Fill and Sign the Settlement Agreement and Release of Claims Pending Litigation General Form

1 RELEASE AND SETTLEMENT AGREEMENT PENDING LITIGATION THISRELEASE AND SETTLEMENT AGREEMENT (the "Agreement") is executed effective as of _____________ , 20_____, by and between, ______________________, a resident of the State of ______________________, hereinafter “Releasee”, and _______________________, a resident of the State of _____________, referred to as the "Claimant."WHEREAS, certain disputes have arisen between the Claimant and Releasee resulting in litigation pending in the _______________ Court of ___________ County, _____________, Cause Number ________________________., hereinafter “Lawsuit”; andWHEREAS, the parties hereto have finally agreed to fully settle all such claims against the Releasee and other matters upon the terms stated herein.NOW THEREFORE, for value received, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:1. Terms of Settlement . Subject to the conditions hereinafter set forth, and in exchange for the payment of ___________________________ (the "Settlement Payment") to be paid as hereinafter provided, Releasee and the Claimant agree as follows: a. Releases. (i) Release of Releasee. Simultaneously with the receipt of the Settlement Payment, the Claimant agrees to execute and deliver the release attached as Exhibit A hereto and made a part hereof: (A) Forever releasing and discharging the Releasee, his agents, employees, affiliates, successors, heirs, personal representatives, and assigns (collectively, the "Released Persons") from any and all claims, actions, causes of actions, and demands of the Claimant, whether known or unknown, accrued or unaccrued, rising out of or in any way relating to the lawsuit, and any and all other claims presently existing or that may arise in the future, arising out of or in any way related to the Claimant's employment, including, without limitation, all damages, obligations, liabilities, costs and expenses incurred or otherwise suffered by the Claimant in connection therewith; specifically excluding, however, any claims for breach of representation, warranty, obligation or covenant by the Releasee contained in this Settlement Agreement; and b. Compromise of Claims. The parties acknowledge that this is a compromise settlement of the claims against the Releasee, and that this Settlement Agreement is being entered into to avoid the potential expense and inconvenience of litigation. The 2Releasee in no way admits any liability with respect to the foregoing and in fact, expressly denies any liability with respect thereto. In no event shall anything contained herein be construed as an admission of liability on the part of any of the parties hereto. c. Full and Complete Settlement. The Claimant acknowledges that the consideration described herein is paid and received in full and complete settlement and satisfaction of all of the aforesaid claims, actions, causes of action, demands, damages, costs and expenses which they may have against the Released Persons. This Settlement Agreement is entered into freely and voluntarily by the parties with the approval and advice of counsel. The parties further agree to dismiss the Lawsuit with prejudice with the parties paying their respective fees and costs. 2. Representations and Warranties . The Releasee, jointly and severally if more than one, represent and warrant to the Claimant that the execution, delivery and performance of this Settlement Agreement by Releasee has been voluntary and constitutes the legal, valid and binding obligation of the Releasee enforceable against them in accordance with the terms hereof. 3. Confidentiality of Agreement. Except as otherwise required by law or agreed to in this Agreement, each party covenants and agrees not to disclose to third parties the terms of this Settlement Agreement. 4. Miscellaneous a. Binding Effect and Benefit. This Settlement Agreement shall inure to the benefit of the parties hereto and the other Released Persons, and shall be binding upon, the parties hereto, and their respective heirs, executors, administrators, personal representatives, successors and assigns. b. Modification. No provision contained herein may be modified, amended or waived except by written agreement or consent signed by the party to be bound thereby. c. Headings and Captions. Subject headings and captions are included for convenience purposes only and shall not affect the interpretation of this Settlement Agreement. d. Gender and Number . Throughout this Settlement Agreement, the masculine shall include the feminine and neuter and the singular shall include the plural and vice versa as the context requires. e. Entire Agreement. This document together with all exhibits and schedules referred to herein constitutes the entire agreement of the parties and supersedes any and all other prior agreements, oral or written, with respect to the subject matter contained herein. f. Governing Law. This Settlement Agreement shall be subject to and 3governed by the laws of the State of ___________. g. Counterparts. This Settlement Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. h. Expenses. Each party shall pay its own respective legal and other professional fees and other expenses incurred in connection with the matters addressed herein. IN WITNESS WHEREOF, the undersigned has executed this Settlement Agreement effective as of the day and year aforesaid. _________________________________ _________________________________ 4 EXHIBIT "A"RELEASE KNOW ALL ME BY THESE PRESENTS: That I, _____________, for and in consideration of the payment to me of _____________________ Dollars ($_______.00), the receipt and sufficiency of which is hereby acknowledged, do hereby release and forever discharge _____________, their agents, servants, employees, successors and assigns, and their respective heirs, personal representatives, affiliates, successors and assigns, and any and all persons, firms or corporations liable or who might be claimed to be liable, whether or not herein named, none of whom admit any liability to the undersigned, but all expressly denying liability, from any and all actions, causes of action, claims and demands which I now have or may hereafter have, arising out of or in any way relating to any and all injuries and damages of any and every kind, to both person and property, and also any and all injuries and damages that may develop in the future, as a result of or in any way relating to the following Lawsuit: __________________________.It is understood and agreed that this payment is made and received in full and complete settlement and satisfaction of the aforesaid actions, causes of action, claims and demands; that this Release contains the entire agreement between the parties; and that the terms of this Agreement and contractual and not merely a recital. Furthermore, this Release shall be binding upon the undersigned, and his respective heirs, executors, administrators, personal representatives, successors and assigns. This Release shall be subject to and governed by the laws of the State of _____________.This Release has been read and fully understood by the undersigned and has been explained to me.EXECUTED this day of _____________, 20___. ________________________________ Claimant