Examples of Severance Benefit Plan in a sentence
In the event of a change of control (as defined in the Company’s Change of Control Severance Benefit Plan), the terms of this Agreement shall inure to the benefit of, and be assumed by, the acquiring person (as defined in the Company’s Change of Control Severance Benefit Plan).
In such case, the cash severance benefits under this Agreement shall be in lieu of the cash severance benefits payable under the Company's Executive Severance Benefit Plan.
As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan.
Executive Severance Benefit Plan (the “Severance Plan”), subject to the terms and conditions of such plan.
If this Agreement would provide better cash severance benefits to the Employee than the Company's Executive Severance Benefit Plan, the Employee shall receive the cash severance benefits under this Agreement, as well as any other benefits or coverages available under this Agreement.
If at any time the Company's Executive Severance Benefit Plan would provide better cash severance benefits to the Employee than this Agreement, the Employee may elect to receive such better cash severance benefits in lieu of the cash severance benefits provided under Subsections 5(a)(i) and 5(a)(ii), or Subsection 5(a)(v), of this Agreement, whichever is applicable, while continuing to receive any other benefits or coverages available under this Agreement.
Amounts which the Employee or the Employee’s dependents or beneficiaries are otherwise entitled to receive under any such plan, policy, practice or program shall not be reduced by this Agreement except as provided in Section 6 hereof with respect to payments under the Executive Severance Benefit Plan if cash payments of annual base salary are made hereunder.
In making such determination, the Committee shall consider the nature of such Change of Control, whether continuation of the Plan and the awards for the Performance Cycle are feasible, and whether the resulting corporate entity, if any, offers or commits to offer awards of comparable economic value; provided, however, that the Committee’s determination shall be consistent with existing LNC plans, such as the Plan and the LNC Executives’ Severance Benefit Plan.
If this Agreement would provide better cash severance benefits to the Employee than the Company’s Executive Severance Benefit Plan, the Employee shall receive the cash severance benefits under this Agreement, as well as any other benefits or coverages available under this Agreement.
In such case, the cash severance benefits under this Agreement shall be in lieu of the cash severance benefits payable under the Company’s Executive Severance Benefit Plan.