SETTLEMENT AGREEMENT
THIS SETTLEMENT AGREEMENT is entered into by and between Gateway Distributors
LTD ("GD") and Xxxxxx Xxxx Xxxxxx a Consultant for GD effective as of February
17, 2004. FOR GOOD AND VALUABLE CONSIDERATIONS RECEIVED, AND THE MUTUAL PROMISES
HEREIN, THE PARTIES AGREE AS FOLLOWS:
1. DISPUTE
It is the position of Xxxxxx Xxxx Xxxxxx a Consultant that compensation in the
form of shares of GD were due to the Consultant, as consideration for loans and
being engaged to supply services for or on behalf of GD, over two years prior to
this date. It is the position of the Company that the shares are in complete
settlement of any claim of the Consultant for compensation or money owed by the
Company and in avoidance of further dispute and litigation and relate back to
the services rendered over two years ago.
2. SETTLEMENT
The parties hereby agree that they have settled any and all claims one has
against the other, including any affiliates of a party, such as officers,
Directors, and shareholders, by the execution and performance of this Agreement.
In connection herewith, the parties agree that, on or about this date:
a. November 15, 2004 $5000, January 12, 2004 $5000, January 28, 2004
$20000, and final payment of $15,000 enclosed.
b. Any and all work product, documents, and materials, data,
relating to Consultants work in the possession or control of
Consultant or GD shall be retained by GD;
3. RELEASE
The parties agree to release hereby one another from any and all obligations of
one to the other, except to perform this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date above
written.
The "Company"
Gateway Distributors
A Nevada Corporation
By:
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Name: Xxxx Xxxxxx
Title: President / CEO
The "Consultant"
Xxxxxx Xxxx Xxxxxx
By:
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Name: Xxxxxx Xxxx Xxxxxx
Title: Consultant
