Common use of Receipt or Release Clause in Contracts

Receipt or Release. Any payment to the Executive or the Executive’s Beneficiary in accordance with the provisions of this Agreement shall, to the extent thereof, be in full satisfaction of all claims against the Board, the Committee, the Company and its Subsidiaries. The Company may require such Executive or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.

Receipt or Release. Any payment to the Executive or the Executive’s Beneficiary in accordance with the provisions of this the Agreement shall, to the extent thereof, be in full satisfaction of all claims under the Agreement against the Board, Committee and the Committee, the Company and its SubsidiariesCompany. The Company Committee may require such Executive or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.; provided, however, that the terms and conditions applicable to such release shall not cause this Agreement or the payment of any amounts under this Agreement to fail to comply with Section 409A.