EXHIBIT 10.6
STIPULATION AND AGREEMENT
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COMES NOW, Petitioners, SPECTRUM MANUFACTURING, INC. and SPECTRUM SCIENCES
& SOFTWARE INC. (hereinafter collectively referred to as "Spectrum"), and
Respondent, THE TRIDENT COMPANY, d/b/a THE XXXXXXXXXX TRIDENT COMPANY
(hereinafter "Trident"), hereinafter collectively referred to as the "Parties,"
and enter into this Stipulation and Agreement as follows:
1. On or about December 9, 2002, Trident brought a lawsuit against
Spectrum in the State Court for Tulsa County, Oklahoma, in a case styled The
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Trident Company, d/b/a The Xxxxxxxxxx Trident Company v. Spectrum Manufacturing,
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Inc. and Spectrum Sciences & Software, Inc. filed in the District Court of Tulsa
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County, State of Oklahoma, Case No. CJ-2002-07042 (hereinafter "Oklahoma
Action"). Trident secured a default judgment against Spectrum in the amount of
$139,019.97, plus interest in the amount of $1,780.88, and attorneys= fees in
the amount of $2,500 for a total of $143,300.85 (hereinafter "Oklahoma
Judgment").
2. On or about February 19, 2003, Trident commenced to domesticate the
Oklahoma Judgment in the State Court in Escambia County, Florida in the case of
The Trident Company d/b/a The Xxxxxxxxxx Trident Company v. Spectrum
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Manufacturing, Inc. and Spectrum Sciences & Software, Inc., Case No.
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03-CA-291(hereinafter "Domestication Action").
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3. On or about March 18, 2003, Spectrum filed a Petition to Vacate
Default Judgment and Supporting Brief in the District Court in and for Tulsa
County, State of Oklahoma in the case of Spectrum Manufacturing, Inc. and
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Spectrum Sciences & Software, Inc. v. The Trident Company, Case No. 2003-01787
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(hereinafter "Oklahoma Petition to Vacate Proceeding").
4. On or about March 20, 2003, Spectrum filed a Petition Contesting
Validity of Foreign Judgment and Motion for Stay in the Domestication Action.
5. On or about April 9, 2003, Trident served a Notice of Taking
Deposition in the Oklahoma Petition to Vacate proceedings.
6. The Parties desire to resolve this matter and these pending cases
amicably under the following terms and conditions:
A. Spectrum agrees to make payments to The Trident Company, c/o Xxxxx
Xxxxxxxx, Monaghan & Associates, Southland Tower, 0000 Xxxxx Xxxxxxxxxx, Xxxxx
000, Xxxxx, Xxxxxxxx 00000-00000, as follows:
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Date Due Amount
--------- ------
June 15, 2003 23,709.38
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July 15, 2003 8,883.43
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August 15, 2003 8,883.43
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September 15, 2003 8,883.43
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October 15, 2003 8,883.43
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November 15, 2003 8,883.43
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December 15, 2003 8,883.43
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January 15, 2004 8,883.43
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February 15, 2004 8,883.43
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March 15, 2004 8,883.43
---------------- ---------------
April 15, 2004 8,883.43
---------------- ---------------
May 15, 2004 8,883.43
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Total $121,427.11
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If any monthly payment is made by American Express, then the amount of such
monthly payment will increase by three percent (3%).
B. Spectrum shall execute the Agreed Journal Entry of Judgment Exhibit A
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and deliver the same to Counsel for Trident. Counsel for Trident shall hold
the Agreed Journal Entry of Judgment and may only present the same for entry and
filing in the Oklahoma Action in the event of a default by Spectrum as described
below.
C. Within five (5) business days of the execution by all Parties of this
Stipulation and Agreement, the Parties agree to file a Notice of Dismissal
Without Prejudice in the form attached hereto as Exhibit B in the Domestication
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Action and Exhibit C in the Oklahoma Petition to Vacate Proceeding. The
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Oklahoma Judgment shall be vacated by Trident filing Exhibit D and E, Joint
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Motion to Vacate Journal Entry of Default Judgment, and submitting Exhibit E,
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the Agreed Order Vacating Journal Entry of Default Judgment, attached hereto,
although the Oklahoma Action shall remain pending.
7. In the event payment is not received by Trident when due, Trident
shall provide notice thereof via fax to Spectrum at 000-000-0000, Attention:
Xxxxx Xxxxxxxx. Should Trident fail to receive any payments within five (5)
business days from the Date Due, Spectrum shall be deemed in default of this
Stipulation and Agreement and the following shall occur:
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A. Trident may immediately have entered and filed of record the Agreed
Journal Entry of Judgment in the Oklahoma Action in the amount of $103,215.98
principal, accrued interest in the amount of $7,183.81 as of May 3, 2003 with
interest thereafter at the rate of ten percent (10%) per annum until paid, and
$7,642.14 in attorneys= fees. Said amount shall accrue interest at the rate of
ten percent (10%) per annum until paid. Contemporaneously therewith, Trident,
through counsel, will record a Partial Release and Satisfaction of Agreed
Journal Entry of Judgment for the total sum of all payments received by Trident
pursuant to this Agreement
B. Trident shall be entitled to proceed with domestication of the Agreed
Journal Entry of Judgment in Florida, and Spectrum shall waive any objection to
the domestication and enforceability of the Agreed Journal Entry of Judgment in
Florida.
8. Upon timely completion of the payments set forth in Paragraph 6.A.,
above, Trident shall immediately file a Notice of Voluntary Dismissal with
prejudice of the Oklahoma action in the form attached hereto as Exhibit F.
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9. This document and the accompanying Exhibits may be executed in
counterpart.
SPECTRUM MANUFACTURING, INC.
By: ______________________________
Its: ________________________
SPECTRUM SCIENCES & SOFTWARE, INC. TRIDENT COMPANY, d/b/a THE XXXXXXXXXX
TRIDENT COMPANY
By: ______________________________
Its: ________________________ By: ________________________________
Its: __________________________
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ATKINSON, HASKINS, XXXXXX, XXXXXX X. XXXXX, P.A
HOLEMAN, PHIPPS, XXXXXXXXXXX & XXXXX
By: _____________________________ By: ________________________________
Xxxxx X. Xxxxxxxxxxx Xxxxx Xxx Xxxxxxxxx
Oklahoma Bar No. OBA 1226 Florida Bar No.: 380946
1500 ParkCentre 2 0 Xxxx Xxxxx Xxxxxx, Xxxxx 000
525 S. Xxxx Xxxx Xxxxxx Xxx 0000
Xxxxx, Xxxxxxxx 00000-0000 Xxxxxxxxx, XX 00000-0000
(000) 000-0000 (000) 000-0000
Fax:: 000-000-0000 Fax: (000) 000-0000
Attorney for Spectrum Manufacturing, Inc. Attorney for Spectrum Manufacturing, Inc.
and Spectrum Sciences and Software, Inc. and Spectrum Sciences and Software, Inc.
XXXXXXXX & MONAGHAN
By: ________________________________
Xxxxx X. Xxxxxxxx
Oklahoma Bar No. 11681
0000 Xxxxx Xxxxxxxxxx, Xxxxx 000
Xxxxx, XX 00000-0000
(000) 000-0000
FAX: (000) 000-0000
Attorney for The Trident Company, d/b/a
The Xxxxxxxxxx Trident Company
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