Common use of Employee Waiver Clause in Contracts

Employee Waiver. The Employee acknowledges and agrees that if the Agreement and the benefits described in the Agreement constitute an employee benefit plan or part of an employee benefit plan for purposes of Title I of the Employee Retirement Income Security Act, as amended ("ERISA"), (a) such plan is an unfunded plan, (b) the Employee belongs to a select group of management or highly compensated employees, and, therefore, (c) such plan is exempt from the participation, vesting, benefit accrual, joint and survivor and preretirement survivor annuity, minimum funding, fiduciary responsibility, and other requirements of Title I of ERISA. The Employee further agrees that, should the Agreement and the benefits described in the Agreement be construed as a funded plan or part of a funded plan for purposes of Title I of ERISA, the Employee irrevocably waives on behalf of himself and any spouse to whom he may now or in the future be married, any rights and claims the Employee or his spouse or both of them may have now or in the future under Title I of ERISA with respect to such plan. The Employee acknowledges that he has had sufficient opportunity to review this waiver with counsel.

Employee Waiver. The Employee acknowledges and agrees that if the Agreement and the benefits described in the Agreement constitute an employee benefit plan or part of an employee benefit plan for purposes of Title I of the Employee Retirement Income Security Act, as amended ("ERISA"), (ai) such plan is an unfunded plan, (bii) the Employee belongs to a select group of management or highly compensated employees, and, therefore, (ciii) such plan is exempt from the participation, vesting, benefit accrual, joint and survivor and preretirement survivor annuity, minimum funding, fiduciary responsibility, and other requirements of Title I of ERISA. The Employee further agrees that, should the Agreement and the benefits described in the Agreement be construed as a funded plan or part of a funded plan for purposes of Title I of ERISA, the Employee irrevocably waives on behalf of himself and any spouse to whom he may now or in the future be married, any rights and claims the Employee or his spouse or both of them may have now or in the future under Title I of ERISA with respect to such plan. The Employee acknowledges that he has had sufficient opportunity to review this waiver with counsel.