Common use of Severance Plan Clause in Contracts

Severance Plan. You hereby agree and acknowledge that your right to receive the Bonus Payment and the Option Payments is in lieu and in full satisfaction of the right to receive the payments and benefits set forth in Sections 2(a)(ii) and 2(a)(iv), respectively of the Severance Plan. You further agree and acknowledge that all other terms and conditions of the Severance Plan, including your right to receive the amounts set forth in Section 2(a)(i) and 2(a)(iii) (subject to the conditions set forth thereunder) in the event of a qualifying termination as described in this Agreement, shall continue in effect under the terms of the Severance Plan.