March 15, 1962, the parties entered into an agreement and release whereby the services of plaintiff as Chief Executive Officer of defendant were terminated. Under the terms of the agreement defendant undertook to pay to plaintiff a total sum of $150,000 as follows: $30,000 upon the execution of the agreement and $20,000 on March 15 of each of the next six consecutive years commencing with March 1963. The $30,000 due upon execution was paid, as was the $20,000 due March 15...
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