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.

Appears in 9 contracts

Samples: Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement (Vaalco Energy Inc /De/)

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