38525 Woodward Ave., Suite 2000 Bloomfield Hills, MI 48304-2970 Telephone: (248) 433-7200 Facsimile: (248) 433-7274 http://www.dickinsonwright.com Scott M. Janssen Controller (248) 433-7661
Exhibit 10.9
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00000 Xxxxxxxx Xxx., Xxxxx 0000 Xxxxxxxxxx Xxxxx, XX 00000-0000 Telephone: (000) 000-0000 Facsimile: (000) 000-0000 xxxx://xxx.xxxxxxxxxxxxxxx.xxx |
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Xxxxx X. Xxxxxxx Controller (000) 000-0000 |
May 27, 2010
Via Email & US Mail
Xx. Xxxx Xxxxxxxxx, Manager
NxOpinion, LLC
0000 Xxxxxxx Xxxxxx Xxxx, Xxxxx 0
Xxxxxxx, XX 00000
NxOpinion, LLC
0000 Xxxxxxx Xxxxxx Xxxx, Xxxxx 0
Xxxxxxx, XX 00000
Re: | Payment Plan Agreement for Client #29740 |
Dear Xx. Xxxxxxxxx,
In regard to the outstanding balance in the amount of $331,547.48 (three hundred thirty-one
thousand five hundred forty-seven dollars and forty-eight cents) due this firm from NxOpinion, LLC
or its successor through merger, ASI Technology Corporation (“Client”) for legal services rendered
through April 30, 2010, Xxxxxxxxx Xxxxxx PLLC (DW) will agree to accept minimum monthly payments
(“required minimum installments”) of $20,000.00 (twenty-thousand dollars) per month payable by the
last day of each month commencing July 31, 2010 through November 30, 2010. The outstanding balance
will be increased by any additional invoices billed by DW to Client from this date forward. In
addition, interest will continue to accrue at an annual rate of 5%, compounded monthly, and will be
calculated based on the outstanding balance of all amounts due and payable to DW until the balance
is considered paid in full.
In addition to the required minimum installments described above, Client also promises to pay
additional amounts to DW towards the outstanding balance, over and above the required minimum
installments described in the preceding paragraph, with excess cash flows. These excess cash flows
will be computed based on 10% of net profits on signed contracts, with such profits generated from
both customer advances for license fees as well as monthly payments from customers. In addition,
excess cash flows can also come from sales of assets required as part of the merger into the public
company.
Furthermore, if Client obtains any additional proceeds from debt or equity financing, then Client
promises to pay such proceeds to DW towards the outstanding balance until the balance is considered
paid in full.
If the above required minimum installments, payments from excess cash flows, and payments from
financing proceeds have not paid the entire outstanding balance by December 21, 2010, then a final
balloon payment to DW is required to pay the entire outstanding balance no later than December 28,
2010.
Counsellors At Law
Detroit Bloomfield Hills Lansing Grand Rapids Xxx Arbor Washington, D.C.
Xxxxxxxxx Xxxxxx PLLC
Xx. Xxxx Xxxxxxxxx, Manager
5/27/2010
Page 2
5/27/2010
Page 2
Please sign this agreement to indicate your approval and return to me at your earliest convenience
at the address listed above. A copy is enclosed for your records. If you have any questions or
concerns, please do not hesitate to contact me at (000) 000-0000.
Thank you for your cooperation in resolving this matter.
Very truly yours,
/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Controller
Controller
Accepted and agreed to:
/s/ Xxxx X. Xxxxxxxxx
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5/27/10
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NxOpinion, LLC |
SMJ/ |
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cc:
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Xxxxxxxxxx X. Xxxxxxx, Managing Member | |
Xxxxxxx X. Xxxxxxx, Member |
Counsellors At Law
Detroit Bloomfield Hills Lansing Grand Rapids Xxx Arbor Washington, D.C.