Other Severance Pay. The Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by Hxxxx, the General Partner, or the Partnership (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the Hxxxx Corporation Long-Term Incentive Compensation Plan or the Hxxxx Energy Partners, L.P. Long-Term Incentive Plan) with, or any plan or arrangement of, Hxxxx, the General Partner, or the Partnership, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the compensation and employee benefit plans of Hxxxx, the General Partner, and the Partnership. Nothing herein shall be deemed to restrict the right of Hxxxx, the General Partner, or the Partnership to amend or terminate any such plan in a manner generally applicable to similarly situated active employees, as applicable, in which event the Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active employees.
Appears in 2 contracts
Samples: Change in Control Agreement (Holly Corp), Change in Control Agreement (Holly Energy Partners Lp)
Other Severance Pay. The Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by HxxxxHFC, the General Partner, or the Partnership (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the Hxxxx HollyFrontier Corporation Long-Term Incentive Compensation Plan, the HollyFrontier Omnibus Incentive Compensation Plan or the Hxxxx Xxxxx Energy Partners, L.P. Long-Term Incentive Plan) with, or any plan or arrangement of, HxxxxHFC, the General Partner, or the Partnership, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the compensation and employee benefit plans of HxxxxHFC, the General Partner, and the Partnership. Nothing herein shall be deemed to restrict the right of HxxxxHFC, the General Partner, or the Partnership to amend or terminate any such plan in a manner generally applicable to similarly situated active employees, as applicable, in which event the Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active employees.
Appears in 1 contract
Samples: Change in Control Agreement (Holly Energy Partners Lp)
Other Severance Pay. The Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by HxxxxXxxxx, the General Partner, or the Partnership (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the Hxxxx Xxxxx Corporation Long-Term Incentive Compensation Plan or the Hxxxx Xxxxx Energy Partners, L.P. Long-Term Incentive Plan) with, or any plan or arrangement of, HxxxxXxxxx, the General Partner, or the Partnership, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the compensation and employee benefit plans of HxxxxXxxxx, the General Partner, and the Partnership. Nothing herein shall be deemed to restrict the right of HxxxxXxxxx, the General Partner, or the Partnership to amend or terminate any such plan in a manner generally applicable to similarly situated active employees, as applicable, in which event the Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active employees.
Appears in 1 contract
Samples: Change in Control Agreement (Holly Energy Partners Lp)