Exhibit 10.13
ADDENDUM TO THE XXXXXX SETTLEMENT AGREEMENT OF 7-7-04
The following are amendments to the Xxxxxxx XxXxxx Settlement Agreement
with SCHIMATIC Cash Transactions Xxxxxxx.xxx, Inc. dba Smart Chip Technologies
("Company", "SCTN" or "Employer") dated July 7, 2004.
This Addendum is to be effective as of July 1, 2004.
For the purpose of cleaning up the "financial and stock overhang" of
the Company, as dictated by the Board of Directors, the Company and XxXxxx
agreed to certain amendments, some of which have since been determined by the
Board to be detrimental to the Company from a tax standpoint. Therefore, in the
best interest of the Company, the following has been agreed to by XxXxxx and
approved by the Board:
1. XxXxxx will return the Performance Bonus of 3,000,000 shares
granted him as part of the settlement of July 7, 2004.
2. All changes reversed will be treated for accounting purposes
as if they had never occurred.
I HAVE READ THIS AGREEMENT IN ITS ENTIRETY, I UNDERSTAND ITS TERMS, AND AGREE TO
BE BOUND BY ALL OF ITS TERMS. I ALSO UNDERSTAND I HAVE THE RIGHT TO HAVE THIS
AGREEMENT REVIEWED BY INDEPENDENT COUNSEL.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on December
18, 2004.
Employer: Employee:
SCTN Xxxxxxx XxXxxx
000 X. Xxxx Xxxxxxx Xx. 0000 Xxxxxxxx Xx.
Xxx Xxxxx, XX 00000 Xxx Xxxxx, XX 00000
By: /s/ Xxxxx X. Xxxxx By:/s/ Xxxxxxx XxXxxx
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Xxxxx X. Xxxxx, Chairman & CEO Xxxxxxx XxXxxx
