Common use of Duplication of Severance Pay Clause in Contracts

Duplication of Severance Pay. Executive is entitled to receive the payment under both Section 5.1 and Section 5.4. Executive hereby irrevocably waives the right to receive benefits under any severance or similar plan or policy of Company if Executive is entitled to receive a payment under Section 5.1 and/or 5.4, provided that if the value of such benefits exceeds the amount payable to such Executive under Section 5.1 and/or 5.4, Executive may elect to receive such benefits in lieu of the payment under Section 5.1 and/or 5.4.