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 by the Company to the Executive (or his designated beneficiary or legal representative, as applicable), when due, of all vested benefits to which the Executive is entitled under the terms of the employee benefit plans and compensation arrangements in which the Executive is a participant as of the Date of Termination. For the avoidance of doubt, the Executive’s benefits under the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Pension Plan and the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Thrift Plan shall not be subject to a mandatory six-month delay in payment pursuant to Section 409A as such plans are exempt from Section 409A. “Accrued Obligation” means the sum of (1) the Executive’s Base Salary through the Date of Termination for periods through but not following his Separation From Service (as defined in Section 8(b) below) and (2) any accrued vacation pay earned by the Executive, in each case, to the extent not theretofore paid.

Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to the Executive (or his designated beneficiary or legal representative, as applicable), when due, of all vested benefits to which the Executive is entitled under the terms of the employee benefit plans and compensation arrangements in which the Executive is a participant as of the Date of Termination. For the avoidance of doubt, the Executive’s benefits under the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Pension Plan and the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Thrift GulfMark Offshore, Inc. 401(k) Plan shall not be subject to a mandatory six-month delay in payment pursuant to Section 409A as such plans are plan is exempt from Section 409A. “Accrued Obligation” means the sum of (1) the Executive’s Base Salary through the Date of Termination for periods through but not following his Separation From Service (as defined in Section 8(b) below) and (2) any accrued vacation pay earned by the Executive, in each case, to the extent not theretofore paid.

Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to the Executive (or his designated beneficiary or legal representative, as applicable), when due, of all vested benefits to which the Executive is entitled under the terms of the employee benefit plans and compensation arrangements in which the Executive is a participant as of the Date of TerminationTermination and the payment of all expense reimbursements to which the Executive is entitled under Section 4(d). For the avoidance of doubt, the Executive’s benefits under the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Pension Plan and the ▇▇▇▇▇ ▇▇▇▇▇▇ Incorporated Thrift GulfMark Offshore, Inc. 401(k) Plan shall not be subject to a mandatory six-month delay in payment pursuant to Section 409A as such plans are plan is exempt from Section 409A. “Accrued Obligation” means the sum of (1) the Executive’s Base Salary through the Date of Termination for periods through but not following his Separation From Service (as defined in Section 8(b) below) and (2) any accrued vacation pay earned by the Executive, in each case, to the extent not theretofore paid.