Common use of Exclusive Payments Clause in Contracts

Exclusive Payments. The payments upon termination made by the Company to the Executive pursuant to Sections 7(b) and (c) above shall constitute the exclusive payments due to the Executive upon termination under this Agreement; provided, however, that all monthly payments made pursuant to Section 7(b)(iii) above, except as provided in Section 8(d), shall be reduced or mitigated by the amount of any cash compensation secured or earned by the Executive during such month for services rendered to another employer; provided, further, that all benefits receivable by the Executive, his legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, shall be reduce to the extent comparable benefits actually are received by the Executive, his legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, during the Remaining Term pursuant to similar plans or programs of another employer.

Appears in 4 contracts

Samples: Employment Agreement (Pt 1communications Inc), Employment Agreement (Pt 1communications Inc), Employment Agreement (Pt 1communications Inc)

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Exclusive Payments. The payments upon termination made by the Company to the Executive pursuant to Sections 7(b7(a) and (cb) above shall constitute the exclusive payments due to the Executive upon termination under this Agreement; provided, however, that all monthly payments made pursuant to Section 7(b)(iii) above, except as provided in Section 8(d), shall be reduced or mitigated by the amount of any cash compensation secured or earned by the Executive during such month for services rendered to another employer; provided, further, that all benefits receivable by the Executive, his legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, shall be reduce to the extent comparable benefits actually are received by the Executive, his legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, during the Remaining Term pursuant to similar plans or programs of another employer.

Appears in 1 contract

Samples: Employment Agreement (Pt 1communications Inc)

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Exclusive Payments. The payments upon termination made by the Company to the Executive pursuant to Sections 7(b8(b), (c) and (cd) above shall constitute the exclusive payments due to the Executive upon termination under this Agreement; provided, however, that all monthly payments made pursuant to Section 7(b)(iii8(c)(iii) above, except as provided in Section 8(d), shall be reduced or mitigated by the amount of any cash compensation secured or earned by the Executive during such month for services rendered to another employer; provided, further, and provided further that all benefits receivable by the Executive, his or her legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, shall be reduce reduced to the extent comparable benefits actually are received by the Executive, his or her legal representatives, heirs, eligible dependents, if any, or permitted assigns, as applicable, during the Remaining Term pursuant to similar plans or programs of another employer.

Appears in 1 contract

Samples: Employment Agreement (Legacy Software Inc)

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