Common use of Limitation of Actions and Release of Claims Clause in Contracts

Limitation of Actions and Release of Claims. No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Director, his spouse, heirs, executors, personal representative or administrators after the expiration of twelve (12) months from the date the Director ceases (for any reason) to be a director or officer of the Company, and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released unless asserted by filing of a legal action within such twelve-month period.