Common use of Extraordinary Item of Compensation Clause in Contracts

Extraordinary Item of Compensation. The Executive expressly acknowledges and agrees that participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as the Executive’s free and voluntary decision to participate in the Plan in accord with the terms and conditions of the Plan, the Agreement, the Unfair Competition Agreement and this Addendum. As such, the Executive acknowledges and agrees that the Company may, in its sole discretion, amend and/or discontinue the Executive’s participation in the Plan at any time and without any liability. The value of the RSUs is an extraordinary item of compensation outside the scope of the employment contract, if any. The RSUs are not a part of the Executive’s regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of the Employer.

Appears in 4 contracts

Samples: Restricted Stock Unit Agreement (Grainger W W Inc), Restricted Stock Unit Agreement (Grainger W W Inc), Restricted Stock Unit Agreement (Grainger W W Inc)

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Extraordinary Item of Compensation. The Executive expressly acknowledges and agrees that participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as the Executive’s free and voluntary decision to participate in the Plan in accord with the terms and conditions of the Plan, the Agreement, the Unfair Competition Agreement and this Addendum. As such, the Executive acknowledges and agrees that the Company may, in its sole discretion, amend and/or discontinue the Executive’s participation in the Plan at any time and without any liability. The value of the RSUs Option is an extraordinary item of compensation outside the scope of the employment contract, if any. The RSUs are Option is not a part of the Executive’s regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of the Employer.

Appears in 3 contracts

Samples: Stock Option Agreement (Grainger W W Inc), Stock Option Agreement (Grainger W W Inc), Stock Option Agreement (Grainger W W Inc)

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Extraordinary Item of Compensation. The Executive expressly acknowledges and agrees that participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as the Executive’s free and voluntary decision to participate in the Plan in accord with the terms and conditions of the Plan, the Agreement, the Unfair Competition Agreement and this Addendum. As such, the Executive acknowledges and agrees that the Company may, in its sole discretion, amend and/or discontinue the Executive’s participation in the Plan at any time and without any liability. The value of the RSUs Option is an extraordinary item of compensation outside the scope of the employment contract, if any. The RSUs are Option is not a part of the Executive’s regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-long- service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of the Employer.

Appears in 1 contract

Samples: Stock Option Agreement (Grainger W W Inc)

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