Exhibit 10.23
[HBS Letterhead]
July 16, 2004
Dr. Xxxxx Xxxxx
000 Xxx Xxxxx Xxxxx
Xxxxxxxxx, XX 00000
Re: Labor Dispute Settlement Terms
This letter will serve as the agreement reached between Human BioSystems and
Xxxxx Xxxxx regarding the accrued salary owed to you and the Labor Commission
complaint filed against Human BioSystems (HBS) by you.
The terms of the settlement are as follows:
1. Human BioSystems agrees to pay $2,500 to Xxxxx Xxxxx by August 1, 2004 and
another $2,500 by August 10, 2004 to be applied against the accrued salary and
vacation.
2. Human BioSystems agrees to pay 10% of general use investment funds received
by HBS after August 10, 2004 to be applied against any remaining accrued salary
and vacation until the full accrued amount is paid.
3. Xxxxx Xxxxx agrees to immediately withdraw the complaint filed against HBS
with the Labor Commission and to refrain from making any claims against HBS as
long as this agreement is being met. The accrued salary is $54,100 and the
accrued vacation is $21,429.31 as of the last date of your employment and as of
this date.
Please sign below if you are in agreement with the above terms.
Sincerely, Agreed to by:
/s/ Xxxxx Xxxxxx /s/ Xxxxx Xxxxx
----------------- -----------------
Xxxxx Xxxxxx Xxxxx Xxxxx Date: 7-16-04
President
