Common use of No Duplication of Severance Benefits Clause in Contracts

No Duplication of Severance Benefits. Notwithstanding Section 4.1, if Executive receives or is entitled to receive any severance benefit under any change of control policy, or any agreement with, or plan or policy of, the Company or any Affiliate, the amount payable under Section 4.1(b) to or on behalf of Executive shall be offset by such other severance benefits received by Executive, and Executive shall thus be entitled to receive the greater of such other severance benefits or the benefits provided under this Agreement, and not any duplicate benefits. The severance payments provided under this Agreement shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any Affiliate maintains for employees generally and that otherwise may cover Executive. Release Agreement . In order to receive the Termination Benefits, Executive must first execute the Release on a form provided by the Company in substantially the same form as attached hereto as Appendix B, together with any changes thereto that the Company deems to be necessary or appropriate to comply with applicable law or regulation. Pursuant to the Release, thereby Executive agrees to release and waive, in return for such severance benefits, any claims that he may have against the Company including, without limitation, for unlawful discrimination or retaliation (e.g., Title VII of the U.S. Civil Rights Act); provided, however, the Release shall not release any claim by or on behalf of Executive for any payment or benefit that is due and payable under the terms of this Agreement prior to the receipt thereof. The Company shall deliver the Release to Executive within ten (10) days after the Employment Termination Date. The Executive must return the executed Release within the twenty-one (21) or forty-five (45) day period, as applicable, following the date of his receipt of the Release. If the conditions set forth in the preceding sentence are not satisfied by Executive, the Termination Benefits shall be forfeited hereunder. If the Release delivery and non-revocation period spans two taxable years, the Termination Benefits will always be paid in the second taxable year. The Company shall also execute the Release. No Termination Benefits shall be payable or provided by the Company unless and until the Release has been executed by Executive, has not been revoked, and is no longer subject to revocation by Executive. Notice of Termination . Any termination of employment by the Company or Executive shall be communicated by Notice of Termination to the other Party. No Mitigation . Executive shall not be required to mitigate the amount of any payment or other benefits provided under this Agreement by seeking other employment.

No Duplication of Severance Benefits. Notwithstanding Section 4.11.1, if Executive Employee receives or is entitled to receive any severance benefit under any change of control policy, or any agreement with, or plan or policy of, the Company or any Affiliate, the amount payable under Section 4.1(b1.1(b) to or on behalf of Executive Employee shall be offset by such other severance benefits received by ExecutiveEmployee, and Executive Employee shall thus be entitled to receive the greater of such other severance benefits or the benefits provided under this Agreement, and not any duplicate benefits. The severance payments provided under this Agreement shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any Affiliate maintains for employees generally and that otherwise may cover ExecutiveEmployee, including the VAALCO Energy, Inc. Severance Plan, dated effective August 21, 2015. Release Agreement . In order to receive the Termination Benefits, Executive Employee must first execute the Release on a form provided by the Company in substantially the same form as attached hereto as Appendix B, together with any changes thereto that the Company deems to be necessary or appropriate to comply with applicable law or regulation. Pursuant to the Release, thereby Executive Employee agrees to release and waive, in return for such severance benefits, any claims that he may have against the Company including, without limitation, for unlawful discrimination or retaliation (e.g., Title VII of the U.S. Civil Rights Act); provided, however, the Release shall not release any claim by or on behalf of Executive Employee for any payment or benefit that is due and payable under the terms of this Agreement prior to the receipt thereof. The Company shall deliver the Release to Executive Employee within ten (10) days after the Employment Termination Date. The Executive Employee must return the executed Release within the twenty-one (21) or forty-five (45) day period, as applicable, period following the date of his receipt of the Release. If the conditions set forth in the preceding sentence are not satisfied by ExecutiveEmployee, the Termination Benefits shall be forfeited hereunder. If the Release delivery and non-revocation period spans two taxable years, the Termination Benefits will always be paid in the second taxable year. The Company shall also execute the Release. No Termination Benefits shall be payable or provided by the Company unless and until the Release has been executed by ExecutiveEmployee, has not been revoked, and is no longer subject to revocation by Executive. Notice of Termination . Any termination of employment by the Company or Executive shall be communicated by Notice of Termination to the other PartyEmployee. No Mitigation . Executive Employee shall not be required to mitigate the amount of any payment or other benefits provided under this Agreement by seeking other employment.