Common use of No Duplication of Severance Benefits Clause in Contracts

No Duplication of Severance Benefits. Notwithstanding the foregoing provisions of this Section 3, if Executive receives or is entitled to receive any benefits under the Company’s Change of Control Policy, or under any agreement with, or plan or policy of, the Company or any affiliate of the Company, the amount payable under this Section 3 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 VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT benefits provided under this Agreement, and not any duplicate benefits. The payments provided under this Agreement or the Company’s Change of Control Policy upon termination of the Executive shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any affiliate of the Company maintains for employees generally and that otherwise may cover Executive.

Appears in 3 contracts

Samples: Employment and Non Competition Agreement (Vantage Drilling CO), Employment and Non Competition Agreement (Vantage Drilling CO), Employment and Non Competition Agreement (Vantage Drilling CO)

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No Duplication of Severance Benefits. Notwithstanding the foregoing provisions of this Section 3, if Executive receives or is entitled to receive any benefits under the Company’s Change of Control Policy, or under any agreement with, or plan or policy of, the Company or any affiliate of the Company, the amount payable under this Section 3 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 VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT benefits provided under this Agreement, and not any duplicate benefits. The payments VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT provided under this Agreement or the Company’s Change of Control Policy upon termination of the Executive shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any affiliate of the Company maintains for employees generally and that otherwise may cover Executive.

Appears in 2 contracts

Samples: Employment and Non Competition Agreement (Vantage Drilling CO), Employment and Non Competition Agreement (Vantage Drilling CO)

No Duplication of Severance Benefits. Notwithstanding the foregoing provisions of this Section 3, if Executive receives or is entitled to receive any benefits under the Company’s Change of Control Policy, or under any agreement with, or plan or policy of, the Company or any affiliate of the Company, the amount payable under this Section 3 to or on behalf of Executive shall be offset by such other severance benefits received by Executive, and VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT Executive shall thus be entitled to receive the greater of such other severance benefits or the VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT benefits provided under this Agreement, and not any duplicate benefits. The payments provided under this Agreement or the Company’s Change of Control Policy upon termination of the Executive shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any affiliate of the Company maintains for employees generally and that otherwise may cover Executive.

Appears in 1 contract

Samples: Employment and Non Competition Agreement (Vantage Drilling CO)

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No Duplication of Severance Benefits. Notwithstanding the foregoing provisions of this Section 3, if Executive receives or is entitled to receive any benefits under VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT the Company’s Change of Control Policy, or under any agreement with, or plan or policy of, the Company or any affiliate of the Company, the amount payable under this Section 3 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 VANTAGE DRILLING COMPANY EMPLOYMENT AGREEMENT benefits provided under this Agreement, and not any duplicate benefits. The payments provided under this Agreement or the Company’s Change of Control Policy upon termination of the Executive shall also supersede and replace any duplicative severance benefits under any severance pay plan or program that the Company or any affiliate of the Company maintains for employees generally and that otherwise may cover Executive.

Appears in 1 contract

Samples: Employment and Non Competition Agreement (Vantage Drilling CO)

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