CONDITIONS APPLICABLE TO SEVERANCE PERIOD; MITIGATION OF DAMAGES. (a) If during the Severance Period, the Executive breaches his obligations under Section 4 above, the Company may, upon written notice to the Executive, terminate the Severance Period and cease to make any further payments or provide any benefits described in Subsection 5(f). (b) Although the Executive shall not be required to mitigate the amount of any payment provided for in Subsection 5(f) by seeking other employment, any such payments shall be reduced by any amounts which the Executive receives or is entitled to receive from another employer with respect to the Severance Period. The Executive shall promptly notify the Company in writing in the event that other employment is obtained during the Severance Period.
Appears in 21 contracts
Samples: Annual Report, Employment Agreement (Agco Corp /De), Employment Agreement (Agco Corp /De)
CONDITIONS APPLICABLE TO SEVERANCE PERIOD; MITIGATION OF DAMAGES. (a) If during the Severance Period, the Executive breaches his obligations under Section 4 above, the Company may, upon written notice to the Executive, terminate the Severance Period and cease to make any further payments or provide any benefits described in Subsection 5(f).
(b) Although the Executive shall not be required to mitigate the amount of any payment provided for in Subsection 5(f) by seeking other employment, except in the case of a Change in Control Termination, any such payments shall be reduced by any amounts which the Executive receives or is entitled to receive from another employer with respect to the Severance Period. The Executive shall promptly notify the Company in writing in the event that other employment is obtained during the Severance Period.
Appears in 9 contracts
Samples: Employment Agreement (Agco Corp /De), Employment Agreement (Agco Corp /De), Employment Agreement (Agco Corp /De)
CONDITIONS APPLICABLE TO SEVERANCE PERIOD; MITIGATION OF DAMAGES. (a) If during the Severance Period, the Executive breaches his obligations under Section 4 above, the Company may, upon written notice to the Executive, terminate the Severance Period and cease to make any further payments or provide any benefits described in Subsection 5(f)) and/or require the Executive to return the gross amount of any payments previously received under this Agreement that the Executive was not otherwise entitled to receive.
(b) Although the The Executive shall not be required to mitigate the amount of any payment provided for in Subsection 5(f) by seeking other employment; provided, except in the case of a Change in Control Termination, any such payments shall be reduced by any amounts which the Executive receives or is entitled to receive from another employer with respect to the Severance Period. The Executive shall promptly notify the Company in writing in the event that other employment is obtained during the Severance Period.
Appears in 1 contract
Samples: Employment Agreement (Agco Corp /De)
CONDITIONS APPLICABLE TO SEVERANCE PERIOD; MITIGATION OF DAMAGES. (a) If during the Severance Period, the Executive breaches his obligations under Section 4 above, the Company may, upon written notice to the Executive, terminate the Severance Period and cease to make any further payments or provide any benefits described in Subsection 5(f).. Contract-Richenhagen
(b) Although the Executive shall not be required to mitigate the amount of any payment provided for in Subsection 5(f) by seeking other employment, any such payments shall be reduced by any amounts which the Executive receives or is entitled to receive from another employer with respect to the Severance Period. The Executive shall promptly notify the Company in writing in the event that other employment is obtained during the Severance Period.
Appears in 1 contract
Samples: Employment Agreement (Agco Corp /De)