EXHIBIT 10.56
SETTLEMENT AGREEMENT
This Settlement Agreement made as of August 25, 1999 by and between
NATIONAL BOSTON MEDICAL, INC., a Nevada corporation, with offices at 00 Xxxxxxx
Xxxxx, 0xx Xxxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000 ("NBM") and XXXXXXX XXXXX, who
resides at 0000 Xxxxxxx Xxxxx, Xxxx Xxxxx, XX 00000 ("XXXXX").
Currently NBM owes $4,809.00 to XXXXX (the "INDEBTEDNESS"). In exchange
for the following consideration as well as other good and valuable consideration
paid in hand, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree to the following:
1. NBM shall issue to XXXXX (or his designee) and XXXXX shall
accept 32,060 shares of NBM restricted common stock (the
"STOCK") as full and final satisfaction of the INDEBTEDNESS,
to be issued within two (2) weeks of execution of this
Agreement.
2. Upon receipt of the STOCK, XXXXX shall immediately cause a
General Release of All Claims to be executed in favor of NBM.
This Settlement Agreement is freely and voluntarily executed by XXXXX
after being apprized of all relevant information and data by his consultants
and/or attorneys. XXXXX in executing this Settlement Agreement does not rely on
any inducements, promises, or representations made by NBM or any of the NBM's
representatives. Furthermore, no promise, inducement, or agreement not herein
set forth, has been made to XXXXX and this Settlement Agreement contains the
entire agreement between the parties hereto, and the terms of this Settlement
Agreement are contractual and not merely a recital.
All terms contained herein are subject to approval by the Board of
Directors of NBM (the "BOARD"). Should the BOARD fail to approve all or any
portion of this Settlement Agreement, this Settlement Agreement shall be null
and void and the parties returned to their original positions ab initio.
Should the foregoing terms meet with your approval, please acknowledge
such by affixing your name hereto.
NATIONAL BOSTON MEDICAL, INC. XXXXXXX XXXXX
By:/s/ Xxxxxx X. Xxxxx By:/s/ Xxxxxxx Xxxxx
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Xxxxxx Xxxxx, co-CEO/Chairman Xxxxxxx Xxxxx
