Common use of OTHER BENEFIT ARRANGEMENTS Clause in Contracts

OTHER BENEFIT ARRANGEMENTS. (a) This Agreement shall supersede any and all existing understandings and agreements between the Executive and the Company or any of its affiliates and any and all plans and policies of the Company or any of its affiliates (in the case of any affiliates, including without limitation agreements, plans and policies entered into or established before such affiliates became affiliates of the Company), with regard to severance benefits to be paid to the Executive on account of involuntary termination of the employment of the Executive; provided that this Agreement does not supersede benefits required by law or provided under the terms of any employee benefit plan of the Company or its affiliates that is not primarily designed to provide benefits for involuntary termination of employment. Except as otherwise provided in this Section 2, payments and benefits to the Executive hereunder shall be made and provided without regard to and in addition to any other payments or benefits required to be paid and provided to the Executive at any time hereafter under any other agreement, plan or policy of the Company or any of its affiliates relating to compensation, retirement or other benefits, including without limitation any amounts payable to the Executive under the Company's Annual Incentive Plan and Employee Stock Option Plan. Except as otherwise provided in this Agreement, no payments or benefits to the Executive under this Agreement shall be reduced by any amount the Executive may earn or become entitled to receive from employment with the Company or any of its affiliates, from employment with another employer, or from any other source.