Common use of Reduction of Agreement Benefits by Other Required Benefits Clause in Contracts

Reduction of Agreement Benefits by Other Required Benefits. Notwithstanding any other provision of this Agreement to the contrary, if in connection with the termination of the Executive's employment for any reason the Company is obligated by law or by contract (including any employment or severance agreement other than this Agreement) or by Company plan or policy to (a) pay the Executive with respect to any notice period prior to termination, (b) pay the Executive severance pay, a termination indemnity, notice pay, or the like, (c) provide the Executive with life, disability, accident or health insurance or other welfare benefits after the Executive's termination (or a cash payment in lieu thereof), or (d) provide the Executive with employment service and/or compensation credit in respect of severance, then any Severance Benefits hereunder shall be reduced by the amount of any payments and similar benefits described in clauses (a), (b), (c) and (d), as applicable. If the Company is obligated under any contract or agreement (including any employment or severance agreement other than this Agreement) to pay to the Executive a gross-up payment with respect to excise taxes payable by the Executive under Section 4999 of the Code and such gross up payment would result in a duplication of the payment of the Gross-Up Payment provided for by Section 4 hereof, the Gross-Up Payment provided for by Section 4 hereof shall be reduced by the amount of such duplicative gross-up payment.