Release Upon Execution Clause Samples
The 'Release Upon Execution' clause serves to immediately discharge one or more parties from certain obligations or liabilities as soon as the agreement is signed. In practice, this means that once the contract is executed, any claims, demands, or actions specified in the clause are considered settled and cannot be pursued further by the releasing party. This clause is commonly used to provide finality and certainty, ensuring that past disputes or potential claims are resolved at the outset of the contractual relationship.
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Release Upon Execution. In consideration of Buyer’s agreement to pay (or to cause to be paid) to the Executive the Change of Control Agreement Amount and, subject to the payment of the foregoing specified dollar amounts, all as provided under this Agreement, and other good and valuable consideration, the sufficiency of which is hereby acknowledged by the Executive, for himself and for his heirs, successors, and assigns, does hereby release completely and forever discharge Buyer, Seller, and Seller Bank, their respective affiliates, successors, predecessors, subsidiaries, related entities or assigns, and their respective current and former directors, officers, employees, agents, benefit plans, benefit plan administrators and trustees, attorneys, insurers, representatives, successors, and assigns (any and all of which are referred to below as the “Releasees”), from any and all obligations, claims, actions, causes of action, demands, liabilities, expenses, or damages of any kind (including attorneys’ fees and costs actually incurred), regardless of whether known or unknown, that the Executive now has, owns, or holds, or claims to have, own, or hold, or that he at any time had, owned, or held, or claimed to have had, owned, or held against any Releasee. This general release of claims includes, without implication of limitation, the release of all claims: • relating to the Executive’s employment by Seller and Seller Bank and the determination not to continue the Executive’s employment by Seller and Seller Bank beyond the Closing Date; • relating to the Change of Control Agreement and all employee benefit plans of Seller or Seller Bank; • of wrongful discharge; • of breach of contract; • of retaliation or discrimination under federal, state, or local law (including, without limitation, claims of age discrimination or retaliation under the Age Discrimination in Employment Act, claims of disability discrimination or retaliation under the Americans with Disabilities Act, claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964, and claims of discrimination or retaliation under state law); • under any other federal or state statute, to the fullest extent that claims may be released; • relating to any employment decisions communicated by Buyer to the Executive; • of defamation or other torts; • of violation of public policy; • for salary, bonuses, vacation pay, or any other compensation or benefits; and • for damages or other remedies of any sort, including, w...