EXHIBIT 4
LITIGATION SETTLEMENT AGREEMENT
This Agreement (the "Agreement") is entered into as of this _____ day of
February, 1996 among Chrysler Corporation, a Delaware corporation ("Chrysler"),
Xxx X. Xxxxxxx ("Xxxxxxx"), Xxxx Xxxxxxxxx ("Xxxxxxxxx") and Tracinda
Corporation ("Tracinda"), a Nevada corporation wholly owned by Kerkorian.
WHEREAS, during the time of Xxxxxxx'x employment at Chrysler and upon his
retirement he received as part of his compensation certain stock options and
stock appreciation rights, which permitted him to receive stock in Chrysler or
cash payments based on the price of Chrysler's stock, and which remained
unexercised as of April 1, 1995 (such stock options and stock appreciation
rights being together referred to as the "Options");
WHEREAS, Xxxxxxx has brought an action against Chrysler styled Xxxxxxx v.
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Chrysler Corporation and Does 1 through 100, case no. BC138523 (Los Angeles,
-------------------------------------------
California Superior Court), seeking damages and declaratory and injunctive
relief, which action has been dismissed but as to which dismissal the time for
appeal has not yet expired (the "California Action");
WHEREAS, Chrysler has brought an action against Xxxxxxx styled Chrysler
--------
Corporation x. Xxxxxxx, case no. 95-509268 (CK)(Oakland County, Michigan Circuit
----------------------
Court), seeking
a declaratory judgment and damages, as to which Xxxxxxx has not alleged but
could allege certain compulsory or permissive counterclaims relating to the
Options and other matters (the "Michigan Action");
WHEREAS, Tracinda has entered into one or more agreements with Xxxxxxx (the
"Indemnification Agreements") relating to payments that would be made to Xxxxxxx
in the event of various possible outcomes of the California Action, the Michigan
Action or any other action relating to the Options (collectively, the "Options
Actions"), and agreeing to pay for certain legal expenses in connection with the
Options Actions, with the result that Kerkorian and Tracinda have an economic
stake in the outcome of the Options Actions;
WHEREAS, Tracinda is the owner and Kerkorian is an owner or controlling
person with respect to certain shares of the common stock of Chrysler; and
WHEREAS, the parties to this Agreement have determined that it is in their
best interests and in the best interests of Chrysler's shareholders generally to
reach a settlement that resolves matters in dispute between them, and desire to
do so to avoid the costs, risks and uncertainties associated with continuing
such disputes and entering into further disputes, without any admission by any
2
party respecting the merits of any position asserted by any of the parties
against the other.
NOW, THEREFORE, the undersigned hereby agree as follows:
1. On the Closing Date, as hereafter defined,
a. In full and final settlement of all pending or potential disputes
between Chrysler on one hand and Xxxxxxx, Xxxxxxxx and Xxxxxxxxx on the other
hand:
i) Chrysler will pay to Xxxxxxx the sum of $21 million, less withholding of
all applicable taxes, in connection with the release by Xxxxxxx of all further
obligations of Chrysler with respect to the Options;
ii) Tracinda will pay to Xxxxxxx the sum of $32 million with respect to the
settlement of the Options and will reimburse Xxxxxxx, after the date hereof, for
all reasonable legal fees and expenses incurred on Xxxxxxx'x behalf on or before
the date of this Agreement in connection with the matters referenced in this
Agreement, including the Options Actions, upon submission of invoices
accompanied by satisfactory supporting documentation;
b. Chrysler will provide Xxxxxxx with a Stipulation in the form attached
hereto as Exhibit A, dis-
3
continuing the Michigan Action with prejudice and without costs or attorneys'
fees.
c. Chrysler on one hand and Kerkorian, Tracinda and Xxxxxxx on the other
will exchange mutual releases in the form attached hereto as Exhibit X.
x. Xxxxxxxxx and Tracinda will deliver to Chrysler an executed Standstill
Agreement in the form attached hereto as Exhibit C.
e. All Options will be conclusively and irrevocably cancelled and voided,
to the same effect as if they had never been granted.
2. Xxxxxxx, in consideration of valuable benefits conferred by this
Agreement and by the agreements attached hereto, agrees that:
a. On or before the Closing Date, Xxxxxxx will take all steps necessary to
(i) withdraw from the "group" of Chrysler shareholders, as defined under section
13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
that includes Kerkorian and Tracinda; and (ii) terminate all agreements with
Tracinda relating to the rendering of services by Xxxxxxx to Tracinda, including
without limitation the Consulting Agreement dated May 9, 1995 between Tracinda
and Xxxxxxx, the Value Sharing Agreement dated as of June 24, 1995 between
Tracinda and
4
Xxxxxxx, and the Agreement dated November 3, 1995 between Tracinda and Xxxxxxx.
x. Xxxxxxx will take no actions before the date of Chrysler's annual
meeting of shareholders in 2001 (the "Standstill Period") that would cause him
to establish or reestablish any relationship relating to Chrysler, or to become
a member of a "group" (as defined in Section 13(d) of the Exchange Act) relating
to Chrysler, with Tracinda, Kerkorian or any entity controlled by or associated
with Tracinda or Kerkorian.
x. Xxxxxxx will take no actions during the Standstill Period that place
him in a business relationship concerning Chrysler with any person that seeks to
control or influence the management or policies of Chrysler, or that causes
Xxxxxxx to become a member of a "group" (as defined in Section 13(d) of the
Exchange Act) with any person or entity with respect to Chrysler or the
ownership of Chrysler capital stock.
x. Xxxxxxx will not, during the Standstill Period, (i) "solicit" any
"proxies" or make a public statement of support of any "solicitation" of
"proxies" (as such terms are defined under the Exchange Act) with respect to
Chrysler stock, (ii) make or support any proposal for action by shareholders of
Chrysler, or (iii) become a "participant" (as defined in Item 4 of Schedule 14A
under
5
the Exchange Act) in any proxy contest or consent solicitation with respect to
Chrysler.
x. Xxxxxxx represents and warrants that he has not appealed and hereby
agrees not to appeal the dismissal of the California Action, or file
counterclaims in the Michigan Action, or otherwise initiate or act as a party to
any litigation against Chrysler involving the Options.
x. Xxxxxxx will not, during the Standstill Period, make any public comment
disparaging Chrysler, its employees, its directors, its officers, its
shareholders, its products, its policies, its performance, or its business, nor
will Xxxxxxx make a public request to Chrysler or to any of its directors,
officers, employees, shareholders or agents to amend or waive any of the
provisions of this Agreement.
x. Xxxxxxx represents and warrants that he has not assigned or otherwise
transferred any of the Options to any person, and that the Options are free of
any liens or encumbrances of any kind.
x. Xxxxxxx expressly acknowledges that in the event of a breach by Xxxxxxx
of any of the provisions of this Agreement, in addition to any remedies that
Chrysler may have at law, Chrysler will be entitled to an injunction against
further breaches on the basis that any recovery at law is not fully adequate to
rectify said breach.
6
3. Chrysler, in consideration of the benefits conferred by this Agreement
and by the agreements attached hereto, agrees that during the Standstill Period
it will not make any public comment disparaging Xxxxxxx. Chrysler expressly
acknowledges that in the event of a breach by Chrysler of any of the provisions
of this Agreement, in addition to any remedies that Xxxxxxx may have at law,
Xxxxxxx will be entitled to an injunction against further breaches on the basis
that any recovery at law is not fully adequate to rectify such breach.
4. The Closing Date shall be February 8, 1996.
5. This Agreement, the agreements attached hereto, and the agreement dated
February 8, 1996, between Tracinda and Xxxxxxx, represent the complete agreement
of the parties hereto, and can be amended or modified only by a writing executed
by all parties affected by such amendment or modification. The waiver by any
party hereto of a breach of any term or provision of this Agreement shall not be
construed as a waiver of any subsequent breach. Nothing in this Agreement shall
confer any rights upon any person or entity which is not a party or successor of
a party to this Agreement.
6. This Agreement shall be governed by Delaware law, and the parties agree
to subject themselves to the
7
jurisdiction of Michigan for any dispute arising out of this Agreement.
7. Each of the signatories hereto represents and warrants that he has the
power and the due authority to execute this Agreement on behalf of the party for
which he is signing, that this Agreement is a valid and binding agreement
enforceable against each party in accordance with its terms, that the execution
and performance of this Agreement does not conflict with any agreement to which
the signatory is a party, and (in the case of each corporate party) that the
execution and performance of this Agreement does not conflict with any provision
of such entity's certificate of incorporation or by-laws.
8. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect, unless such action would
substantially impair the benefits to either party of the remaining provisions of
this Agreement.
9. This Agreement may be executed in one or more
8
counterparts, which together will constitute a single agreement.
Dated: ____________ ______________________________
Chrysler Corporation, by
_____________________ [title]
____________ ______________________________
Xxx X. Xxxxxxx
____________ ______________________________
Xxxx Xxxxxxxxx
____________ ______________________________
Tracinda Corp., by
_____________________ [title]
9
RELEASE
-------
Chrysler Corporation, a Delaware corporation with its principal place
of business and offices at 0000 Xxxxxxxx Xxxxx, Xxxxxx Xxxxx, Xxxxxxxx, on
behalf of itself and its executors, administrators, officers, directors,
affiliates, trustees, employees, members, representatives, predecessors,
successors, agents, vendees, assigns and attorneys (collectively, the
"RELEASOR"), for good, valuable and sufficient consideration, receipt of which
is hereby acknowledged, does hereby forever release and discharge Tracinda
Corporation, a Nevada Corporation with its principal place of business at 0000
Xxxxx Xxxx, Xxx Xxxxx, Xxxxxx, its executors, administrators, officers,
directors, affiliates, trustees, employees, members, representatives,
predecessors, successors, agents, vendees, assigns and attorneys (collectively,
the "RELEASEE"), from any and all actions, causes of action, suits, debts, sums
of money, accounts, reckonings, bonds, bills, contracts, controversies,
agreements, promises, damages, judgments, awards, executions, claims and demands
whatsoever, including without limitation costs and attorneys' fees, in law,
admiralty or equity, or as a result of any arbitration, whether known or unknown
to RELEASOR, which RELEASOR ever had, now has or hereinafter can, shall or may
have, whether in his own right or by assignment, transfer or grant from
any other person, thing or entity, upon or by reason of any matter,
cause or thing whatsoever from the beginning of the world to the date
of execution of this Release; provided, however, that nothing in this
Release shall be construed as releasing RELEASEE from RELEASEE's
obligations pursuant to the Settlement Agreement and Standstill
Agreement, executed by RELEASEE on February 8th, 1996.
This Release may only be changed, modified or waived by a
writing signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release
to be executed this 8th day of February, 1996
CHRYSLER CORPORATION
-------------------------
By:
Title:
STATE OF MICHIGAN )
) .ss.:
COUNTY OF OAKLAND )
On the _________ day of February, 1996, before me personally came
___________________, to me known, who, by me duly sworn, did depose and say that
deponent is the __________________ of Chrysler Corporation; that deponent
executed the foregoing Release on behalf of said corporation; and that deponent
has been authorized by said corporation to do so, with all necessary corporate
approvals having been obtained.
------------------------
Notary Public
RELEASE
-------
Chrysler Corporation, a Delaware corporation with its principal place
of business and offices at 0000 Xxxxxxxx Xxxxx, Xxxxxx Xxxxx, Xxxxxxxx, on
behalf of itself and its executors, administrators, officers, directors,
affiliates, trustees, employees, members, representatives, predecessors,
successors, agents, vendees, assigns and attorneys (collectively, the
"RELEASOR"), for good, valuable and sufficient consideration, receipt of which
is hereby acknowledged, does hereby forever release and discharge Xxxx
Xxxxxxxxx, his executors, administrators, affiliates, trustees, employees,
representatives, predecessors, successors, agents, vendees, assigns and
attorneys (collectively, the "RELEASEE"), from any and all actions, causes of
action, suits, debts, sums of money, accounts, reckonings, bonds, bills,
contracts, controversies, agreements, promises, damages, judgments, awards,
executions, claims and demands whatsoever, including without limitation costs
and attorneys' fees, in law, admiralty or equity, or as a result of any
arbitration, whether known or unknown to RELEASOR, which RELEASOR ever had, now
has or hereinafter can, shall or may have, whether in his own right or by
assignment, transfer or grant from any other person, thing or entity, upon or by
reason of any matter, cause or thing whatsoever from the beginning of the world
to the date
of execution of this Release; provided, however, that nothing in this Release
shall be construed as releasing RELEASEE from RELEASEE's obligations pursuant to
the Settlement Agreement and Standstill Agreement, executed by RELEASEE on
February 8, 1996.
This Release may only be changed, modified or waived by a writing
signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release to be executed
this 8th day of February, 1996
CHRYSLER CORPORATION
---------------------------
By:
Title:
2
STATE OF MICHIGAN )
) . ss . :
COUNTY OF OAKLAND )
On the ____________ day of February, 1996, before me personally came
__________________, to me known, who, by me duly sworn, did depose and say that
deponent is the __________________ of Chrysler Corporation; that deponent
executed the foregoing Release on behalf of said corporation; and that deponent
has been authorized by said corporation to do so, with all necessary corporate
approvals having been obtained.
---------------------------
Notary Public
3
RELEASE
-------
Chrysler Corporation, a Delaware corporation with its principal place
of business and offices at 0000 Xxxxxxxx Xxxxx Xxxx, Xxxxxx Xxxxx, Xxxxxxxx, on
behalf of itself and its executors, administrators, officers, directors,
affiliates, trustees, employees, members, representatives, predecessors,
successors, agents, vendees, assigns and attorneys (collectively, the
"RELEASOR"), for good, valuable and sufficient consideration, receipt of which
is hereby acknowledged, does hereby forever release and discharge Xxxxxx X.
York, his executors, administrators, affiliates, trustees, employees,
representatives, predecessors, successors, agents, vendees, assigns and
attorneys (collectively, the "RELEASEE"), from any and all actions, causes of
action, suits, debts, sums of money, accounts, reckonings, bonds, bills,
contracts, controversies, agreements, promises, damages, judgments, awards,
executions, claims and demands whatsoever, including without limitation costs
and attorneys' fees, in law, admiralty or equity, or as a result of any
arbitration, whether known or unknown to RELEASOR, which RELEASOR ever had, now
has or hereinafter can, shall or may have, whether in his own right or by
assignment, transfer or grant from any other person, thing or entity, upon or by
reason of any matter, cause or thing whatsoever from the beginning of the world
to the date
of execution of this Release; provided, however, that nothing in this Release
shall be construed as releasing RELEASEE from RELEASEE's obligations pursuant
to the Settlement Agreement and Standstill Agreement, executed by RELEASEE on
February 8, 1996.
This Release may only be changed, modified or waived by a writing
signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release to be executed
this 8th day of February, 1996
CHRYSLER CORPORATION
_________________________
By:
Title:
STATE OF MICHIGAN )
) .ss.:
COUNTY OF OAKLAND
On the ______ day of February, 1996, before me personally came
___________________________, to me known, who, by me duly sworn, did depose and
say that deponent is the _________________________ of Chrysler Corporation; that
deponent executed the foregoing Release on behalf of said corporation; and that
deponent has been authorized by said corporation to do so, with all necessary
corporate approvals having been obtained.
--------------------------
Notary Public
RELEASE
-------
Chrysler Corporation, a Delaware corporation with its principal place
of business and offices at 0000 Xxxxxxxx Xxxxx, Xxxxxx Xxxxx, Xxxxxxxx, on
behalf of itself and its executors, administrators, officers, directors,
affiliates, trustees, employees, members, representatives, predecessors,
successors, agents, vendees, assigns and attorneys (collectively, the
"RELEASOR"), for good, valuable and sufficient consideration, receipt of which
is hereby acknowledged, does hereby forever release and discharge Xxx X.
Xxxxxxx, his executors, administrators, affiliates, trustees, employees,
representatives, predecessors, successors, agents, vendees, assigns and
attorneys (collectively, the "RELEASEE"), from any and all actions, causes of
action, suits, debts, sums of money, accounts, reckonings, bonds, bills,
contracts, controversies, agreements, promises, damages, judgments, awards,
executions, claims and demands whatsoever, including without limitation costs
and attorneys' fees, in law, admiralty or equity, or as a result of any
arbitration, whether known or unknown to RELEASOR, which RELEASOR ever had, now
has or hereinafter can, shall or may have, whether in his own right or by
assignment, transfer or grant from any other person, thing or entity, upon or by
reason of any matter, cause or thing whatsoever from the beginning of the world
to the date
of execution of this Release, including but not limited to all claims that have
been asserted or could have been asserted against RELEASEE by RELEASOR in the
lawsuit entitled Chrysler Corporation x. Xxxxxxx, Case No. 95-509268-CK, in the
-------------------------------
Circuit Court for Oakland County, State of Michigan or in the lawsuit entitled
Xxxxxxx v. Chrysler Corporation, et al., Civ. No. BC138523, in the Superior
---------------------------------------
Court of the State of California in and for the County of Los Angeles; provided,
however, that nothing in this Release shall be construed as releasing RELEASEE
from RELEASEE's obligations pursuant to the Settlement Agreement and Standstill
Agreement, executed by RELEASEE on February 8, 1996.
This Release may only be changed, modified or waived by a
writing signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this
Release to be executed this 8th day of February, 1996.
CHRYSLER CORPORATION
---------------------------
By:
Title:
2
STATE OF MICHIGAN )
) .ss.:
COUNTY OF OAKLAND )
On the _____ day of February, 1996, before me personally came
________________________, to me known, who, by me duly sworn, did depose and say
that deponent is the ___________________________ of Chrysler Corporation; that
deponent executed the foregoing Release on behalf of said corporation; and that
deponent has been authorized by said corporation to do so, with all necessary
corporate approvals having been obtained.
-------------------------------
Notary Public
3
RELEASE
-------
Tracinda Corporation, a Nevada Corporation with its principal place of
business at 0000 Xxxxx Xxxx, Xxx Xxxxx, Xxxxxx, on behalf of itself and its
executors, administrators, officers, directors, affiliates, trustees, employees,
members, representatives, predecessors, successors, agents, vendees, assigns and
attorneys (collectively, the "RELEASOR"), for good, valuable and sufficient
consideration, receipt of which is hereby acknowledged, does hereby forever
release and discharge Chrysler Corporation, a Delaware corporation with its
principal place of business and offices at 0000 Xxxxxxxx Xxxxx, Xxxxxx Xxxxx,
Xxxxxxxx, its executors, administrators, officers, directors, affiliates,
trustees, employees, members, representatives, predecessors, successors, agents,
vendees, assigns and attorneys (collectively, the "RELEASEE"), from any and all
actions, causes of action, suits, debts, sums of money, accounts, reckonings,
bonds, bills, contracts, controversies, agreements, promises, damages,
judgments, awards, executions, claims and demands whatsoever, including without
limitation costs and attorneys' fees, in law, admiralty or equity, or as a
result of any arbitration, whether known or unknown to RELEASOR, which RELEASOR
ever had, now has or hereinafter can, shall or may have, whether in his own
right
or by assignment, transfer or grant from any other person, thing or entity, upon
or by reason of any matter, cause or thing whatsoever from the beginning of the
world to the date of execution of this Release; provided, however, that nothing
in this Release shall be construed as releasing RELEASEE from RELEASEE's
obligations pursuant to the Settlement Agreement and Standstill Agreement,
executed by RELEASEE on February 8, 1996.
This Release may only be changed, modified or waived by a
writing signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release to be
executed this 8th day of February, 1996
TRACINDA CORPORATION
----------------------------
By:
Title:
2
STATE OF NEVADA )
) .ss.:
COUNTY OF ___________ )
On the _____ day of February, 1996, before me personally came _________,
to me known, who, by me duly sworn, did depose and say that deponent is the
___________________ of Tracinda Corporation; that deponent executed the
foregoing Release on behalf of said corporation; and that deponent has been
authorized by said corporation to do so, with all necessary corporate approvals
having been obtained.
--------------------------------
Notary Public
3
RELEASE
-------
Xxxx Xxxxxxxxx, on behalf of himself and his heirs, executors,
administrators, trustees, employees, representatives, predecessors, successors,
agents, vendees, assigns and attorneys (collectively, the "RELEASOR"), for good,
valuable and sufficient consideration, receipt of which is hereby acknowledged,
does hereby forever release and discharge Chrysler Corporation, a Delaware
corporation with its principal place of business and offices at 0000 Xxxxxxxx
Xxxxx, Xxxxxx Xxxxx, Xxxxxxxx, its executors, administrators, officers,
directors, affiliates, trustees, employees, members, representatives,
predecessors, successors, agents, vendees, assigns and attorneys (collectively,
the "RELEASEE"), from any and all actions, causes of action, suits, debts, sums
of money, accounts, reckonings, bonds, bills, contracts, controversies,
agreements, promises, damages, judgments, awards, executions, claims and demands
whatsoever, including without limitation costs and attorneys' fees, in law,
admiralty or equity, or as a result of any arbitration, whether known or unknown
to RELEASOR, which RELEASOR ever had, now has or hereinafter can, shall or may
have, whether in his own right or by assignment, transfer or grant from any
other person, thing or entity, upon or by reason of any matter, cause or thing
whatsoever from the beginning of the world to the date
of execution of this Release; provided, however, that nothing in this Release
shall be construed as releasing RELEASEE from RELEASEE's obligations pursuant to
the Settlement Agreement and Standstill Agreement, executed by RELEASEE on
February 8, 1996.
This Release may only be changed, modified or waived by a
writing signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release to be
executed this 8th day of February, 1996
XXXX XXXXXXXXX
----------------------------
STATE OF NEVADA )
) .ss. :
COUNTY OF __________ )
On the ________ day of February, 1996, before me personally came Xxxx
Xxxxxxxxx, to me known, who, by me duly sworn, did depose and say that he
executed the foregoing Release in his own name and by his own hand, intending to
be legally bound thereby.
----------------------------
Notary Public
2
RELEASE
-------
Xxx X. Xxxxxxx, on behalf of himself and his heirs, executors,
administrators, trustees, employees, representatives, predecessors, successors,
agents, vendees, assigns and attorneys (collectively, the "RELEASOR"), for good,
valuable and sufficient consideration, receipt of which is hereby acknowledged,
does hereby forever release and discharge Chrysler Corporation, a Delaware
corporation with its principal place of business and offices at 0000 Xxxxxxxx
Xxxxx, Xxxxxx Xxxxx, Xxxxxxxx, its executors, administrators, officers,
directors, affiliates, trustees, employees, members, representatives,
predecessors, successors, agents, vendees, assigns and attorneys (collectively,
the "RELEASEE"), from any and all actions, causes of action, suits, debts, sums
of money, accounts, reckonings, bonds, bills, contracts, controversies,
agreements, promises, damages, judgments, awards, executions, claims and demands
whatsoever, including without limitation costs and attorneys' fees, in law,
admiralty or equity, or as a result of any arbitration, whether known or unknown
to RELEASOR, which RELEASOR ever had, now has or hereinafter can, shall or may
have, whether in his own right or by assignment, transfer or grant from any
other person, thing or entity, upon or by reason of any matter, cause or thing
whatsoever from the beginning of the world to the date
of execution of this Release, including but not limited to all claims that have
been asserted or could have been asserted against RELEASEE by RELEASOR in the
lawsuit entitled Chrysler Corporation x. Xxxxxxx, Case No. 95-509268-CK, in the
-------------------------------
Circuit Court for Oakland County, State of Michigan, or in the lawsuit entitled
Xxxxxxx v. Chrysler Corporation. et al., Civ. No. BC 138523, in the Superior
---------------------------------------
Court of the State of California in and for the County of Los Angeles; provided,
however, that nothing in this Release shall be construed as releasing RELEASEE
from RELEASEE's obligations pursuant to the Settlement Agreement and Standstill
Agreement, executed by RELEASEE on February 8, 1996; and provided further, that
RELEASOR shall be entitled to receive from RELEASEE all compensation and
benefits (other than any in respect of the Options as defined in such Settlement
Agreement) to which RELEASOR is entitled as a former officer, director or
employee of RELEASEE.
This Release may only be changed, modified or waived by a writing
signed and acknowledged by the RELEASEE.
IN WITNESS WHEREOF, the RELEASOR has caused this Release to be
executed this 8th day of February, 1996.
XXX X. XXXXXXX
---------------------------
STATE OF CALIFORNIA )
) .ss.:
COUNTY OF LOS ANGELES )
On the ____ day of February, 1996, before me personally came Xxx X.
Xxxxxxx, to me known, who, by me duly sworn, did depose and say that he executed
the foregoing Release in his own name and by his own hand, intending to be
legally bound thereby.
-----------------------------
Notary Public
