Common use of Assignment and Release Clause in Contracts

Assignment and Release. The Executive may assign and contribute the Shares purchased by him to a corporation or other entity owned and controlled solely by him ("Nominee"), subject to the Pledge Agreement. The Nominee shall execute and deliver a promissory note in substantially the form of the Note executed by the Executive, and shall assume in writing all the Executive's obligations under the Pledge Agreement, all in form and substance satisfactory to counsel to the Corporation. Upon receipt of such Note and assumption agreement, duly executed by the Nominee, the Executive shall be released from all personal obligations under the Note and Pledge Agreement except for any claims which have accrued to the date of assignment.