Severance Payments definition
Examples of Severance Payments in a sentence
Excluded from the scope of this Release of Claims are: (i) any rights of indemnification or contribution that I have pursuant to Section 8 of the Employment Agreement, the articles of incorporation or by-laws of the Company, TMHC or any of their subsidiaries, (ii) any right I have to the Severance Payments, (iii) vested rights to benefits under employee benefit plans of the Company, TMHC or their subsidiaries and (iv) rights that cannot be released as a matter of law (collectively, “Unreleased Claims”).
Payment of any Change-in-Control Severance Payments and Severance Payments shall be conditioned upon the execution, non-revocation, and delivery of a general mutual release of claims by Executive, in a form reasonably satisfactory to the Company.
In the event that Executive’s employment hereunder is terminated by the Company without Cause or by Executive for Good Reason within one year following or six months prior to a Change in Control, Executive shall receive the benefits described in Section 5(b), except that Executive shall receive the Change-in-Control Severance Payments in lieu of the Severance Payments.
By signing this Agreement, Executive is knowingly and voluntarily releasing and waiving any rights or Claims Executive has or may have of discrimination under the Age Discrimination in Employment Act in exchange for the Payment or Severance Payments described above, to which Executive would not otherwise be entitled.
In the event that Executive’s employment hereunder is terminated by the Company without Cause or by Executive for Good Reason, Executive shall be entitled to receive the Accrued Benefits and the Severance Payments, except as otherwise provided pursuant to Section 5(d).