Common use of Full Release of Claims Clause in Contracts

Full Release of Claims. In consideration for the Bank’s promise to pay to Executive the compensation and benefits specified in Section 1 of this Agreement, and the Bank’s and N▇▇▇▇▇▇’▇ other promises set forth in this Agreement, Executive, for himself and his heirs, personal representatives, successors, and assigns, and anyone claiming by or through any of them, does hereby forever discharge and release the Bank Released Parties (as hereinafter defined), jointly and severally, from any and all Claims, regardless of whether such Claims or the nature thereof are known or unknown as of the date hereof or which thereafter arise from any matter, fact, circumstance, event, happening or thing whatsoever occurring or failing to occur, which Executive may have or which could be asserted by another on Executive’s behalf against the Bank, N▇▇▇▇▇▇, ▇▇ Bank and NPB relating to Executive’s employment at the Bank and NP Bank and/or the cessation thereof through the Termination Date, including, but not limited to, any rights or claims for compensation or benefits for periods of employment with the Bank or NP Bank ending on the Termination Date (collectively, the “General Release”); provided, however, that the foregoing release shall not cover or include Claims related to enforcement of this Agreement. Executive covenants and agrees that the Executive Parties (as hereinafter defined), shall not, and shall have no right to, commence or maintain any suit, action or proceeding in respect of any Claim released hereby. Executive represents and warrants with respect to each Claim released hereby that the Executive Parties have not in any manner assigned, pledged or otherwise voluntarily or involuntarily disposed of or transferred to any Person (as hereinafter defined) any interest in any Claim released hereby, and that each Claim of the Executive Parties against the Bank Released Parties described herein is fully and finally discharged, settled and satisfied. The Executive Parties shall indemnify and hold the Bank Released Parties harmless from any and all reasonable costs, expenses, liabilities and damages, including, without limitation, all reasonable attorneys’ fees and disbursements, incurred by reason of any breach of any of the covenants, warranties and representations contained in this Section 3. The General Release set forth in this Section 3 shall (i) be binding upon the Executive Parties, and shall inure to the benefit of the successors, heirs, personal representatives and assigns of the Bank Released Parties; and (ii) be severable, so that the invalidity, illegality or unenforceability of any provision hereof shall not affect the remaining provisions hereof. The obligations of the Executive Parties hereunder shall be, jointly and severally, binding upon each party identified as included in the Executive Parties. With the exception of this Agreement, Executive specifically acknowledges and agrees that he is not a participant in, nor is he entitled to any benefits pursuant to, any severance pay plan maintained or administered by Bank or NP Bank.