Common use of Effect on Other Plans and Agreements Clause in Contracts

Effect on Other Plans and Agreements. Except with respect to the Severance Policy that applies during the Sale Event Period, the Executive shall have no rights to any severance benefits under any Company severance pay plan, policy, offer letter or otherwise. To the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires the Company to give advance notice or make a payment of any kind to the Executive because of the Executive’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the Severance Benefits provided under this Agreement in Section 5(b) or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment.

Effect on Other Plans and Agreements. Except with respect to the Severance Policy that applies during the Sale Event Period, the The Executive shall have no rights to any severance benefits under any Company severance pay plan, policy, offer letter or otherwise. To the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires the Company to give advance notice or make a payment of any kind to the Executive because of the Executive’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the Severance Benefits benefits provided under this Agreement in Section 5(b) and 5(d), as applicable, or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment.