Wrongful Termination. Notwithstanding the provisions of Sections 8.1 and 8.2, and except as otherwise provided in Section 8.5, if the Merger fails to be consummated because of the wrongful termination of this Agreement or a willful or grossly negligent breach by LSB or by FNB of any representation, warranty, covenant, undertaking, term, agreement or restriction contained herein applicable to it that results in a Material Adverse Effect, then the party wrongfully terminating or breaching this Agreement shall pay the other party $9,000,000 as liquidated damages in full compensation of all Expenses, damages, costs and other harm suffered by such party as a result thereof.
Appears in 2 contracts
Sources: Merger Agreement (LSB Bancshares Inc /Nc/), Merger Agreement (FNB Financial Services Corp)