DIRECTORS' RELEASE
This release is made pursuant to and is subject to that
certain Agreement dated the 17th day of October, 1995 (the
"Agreement") executed by (a) AMERCO, a Nevada corporation
("AMERCO"); (b) XXXXXX X. XXXXX ("X. Xxxxx"); (c) XXXXX X. XXXXX
("X. Xxxxx"); (d) XXXXXX X. XXXXXXX ("Xxxxxxx"); (e) XXXX X.
XXXXX ("Xxxxx"); and (f) XXXXXXX X. XXXXX ("Xxxxx"). Terms used
herein with their initial letters capitalized that are defined in
the Agreement shall have the meaning given them in the Agreement
unless otherwise defined herein.
In consideration of the mutual promises set forth in the
Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, X. Xxxxx,
X. Xxxxx, Xxxxxxx, Xxxxx and Xxxxx voluntarily, knowingly, and
unconditionally, with specific and express intent, and on behalf
of themselves and their attorneys, heirs, predecessors,
successors and assigns (collectively, the "Releasing Parties"),
hereby release, quit and discharge AMERCO and its officers,
directors, employees, agents, representatives, accountants,
attorneys, predecessors, successors, assigns, and insurers
(collectively, the "Released Parties") of and from any and all
actions, causes of action, suits, defenses, debts, disputes,
damages, claims, obligations, liabilities, costs, expenses, and
demands of any kind or character whatsoever through the present
date, at law or in equity, in contract or in tort, whether
matured or unmatured, liquidated or unliquidated, vested or
contingent, xxxxxx or inchoate, known or unknown, suspected or
unsuspected, that the Releasing Parties (or any of them) had, now
have, or hereafter can, shall, or may have against the Released
Parties, or any of them, for, upon, or by reason of any matter,
cause or thing whatsoever directly or indirectly arising in
connection with or related to the Damage Award except the matters
referred to in the Agreement as the Reserved Claims.
No waiver or amendment of this release, or the promises,
obligations or conditions herein, shall be valid unless set forth
in writing and signed by the party against whom such waiver or
amendment is to be enforced, and no evidence of any waiver or
amendment of this release shall be offered or received in
evidence in any proceeding, arbitration or litigation between the
Releasing Parties (or any of them) and the Released Parties (or
any of them) arising out of or affecting this release unless such
waiver or amendment is in writing and signed as stated above.
The Releasing Parties, and each of them, hereby represent and
warrant that they have not assigned, pledged or transferred in
any manner to any person or entity any claim that is the subject
of this Release. The Releasing Parties shall indemnify the
Released Parties, and each of them, from and against all claims
that are the subject of this Release that are asserted by any
person or entity by or through any of the Releasing Parties or as
a result of any assignment, pledge or transfer that caused the
foregoing representation to be false.
The Releasing Parties hereby agree, represent and warrant
that each has had the advice of counsel of his own choosing in
negotiations for and the preparation of this Release, and each
has read this Release, or has had the same read to him, and that
each has had this Release fully explained by such counsel and
that each is fully aware of its content and legal effect.
This Release shall automatically become effective, without
further act of the Releasing Parties or the Released Parties,
upon the Effective Date of the Plan.
This Release shall be binding upon the successors and
assigns of the Releasing Parties and shall inure to the benefit
of the successors and assigns of the Released Parties.
This Release shall be governed by and construed in
accordance with the laws of the State of Arizona.
Executed this 17th day of October, 1995.
/S/ Xxxxxx X. Xxxxx /S/ Xxxx X. Xxxxx
________________________________ _______________________________________
XXXXXX X. XXXXX XXXX X. XXXXX
/S/ Xxxxx X. Xxxxx /S/ Xxxxxxx X. Xxxxx
________________________________ _______________________________________
XXXXX X. XXXXX XXXXXXX X. XXXXX
/S/ Xxxxxx X. Xxxxxxx
________________________________
XXXXXX X. XXXXXXX
