Common use of No Set Clause in Contracts

No Set. Off. The company shall not be entitled to set-off against the amount payable to Employee any amounts earned by Employee in other employment after termination of his employment with the Company, or any amounts which might have been earned by Employee in other employment had he sought other employment. The amounts payable to Employee under this Agreement shall not be treated as damages but as severance compensation to which Employee is entitled by reason of termination of his employment in the circumstances contemplated by this Agreement. However, a set-off may be taken by the Company against the amounts payable to Employee for expenses covering the same or equivalent hospital, medical, accident and disability insurance coverages as set forth in Section 2(c) of this Agreement if such benefit is paid for the Employee by the Employer to which the Employee may Join after termination by the Company or after resignation as defined in Section 3 of this Agreement.