Exit Package definition
Examples of Exit Package in a sentence
Employee understands that the Special Exit Package provided hereunder by the Company is discretionary in nature, is not an admission of liability, and constitutes adequate consideration for the Agreement and Release.
Packey understands that the Special Exit Package provided hereunder by the Company is discretionary in nature, is not an admission of liability by the Company, is not required of the Company in the absence of this Agreement, and constitutes adequate consideration for the Agreement.
As such, payment of the first half of the Special Exit Package, in the amount of $265,515.03, shall be made to Employee or his estate, as applicable, at the time of the first regularly scheduled pay day after the earlier of the date which is six months after the Separation Date or the date of Employee’s death.
In consideration for receipt of the Special Exit Package, which ------- you specifically acknowledge to be sufficient consideration to support this release, you hereby release and discharge Glenayre Technologies, Inc., Glenayre Electronics, Inc.
Further, in the event of a breach by Employee of this Agreement and Release, including but not limited to paragraph 10 as it incorporates paragraphs 4 and 5 of the Severance Agreement, and upon the Company providing prior written notification of such breach to Employee, the Company may cease or suspend any payments remaining in the Special Exit Package.