Set-off Clause Example from Business Contracts

Set-off. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, the number of shares of Restricted Stock subject to this Restricted Stock Award Agreement may be reduced by, and set-off against, any or all Shares or other amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between t...he Participant and the Company or any of its Affiliates; provided that any such set-off does not result in a penalty under Section 409A of the Code. View More