WAIVER OF OTHER RIGHTS. If the Company fully performs it obligations to the Executive pursuant to Section 5.1 of this Agreement, the Executive hereby waives (1) any right to receive severance benefits under any plan or agreement (including an offer of employment or employment contract) of the Company or its Affiliates which provides for severance benefits, and (2) except as provided in Section 5.1 of this Agreement, any right to receive an increase in the amount of, or accelerated vesting in, other benefits or payments under a plan or arrangement of the Company or its Affiliates which requires such an increase or acceleration of vesting as a result of the occurrence of a Change in Control. This provision shall not take effect until the Change in Control Date has occurred and the Company has fully performed it obligations under Section 5.1 of this Agreement. Notwithstanding the forgoing, this provision shall not waive any rights that the Executive may otherwise have under applicable law, including, but not limited to, the Employee Retirement Income Security Act of 1974, as amended.
Appears in 5 contracts
Samples: Executive Employment Continuity Agreement (Roanoke Electric Steel Corp), Executive Employment Continuity Agreement (Roanoke Electric Steel Corp), Executive Employment Continuity Agreement (Roanoke Electric Steel Corp)
