Common use of Certain Reductions and Offsets Clause in Contracts

Certain Reductions and Offsets. Notwithstanding any other provision of this Agreement to the contrary, any benefits payable to Executive under this Agreement shall be reduced by any severance benefits payable by the Company to such individual under any other policy, plan, program or arrangement, including, without limitation, a contract between Executive and any entity. Furthermore, to the extent that any federal, state or local laws, including, without limitation, so-called “plant closing” laws, require the Company to give advance notice, make a payment of any kind or provide any benefits to Executive because of Executive’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change in control, or any other similar event or reason, the payments and other benefits payable under this Agreement shall be reduced by the full amount and to the extent of such notice, payment and/or benefits. The benefits provided under this Agreement are intended to satisfy any and all statutory obligations that may arise out of Executive’s involuntary termination of employment for the foregoing reasons, and the parties shall so construe and enforce the terms of the Agreement.

Certain Reductions and Offsets. Notwithstanding any other provision of this Agreement to the contrary, any benefits payable to Executive under this Agreement shall be reduced by any severance benefits payable by the Company to such individual under any other policy, plan, program or arrangement, including, without limitation, a contract between Executive and any entity. Furthermore, to the extent that any federal, state or local laws, including, without limitation, so-called “"plant closing” " laws, require the Company to give advance notice, make a payment of any kind or provide any benefits to Executive because of Executive’s 's involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change in control, or any other similar event or reason, the payments and other benefits payable under this Agreement shall be reduced by the full amount and to the extent of such notice, payment and/or benefits. The benefits provided under this Agreement are intended to satisfy any and all statutory obligations that may arise out of Executive’s 's involuntary termination of employment for the foregoing reasons, and the parties shall so construe and enforce the terms of the Agreement.

Certain Reductions and Offsets. Notwithstanding any other provision of this Agreement to the contrary, any benefits payable to Executive under this Agreement shall be reduced by any severance benefits payable by the Company to such individual under any other policy, plan, program or arrangement, including, without limitation, a contract between Executive and any entity. Furthermore, to the extent that any federal, state or local laws, including, without limitation, so-called “"plant closing” " laws, require the Company to give advance notice, make a payment of any kind or provide any benefits to Executive because of Executive’s 's involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change in control, or any other similar event or reason, the payments and other benefits payable under this Agreement shall be reduced by the full amount and to the extent of such notice, payment and/or benefits. The benefits provided under this Agreement are intended to satisfy any and all statutory obligations that may arise out of Executive’s 's involuntary termination of employment for the foregoing reasons, and the parties shall so construe and enforce the terms of the Agreement.