Common use of Acknowledgement of Full Payment Clause in Contracts

Acknowledgement of Full Payment. You acknowledge and agree that the payments to be provided in accordance with paragraph 2 of this Agreement are in complete satisfaction of any and all compensation due to you from the Company, whether for services provided to the Company or otherwise, through the Separation Date and that, except as expressly provided under this Agreement, no further compensation is owed to you. Further, it is agreed that severance pay and other benefits to which you are entitled under Paragraph 3 of this Agreement shall be reduced by any other payments or benefits to which you may be entitled under applicable law as a result of termination of your employment, including without limitation any federal, state or local law with respect to plant closings, mass layoffs or group benefit plan continuation following termination or the like, but exclusive of any unemployment benefits to which you are eligible under applicable law.