Exhibit 10.4 Settlement Agreement - Xxxxx Bachelor
AMENDMENT AGREEMENT TO
----------------------
SETTLEMENT AGREEMENT AND MUTUAL RELEASE
---------------------------------------
This Amendment Agreement is made and entered into as part of the Settlement
Agreement and Mutual Release made and entered into by and Emergency Filtration
Products, Inc., a Nevada Corporation (hereinafter "EMFP") and Xxxxx Xxxxxxxxx
(hereinafter "Xxxxxxxxx").
This Amendment Agreement is made with reference to the following facts:
(a) On June 2, 2000 the parties executed the Settlement Agreement and
Mutual Release to resolve all of their differences.
(b) EMFP subsequently was financially unable to meet the obligation of
the monthly payment to Xxxxxxxxx and was declared by Xxxxxxxxx to be in default
according to the terms of the Agreement on July 5, 2001.
(c) The parties wish to cure the default and to amend the Settlement
Agreement and Mutual Release executed on June 2, 2000 by EMFP and Xxxxxxxxx
which shall remain in full effect with the following changes:
1. Obligation. The only remaining obligation that survives the execution of this
----------
Amendment Agreement to the Settlement Agreement and Mutual Release is the
obligation by EMFP to issue shares of the common stock of EMFP to Xxxxxxxxx.
EMFP shall immediately issue to Xxxxxxxxx 50,000 shares of common stock and
register those shares through an S-8 Filing with Securities and Exchange
Commission. In addition, EMFP shall immediately issue 185,000 restricted shares
of common stock to Xxxxxxxxx. Xxxxxxxxx agrees that all principal and interest
amounts due him under the terms of the prior agreement in Item 2 are paid in
full by the 235,000 shares of the common stock of EMFP.
IN WITNESS HEREOF, the parties hereto have executed this Agreement effective as
of the date indicated below.
Dated: Sept. 30, 2001 \s\ Xxxxx Xxxxxxxxx
-----------------------------------
Xxxxx Xxxxxxxxx
Dated: Sept 30, 2001 Emergency Filtration Products, Inc.
\s\ Xxxxxxx X. Xxxxxxx
-----------------------------------
Xxxxxxx X. Xxxxxxx, President
