Common use of Waiver of Certain Other Rights Clause in Contracts

Waiver of Certain Other Rights. To the extent that lump sum cash severance payments are made to Executive pursuant to Article V, Executive hereby waives the right to receive severance payments or severance benefits under any other Plan or agreement with any of the Companies; provided, however, that if Executive’s employment was terminated prior to the Effective Date but is deemed to terminate after the Effective Date pursuant to Section 1.3, Executive shall be entitled to retain any severance payments or benefits paid in connection with such termination, but such amounts shall apply as an offset against the benefits payable under Article V hereof.

Appears in 2 contracts

Samples: Control Employment Agreement (Principal Financial Group Inc), Employment Agreement (Principal Financial Group Inc)

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Waiver of Certain Other Rights. To the extent that lump sum cash severance payments are made to Executive pursuant to Article VIV, Executive hereby waives the right to receive severance payments or severance benefits under any other Plan or agreement with any of the Companies; providedCompany, however, that if Executive’s employment was terminated prior to including under the Effective Date but is deemed to terminate after the Effective Date pursuant to Section 1.3, Executive shall be entitled to retain any severance payments or benefits paid in connection with such termination, but such amounts shall apply as an offset against the benefits payable under Article V hereofEmployment Agreement.

Appears in 1 contract

Samples: Employment Agreement (Principal Financial Group Inc)

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Waiver of Certain Other Rights. To the extent that lump sum cash severance payments are made to Executive pursuant to Article V, Executive hereby waives the right to receive severance payments or severance benefits under any other Plan or agreement with any of the Companies; provided, however, that if Executive’s employment was terminated prior to the Effective Date but is deemed to terminate after the Effective Date pursuant to Section 1.31.2, Executive shall be entitled to retain any severance payments or benefits paid in connection with such termination, but such amounts shall apply as an offset against the benefits payable under Article V hereof.

Appears in 1 contract

Samples: Waiver and Release (Principal Financial Group Inc)

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