Common use of Termination of Existing Arrangements Clause in Contracts

Termination of Existing Arrangements. Employee agrees that (a) any employment or consulting agreements or other such arrangements, as such agreements or arrangements were applicable to Employee prior to the Effective Date (except such employment or consulting agreements or other arrangements which are listed on Exhibit A hereto) and (b) any Company programs with respect to retention or performance incentive payments or severance or similar benefits, as such payments or benefits were applicable to Employee prior to the Effective Date ((a) and (b) being collectively referred to as the "Prior Arrangements"), are hereby terminated.