Common use of Reductions to Severance Pay Clause in Contracts

Reductions to Severance Pay. The Severance Pay due to Executive under Section 6(a)(i) for any week will be reduced (but not below 0) by: (i) any disability benefits to which Executive is entitled for that week under any disability insurance policy or program of the Corporation or any Affiliate (including but not limited to worker's disability compensation); and (ii) any severance pay payable to Executive under any other agreement or Corporation policy; (iii) any payment due to Executive under the Federal Worker Adjustment and Retraining Notification Act or any comparable state statute or local ordinance. The Severance Pay will also be subject to any reduction required by Section 9.

Appears in 2 contracts

Samples: Employment Agreement (Southern Michigan Bancorp Inc), Employment Agreement (Southern Michigan Bancorp Inc)

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Reductions to Severance Pay. The Severance Pay due to Executive under Section 6(a)(i4(a)(i) for any week will be reduced (but not below 0) by: (i) any disability benefits to which Executive is entitled for that week under any disability insurance policy or program of the Corporation or any Affiliate (including but not limited to worker's disability compensation); and (ii) any severance pay payable to Executive under any other agreement or Corporation policy; and (iii) any payment due to Executive under the Federal Worker Adjustment and Retraining Notification Act or any comparable state statute or local ordinance. The Severance Pay will also be subject to any reduction required by Section 9.

Appears in 1 contract

Samples: Retention Agreement (Southern Michigan Bancorp Inc)

Reductions to Severance Pay. The Severance Pay due to Executive under Section 6(a)(i) for any week will be reduced (but not below 0) by: (i) any disability benefits to which Executive is entitled for that week under any disability insurance policy -6- or program of the Corporation or any Affiliate (including but not limited to worker's disability compensation); and (ii) any severance pay payable to Executive under any other agreement or Corporation policy; (iii) any payment due to Executive under the Federal Worker Adjustment and Retraining Notification Act or any comparable state statute or local ordinance. The Severance Pay will also be subject to any reduction required by Section 9.

Appears in 1 contract

Samples: Employment Agreement (Southern Michigan Bancorp Inc)

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Reductions to Severance Pay. The Severance Pay due to Executive under Section 6(a)(i) for any week will be reduced (but not below 0) by: (i) any disability benefits to which Executive is entitled for that week under any disability insurance policy or program of the Corporation or any Affiliate (including but not limited to worker's disability compensation); and (ii) any severance pay payable to Executive under any other agreement or Corporation policy; (iii) any payment due to Executive under the Federal Worker Adjustment and Retraining Notification Act or any comparable state statute or local ordinance. The Severance Pay will also be subject to any reduction required by Section 9.

Appears in 1 contract

Samples: Employment Agreement (Southern Michigan Bancorp Inc)

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