SETTLEMENT AGREEMENT
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This Settlement Agreement is hereby executed by and between Xxxxxx
Xxxxxx (Plaintiff) and BEVsystems International, Inc. (Defendant), effective the
date of execution contained herein.
Whereas the parties have agreed to settle their disputes without further
litigation.
I. The parties hereby agree to exchange the following consideration:
1- The Defendant will pay Plaintiff the total sum of $125,370.58
as satisfaction for any and all wages, wage claims, claims for
benefits, demands, damages, costs, fees or severance due or
that may become due(The Consideration).
2- The Defendant will issue the Plaintiff 50,000 shares of
unrestricted S-8 stock in its company upon execution of this
agreement and 50,000 shares of unrestricted S-8 stock in its
company each 30 days thereafter until Plaintiff receives
200,000 shares. Defendant agrees that the Plaintiff's designee
only, shall place and sell said shares, with any net proceeds
being applied to and deducted from any remaining balance of
the Consideration. After the 200,000 shares are issued and
sold, if there is any remaining balance the Defendant will pay
such balance by making a payment of $5,000 on November 1st
2003 and further payments of $5,000 on the first day of each
successive month thereafter until the Consideration is fully
paid.
3- The Plaintiff will immediately cease all demand, collection,
litigation or levy activities: However, if Defendant breaches
any provision of this Settlement Agreement including but not
limited to any default in the payments of the Consideration
then Plaintiff at his sole option shall have the right to
terminate this Agreement and to seek satisfaction through a
Court of Competent Jurisdiction.
4- The Plaintiff will execute a Release that will upon full
payment of the Consideration stipulate that all claims against
the Defendant are satisfied, including as against any
individual principal, subsidiary, parent or subdivision of the
Defendant.
5- The parties acknowledge that the Consideration constitutes
full and final payment, settlement and satisfaction of all
claims, invoices, debts, bills, statements and fees which
were, are or may have been due arising out of Plaintiff's
claims and Complaint, and that said payments and consideration
do not constitute any admission of guilt, liability or
responsibility whatsoever, except satisfaction of judgments
that are in the public record.
6- Entire Agreement. This Agreement embodies and constitutes the
entire understanding between Plaintiff and Defendant with
respect to the transactions contemplated in this Agreement,
and all prior or contemporaneous agreements, understanding,
representations and statements, oral or written, are merged
into this Agreement.
Xxxxxx Xxxxxx BEVsystems International Inc.
/s/ Xxxxxx Xxxxxx /s/ Xxx Xxxxx
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In his Individual Capacity and By its C.E.O G. Xxxxxx Xxxxx III
For any relevant corporate capacity.
Date: 7/8/03 Date: 6/24/03
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