Common use of ELECTION OF BENEFITS Clause in Contracts

ELECTION OF BENEFITS. If the Employee receives notice from the Employer pursuant to Section 1.6 hereof, the Employee shall have the right to elect to receive (in lieu of the payments hereunder specified in such Section 1.6) any benefits that may be payable to him pursuant to any severance plan of the Employer applicable to him. If no such election is made, the amounts specified in such Section 1.6 shall be payable as specified therein, no benefit shall be payable to the Employee under such severance plan, and the Employee hereby expressly waives any benefits that might otherwise be due him under such severance plan. This Agreement has no impact upon any election made by the Employee to participate in or decline participation in any other benefit plans or programs made available by the Employer, including but not limited to the Employer's early dispute resolution program, Solutions InSTORE. The Employee and Employer's rights and obligations for the purposes of such other benefit plans or programs shall be governed by the terms and conditions of said benefit plans and programs.