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Common use of New Employment Clause in Contracts

New Employment. If the Executive secures new employment during the three-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 6 contracts

Samples: Senior Officer Employment Agreement (Wisconsin Energy Corp), Senior Officer Change in Control, Severance and Non Compete Agreement (Wisconsin Energy Corp), Senior Officer Change in Control, Severance and Non Compete Agreement (Wisconsin Electric Power Co)

New Employment. If the Executive secures new employment during the three-year three (3)-year period following termination Termination of employmentEmployment, the level of any benefit being provided pursuant to Section 3(f) 2.d. hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliatesthe Employer.

Appears in 4 contracts

Samples: Senior Officer Agreement (Snap on Inc), Senior Officer Agreement (Snap on Inc), Executive Agreement (Snap on Inc)

New Employment. If the Executive secures new employment during the three-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f5(g) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 2 contracts

Samples: Senior Officer Employment and Non Compete Agreement (Wisconsin Energy Corp), Senior Officer Employment and Non Compete Agreement (Wisconsin Energy Corp)

New Employment. If the Executive secures new employment during the three-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f4(f) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 2 contracts

Samples: Senior Officer Employment, Change in Control, Severance and Non Compete Agreement (Wisconsin Energy Corp), Senior Officer Employment, Change in Control, Severance and Non Compete Agreement (Wisconsin Electric Power Co)

New Employment. If the Executive secures new employment during the three3-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f3(d) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliatesany affiliated employer.

Appears in 1 contract

Samples: Change in Control Agreement (Wisconsin Energy Corp)

New Employment. If the Executive secures new employment during the threetwo-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f3(g) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 1 contract

Samples: Senior Officer Employment and Non Compete Agreement (Wisconsin Energy Corp)

New Employment. If the Executive secures new employment during the "relevant three-year period following termination of employmentperiod" as defined in Section 3(e) above, the level of any benefit being provided pursuant to Section 3(f3(e) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 1 contract

Samples: Senior Officer Change in Control, Severance and Special Pension Agreement (Wisconsin Energy Corp)

New Employment. If the Executive secures new employment during the three-year period following termination of employment, the level of any benefit being provided pursuant to Section 3(f3(g) hereof shall be reduced to the extent that any such benefit is being provided by the Executive's new employer. The Executive, however, shall be under no obligation to seek new employment and, in any event, no other amounts payable pursuant to this Agreement shall be reduced or offset by any compensation received from new employment or by any amounts claimed to be owed by the Executive to the Company or its affiliates.

Appears in 1 contract

Samples: Senior Officer Employment and Non Compete Agreement (Wisconsin Energy Corp)