Common use of Non-Duplication of Payment or Benefits Clause in Contracts

Non-Duplication of Payment or Benefits. For purposes of clarity, in the event that, within 3 months after a Qualifying Non-CIC Termination, a Change in Control occurs (resulting in the termination of Executive’s employment with the Company Group constituting a Qualifying CIC Termination), any severance payments and benefits to be provided to Executive under Section 3(b) will be reduced by any amounts that already were provided to Executive under Section 3(a). Unless otherwise agreed to in writing between Executive and the Company, if Executive is entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Equity Awards, or other severance or separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any Company Group member is a party other than this Agreement (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

Appears in 7 contracts

Samples: Change in Control and Severance Agreement (Ibotta, Inc.), Change in Control and Severance Agreement (Ibotta, Inc.), Change in Control and Severance Agreement (Ibotta, Inc.)

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Non-Duplication of Payment or Benefits. For purposes of clarity, in the event that, of a termination of employment that qualifies Executive for severance payments and benefits under Section 6(a) of the Employment Agreement that occurs during the period within 3 three (3) months after a Qualifying Non-CIC Termination, prior to a Change in Control occurs (resulting in the termination of Executive’s employment with the Company Group constituting a Qualifying CIC Termination)Control, any severance payments and benefits to be provided to Executive under Section 3(b6(b) will be reduced by any amounts that already were provided to Executive under Section 3(a6(a). Unless otherwise agreed Notwithstanding any provision of this Agreement to in writing between Executive and the Companycontrary, if Executive is entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Equity Awards, or other severance or separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any the Company Group member is a party other than this Agreement (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

Appears in 7 contracts

Samples: Sarcos Corp. Employment Agreement (Sarcos Technology & Robotics Corp), Employment Agreement (Sarcos Technology & Robotics Corp), Employment Agreement (Sarcos Technology & Robotics Corp)

Non-Duplication of Payment or Benefits. For purposes of clarity, in the event that, of a termination of employment that qualifies Executive for severance payments and benefits under Section 7(a) of the Employment Agreement that occurs during the period within 3 three (3) months after a Qualifying Non-CIC Termination, prior to a Change in Control occurs (resulting in the termination of Executive’s employment with the Company Group constituting a Qualifying CIC Termination)Control, any severance payments and benefits to be provided to Executive under Section 3(b7(b) will be reduced by any amounts that already were provided to Executive under Section 3(a7(a). Unless otherwise agreed Notwithstanding any provision of this Agreement to in writing between Executive and the Companycontrary, if Executive is entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Equity Awards, or other severance or separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any the Company Group member is a party other than this Agreement (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

Appears in 2 contracts

Samples: Agreement and Plan of Reorganization (Sarcos Technology & Robotics Corp), Employment Agreement (Sarcos Technology & Robotics Corp)

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Non-Duplication of Payment or Benefits. For purposes of clarity, in the event that, of a termination of employment that qualifies Executive for severance payments and benefits under Section 6(a) of the Employment Agreement that occurs during the period within 3 three (3) months after a Qualifying Non-CIC Termination, prior to a Change in Control occurs (resulting in the termination of Executive’s employment with the Company Group constituting a Qualifying CIC Termination)Control, any severance payments and benefits to be provided to Executive under Section 3(b6(b) will be reduced by any amounts that already were provided to Executive under Section 3(a6(a). Unless otherwise agreed Notwithstanding any provision of this Agreement to in writing between Executive and the Companycontrary, if Executive is entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Equity Awards, or other severance or separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any the Company Group member is a party other than this Agreement (“Other Martindale - Executive Employment Agreement Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive.

Appears in 1 contract

Samples: Employment Agreement (Sarcos Technology & Robotics Corp)

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