Common use of Coordination with Mandated Benefits Clause in Contracts

Coordination with Mandated Benefits. 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 payment of any kind to a Participant because of his or her involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the benefits provided under this Plan shall either be reduced or eliminated accordingly. The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of any Participant’s involuntary termination for the foregoing reasons, and the Plan Administrator shall so construe and implement the terms of the Plan it its sole discretion. Included in the scope of the foregoing, if a Participant receives notice from the Company pursuant to the Workers Adjustment and Retraining Notification (“WARN”) Act, and remains employed during the WARN notice period, then the Severance Benefits for which the Participant is eligible under this Plan will be reduced by the amount of the Severance Benefits he or she receives during the applicable WARN notice period.

Coordination with Mandated Benefits. 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 payment of any kind to a Participant because of his or her involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the benefits provided under this Plan shall either be reduced or eliminated accordingly. The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of any Participant’s involuntary termination for the foregoing reasons, and the Plan Administrator shall so construe and implement the terms of the Plan it its sole discretion. Included in the scope of the foregoing, if a Participant receives notice from the Company pursuant to the Workers Adjustment and Retraining Notification (“WARN”) Act, and remains employed during the WARN notice period, then the Severance Retention Benefits for which the Participant is eligible under this Plan will be reduced by the amount of the Severance Retention Benefits he or she receives during the applicable WARN notice period.