Common use of Benefit Obligation and Accrued Obligation Defined Clause in Contracts

Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment to Executive (or his designated beneficiary or legal representative, as applicable), in accordance with the terms of the applicable plan document, of all vested benefits to which Executive is entitled under the terms of the benefit plans and compensation arrangements in which Executive is a participant as of the Termination Date. “Accrued Obligation” means the sum of (x) Executive’s Base Salary through the Termination Date, (y) any incurred but unreimbursed expenses for which Executive is entitled to reimbursement, in each case, to the extent not theretofore paid, and (z) any amounts for accrued vacation days not used by Executive to the extent the Company’s policies then in existence provide for such payout on termination.

Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to Executive (or his designated beneficiary or legal representative, as applicable), in accordance with the terms of the applicable plan document, of all vested benefits to which Executive is entitled under the terms of the employee benefit plans and compensation arrangements in which Executive is a participant as of the Termination DateExecutive’s date of termination. “Accrued Obligation” means the sum of (xi) Executive’s Base Salary through the Termination DateExecutive’s date of termination, (yii) any accrued vacation pay earned by Executive, and (iii) any incurred but unreimbursed expenses for which Executive is entitled to reimbursement, in each case, to the extent not theretofore paid, and (z) any amounts for accrued vacation days not used by Executive to the extent the Company’s policies then in existence provide for such payout on termination.