Common use of Reduction of Benefits Clause in Contracts

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of May 1, 1997, pursuant to which beneficiaries of the Employee may receive a death benefit if the Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Notwithstanding any contrary provision of this Agreement, the benefits the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy on the date the Employee ceases to be employed by the Company.

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of May 1, 19971992, pursuant to which beneficiaries of the Employee may receive a death benefit if the Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Notwithstanding any contrary provision of this Agreement, the benefits the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy on the date the Employee ceases to be employed by the Company.

Reduction of Benefits. (a) The Company and the Employee have entered into a Life Insurance Split-Dollar Agreement dated as of May 1, 19971999, pursuant to which beneficiaries of the Employee may receive a death benefit if the Employee dies while employed by the Company and the Employee may own an interest in the cash surrender value of a life insurance policy (the "Policy") at the time his employment with the Company terminates by retirement or otherwise. Notwithstanding any contrary provision of this Agreement, the benefits the Company is otherwise obligated to pay to the Employee pursuant to Sections 2, 3, 5, or 6 shall be reduced in the manner provided in Paragraph (b) below by the amount of the Employee's interest in the cash surrender value of the Policy on the date the Employee ceases to be employed by the Company.