Common use of No Further Liabilities Clause in Contracts

No Further Liabilities. Except as otherwise provided in Sections 2 and/or 3, all Annual Salary and benefits will cease at the time of the Covered Termination and the Company shall have no further liability or obligation to Employee following the Covered Termination. The payments, benefits and rights described in Sections 2 and/or 3 will be paid and provided in lieu of and not in addition to any other severance arrangement maintained by the Company. The foregoing will not be construed to limit Employee's right to payment or reimbursement for claims incurred prior to the date of such termination under any insurance contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance contract.