Common use of Severance Plan Adjustment Clause in Contracts

Severance Plan Adjustment. In the event that your employment with the Company terminates pursuant to paragraph 11, and, at the time of your termination of employment there is in effect a Company severance plan (a “Severance Plan”) in which you are eligible to participate or would have been eligible to participate but for your having entered into this Agreement or being a Specified Employee and which provides for severance compensation that is greater than the amounts to which you are entitled under paragraph 11(c), then the amounts of your Severance Benefits under this Agreement shall automatically be adjusted to equal those that would have been provided to you under the Severance Plan (with any such adjustment done in a manner that complies with, or is exempt from, Section 409A (as defined below)). For the avoidance of doubt, any payment entitlement pursuant to this paragraph 15 is in lieu of, and not in addition to, any Severance Benefits to which you may otherwise be entitled under this Agreement. Notwithstanding any adjustment to the amount of your eligible severance benefits pursuant to this paragraph 15, all other provisions of this Agreement shall remain in effect, including, without limitation, paragraphs 6, 7, 8 and 9.

Severance Plan Adjustment. In the event that your employment with the Company terminates pursuant to paragraph 1111 or 15, and, at the time of your termination of employment there is in effect a Company severance plan (a “Severance Plan”) in for which you are eligible to participate or would have been eligible to participate but for your having entered into this Agreement or being a Specified Employee and which provides for severance compensation that is greater than the amounts amounts, but not the time or form of payment, to which you are entitled under paragraphs 11(c)(i) and 11(c)(ii) or paragraph 11(c)15, then the amounts amounts, of your Severance Benefits severance compensation under this Agreement shall automatically be adjusted to equal those the greater severance amount that would have been provided to you under the Severance Plan (with any such adjustment done in a manner that complies with, or is exempt from, Section 409A (as defined below))Plan. For the avoidance of doubt, any payment entitlement pursuant to this paragraph 15 16 is in lieu of, and not in addition to, any Severance Benefits severance compensation to which you may otherwise be entitled under this Agreement. Notwithstanding any adjustment to the amount of your eligible severance benefits entitlements pursuant to this paragraph 1516, all other provisions of this Agreement shall remain in effect, including, without limitation, paragraphs 6, 7, 8 and 9.