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EXHIBIT 10.8(a)
CROSS-RECEIPT
Reference is made to that certain Cognovit Promissory Note (the
"Note"), dated as of September 30, 1993, executed by Cragar Industries, Inc., a
Delaware corporation (the "Company") and payable to Performance Industries,
Inc., an Ohio corporation ("Performance") and that certain Reinstated
Non-Competition Agreement ("Non-Competition Agreement"), dated as of September
30, 1993 by and between the Company and Performance.
1. Xxx Xxxxxxxxx ("Xxxxxxxxx") represents and warrants that all right,
title, and interest in the Note and all right to payment under the
Non-Competition Agreement have been assigned to him pursuant to the attached
Assignment of Promissory Note dated June 20, 1996.
2. Hartzmark further represents and warrants that he now holds all
right, title, and interest in the Note and all right to payment under the
Non-Competition Agreement.
3. Hartzmark hereby acknowledges receipt from the Company of $779,727
as full payment for all amounts owed by the Company under the Note and the
Non-Competition Agreement.
4. The Company hereby acknowledges receipt from Hartzmark of the
original Note for cancellation.
CRAGAR INDUSTRIES, INC.
By: Xxxxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxxxxx
Its: President / CEO
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Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx
