Common use of Severance Compensation Reduction Clause in Contracts

Severance Compensation Reduction. In the event termination is pursuant to Section 4 (a) of this Agreement, the portion of Severance Compensation to be paid pursuant to Section 4(i) and (ii) shall be reduced by the amount of any life insurance proceeds paid by or through the Company or disability insurance payments for one (1) year, as appropriate, payable to the Executive or his personal representative or other beneficiary.

Severance Compensation Reduction. In the event termination is pursuant to Section 4 (ab) of this Agreement, the portion of Severance Compensation to be paid pursuant to Section 4(i) and (ii) shall be reduced by the amount of any life insurance proceeds paid by or through the Company or disability insurance payments for one (1) yearpayments, as appropriate, payable to the Executive or his personal representative or other beneficiarybeneficiary as provided by this Agreement.

Severance Compensation Reduction. In the event termination -------------------------------- is pursuant to Section 4 (a) of this Agreement, the portion of Severance Compensation to be paid pursuant to Section 4(i) and (ii) shall be reduced by the amount of any life insurance proceeds paid by or through the Company or disability insurance payments for one (1) year, as appropriate, payable to the Executive or his personal representative or other beneficiary.

Severance Compensation Reduction. In the event termination is pursuant -------------------------------- to Section 4 (a) of this Agreement, the portion of Severance Compensation to be paid pursuant to Section 4(i) and (ii) shall be reduced by the amount of any life insurance proceeds paid by or through the Company or disability insurance payments for one (1) year, as appropriate, payable to the Executive or his personal representative or other beneficiarybeneficiary as provided by this Agreement.