I agree with Mr. Berkus. The tax consequences are probably going to be the tricky part, so running this by a CPA is a very good idea.
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Beyond this you may also want to consider what your fiduciary duty to the company is. As president you may owe a fiduciary duty to the company, e.g., acting in the best interests of the company. If the potential severance package is seen as excessive or unwarranted you may be in breach of that duty. As always with these issues, seek advice from an attorney and present the full facts of the case along with the company's organizational documents so you can get an answer based on all the facts of your case.