Common use of Release Affirmation Clause in Contracts

Release Affirmation. Within twenty-one (21) days following the Retirement Date, the Executive shall re-execute this Agreement with respect to the release of claims set forth in Paragraphs 4-5 of this Agreement. The Executive acknowledges that he has seven (7) days from the date this Agreement is re-executed in which to revoke his acceptance of the ADEA portion of this Agreement, and such portion of this Agreement will not be effective or enforceable until such seven (7) day period has expired (the “Release Date”). To be effective, any such revocation must be in writing and delivered to the Company’s principal place of business on or before the seventh day after signing, to the attention of the Company’s Chief Administration Officer, and must expressly state the Executive’s intention to revoke the ADEA portion of this Agreement. If the Executive revokes his acceptance of the ADEA portion of the Agreement, the remainder of the Agreement shall remain in full force and effect as to all of its terms except for the release of claims under the ADEA (and the consideration attributable thereto), and the Company will have three (3) business days to rescind the entire Agreement by so notifying the Executive.