇▇▇▇▇▇▇ shall certify to the Bank as the amount he is owed by the Company and that which the Company has not paid under Section 4 8 of this Agreement, or to the Company, to the extent that any amount remains remain on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee shall release such amounts to the Company by written releasemake. If any amount payable to Dee ▇▇▇▇▇▇▇▇▇▇ pursuant to Section 4 8 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee ▇▇▇▇▇▇▇▇▇▇ (the “Bank”) promptly upon the earliest to occur of (i) Dee’s ▇▇▇▇▇▇▇▇▇▇’▇ receipt in writing of notice of termination of his her employment upon a Change in Control, (ii) public notice of Change in Control, (iii) an agreement in principle to effect a Change in Control, or (iv) the date of consummation of a Change in Control (“Change in Control Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee ▇▇▇▇▇▇▇▇▇▇ under Section 4. The escrow amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee ▇▇▇▇▇▇▇▇▇▇ that he she has received all amounts payable to him her by the Company under Section 4 or otherwise releases such amounts. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee ▇▇▇▇▇▇▇▇▇▇ or his her designated beneficiary, in such amount as Dee ▇▇▇▇▇▇▇▇▇▇ shall certify to the Bank as the amount he she is owed by the Company and that the Company has not paid under Section 4 of this Agreement, or to the Company, to the extent that any amount remains on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee ▇▇▇▇▇▇▇▇▇▇ shall release releas e such amounts to the Company by written release. If any amount payable to Dee ▇▇▇▇▇▇▇▇▇▇ pursuant to Section 4 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

Escrow Arrangement. To secure payment of the benefits provided for in this Section 4 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Dee ▇▇▇▇▇▇▇ (the “Bank”) promptly upon the earliest to occur of (i) Dee’s ▇▇▇▇▇▇▇’▇ receipt in writing of notice of termination of his employment upon a Change in Control, (ii) public notice of Change in Control, (iii) an agreement in principle to effect a Change in Control, or (iv) the date of consummation of a Change in Control (“Change in Control Date”). The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Dee ▇▇▇▇▇▇▇ under Section 4. The escrow amount established pursuant to this Section 4(d) shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Dee ▇▇▇▇▇▇▇ that he has received all amounts payable to him by the Company under Section 4 or otherwise releases such amounts. Amounts deposited in the Escrow Account shall be paid out by the Bank only to Dee ▇▇▇▇▇▇▇ or his designated beneficiary, in such amount as Dee ▇▇▇▇▇▇▇ shall certify to the Bank as the amount he is owed by the Company and that the Company has not paid under Section 4 of this Agreement, or to the Company, to the extent that any amount remains on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make or until Dee ▇▇▇▇▇▇▇ shall release such amounts to the Company by written release. If any amount payable to Dee ▇▇▇▇▇▇▇ pursuant to Section 4 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.