Common use of Release of Claims for Age Discrimination Clause in Contracts

Release of Claims for Age Discrimination. Without in any way limiting the generality or scope of the release of claims set forth in Section 1 of this Agreement, the Executive hereby understands and agrees to release any and all claims, rights or benefits the Executive may have arising out of or under the Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. § 621, et seq., as amended, the Older Workers Benefit Protection Act, as amended, or any equivalent or comparable provision of federal, state or local law. A. The Executive acknowledges that Company has advised him in writing to consult with an attorney of his choice before signing this Agreement, and the Executive has been given the opportunity to consult with an attorney of his choice before signing this Agreement. B. The Executive acknowledges that the Executive has been given the opportunity to review and consider this Agreement for a full twenty-one (21) days before signing it, and that, if the Executive has signed this Agreement in less than that time, the Executive has done so voluntarily in order to obtain sooner the benefits of this Agreement. C. The Executive further acknowledges that the Executive may revoke this Agreement within seven (7) days after signing it, provided that this Agreement will not become effective until such seven (7) day period has expired. To be effective, any such revocation must be in writing and delivered to the Company’s principal place of business by the close of business on the seventh (7th) day after signing the Agreement and must expressly state the Executive’s intention to revoke this Agreement. Provided that the Executive does not timely revoke this Agreement, the eighth (8th) day following the Executive’s execution hereof shall be deemed the “Effective Date” of this Agreement. D. The Executive and the Company also agree that the release provided by the Executive in this Agreement does not include a release for claims under the ADEA arising after the date the Executive signs this Agreement. E. The Executive further acknowledges and agrees that the amounts the Executive is to receive under the Executive’s Severance Agreement exceed the amounts to which the Executive would otherwise be entitled upon his separation from employment with Company. F. Notwithstanding anything to the contrary in herein, this Agreement does not extend to (a) any breach by the Company of this Agreement, (b) any rights to indemnification or the Company’s certificate of incorporation or by-laws, or (c) any rights that as a matter of law cannot be waived and released or to any statutory or contractual rights of indemnification, such as claims for violation of the Fair Labor Standards Act, claims for workers’ compensation benefits and claims for vested retirement or welfare benefits, if any, under any Company sponsored plans.