Release by the Purchasers. In consideration for execution, delivery and performance of this Agreement by Shareholders, upon completion of the transactions contemplated by this Agreement the Company hereby forever waives, discharges and releases Shareholders (and Seller) from any and all claims that the Company may now have or had in the past or hereafter acquire against the Shareholders (or Seller), related to or arising out of any action taken by the Shareholders as an officer or director of the Company, provided said action was taken in good faith without gross negligence and not otherwise knowingly in violation of the law.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Rio Vista Energy Partners Lp), Stock Purchase Agreement (Penn Octane Corp)