You are correct, but keep in mind, in CA anyway for sure, when a person accepts a severance package, regardless of an executive contract deal or John Doe employee, most "op out terminations" require that the person cannot return to the company at any future date, nor any other division of the company, even in a non-related field of ones original employment.

Been there as a manager, having to execute such, and it was not fun.

GLTA, and good night!!