Common use of Severance Release Clause in Contracts

Severance Release. Employee acknowledges and agrees that the Company’s payment of the severance compensation pursuant to this Section 7 shall be deemed to constitute a full settlement and discharge of any and all obligations of the Company to Employee arising out of this Agreement, Employee’s employment with the Company and/or the termination of Employee’s employment with the Company, except for any vested rights Employee may have under any insurance, stock option or equity compensation plan or any other employee benefit plans sponsored by the Company.