Consideration/Complete Payment Clause Samples

Consideration/Complete Payment. Employee hereby agrees and acknowledges that the benefits set forth in Section 2 of this Agreement are more than the Company is required to provide under its normal policies and procedures, are more than Employee is entitled to under the Executive Employment Agreement and any other agreement or contract with the Company, and that they are in addition to anything of value to which Employee already is entitled. Employee further agrees that, other than with respect to payments regarding the non-released rights for monetary or other benefits described in Section 4 below (the “Non-Released Rights”), the payments and performances described in this Agreement are all that Employee shall be entitled to receive from the Company, except for vested qualified retirement benefits, if any, to which Employee may be entitled under the Company's ERISA plans. Except as expressly provided herein (including with respect to the Non-Released Rights) or as required by law, the Company shall not be required to make any payments of any kind to Employee. Employee acknowledges that May 21, 2015 was his final date of employment, and that any non-qualified stock options or shares of common stock, whether provided for under Lumber Liquidators Holdings, Inc. Equity Compensation Plan or otherwise, which did not vest as of May 21, 2015 are forever forfeited. Employee further agrees and acknowledges that he shall have no right or claim to any bonus payment from the Company including, but not limited to, any bonus under the LL’s Annual Bonus Plan for Executive Management, nor any right or claim to any additional severance payment under his Executive Employment Agreement or otherwise. Notwithstanding the termination, expiration or nonrenewal of this Agreement, the parties shall be required to carry out any provisions of this Agreement that contemplate performance by them after such termination, expiration or nonrenewal, expressly including Sections 5 and 7-9.