MODIFICATION TO SETTLEMENT AGREEMENT
Exhibit
10.2
MODIFICATION
TO SETTLEMENT AGREEMENT
Pursuant
to Section 13 of the AGREEMENT OF SETTLEMENT AND MUTUAL RELEASE (the
"Agreement"), this MODIFICATION TO SETTLEMENT AGREEMENT AND MUTUAL RELEASE
is
entered into by and between Defendant U.S. Global Nanospace, Inc. (f/k/a U.S.
Global Aerospace, Inc.) ( “USGN”) and Plaintiff Everest International, Inc.
f/k/a ▇▇▇▇ ▇▇▇▇▇▇ Property, Inc. (“Everest”). USGN and Everest hereby agree to
the following modification of USGN’s obligations under Section 2 of the
Agreement:
| 2. |
In
consideration of this Agreement, USGN agrees to the
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following:
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(a)
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conveyance
and transfer of ownership of the items listed in ¶ 1, above, to Everest by
June
21, 2006,
along with all documents, titles, keys and combinations necessary
to
transfer ownership;
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(b)
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other
than the items set forth in ¶ 1 above, removal of all other items
belonging to USGN, USDR and ▇▇▇▇▇▇ that are remaining on the Property,
leaving the Property broom clean, within ten calendar days of June
21, 2006,
in the following order:
|
|
i.
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removal
of property in the fenced parking area of the Property, including
the 48’
truck trailer located on the
Property;
|
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ii.
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removal
of the three large storage units behind the building located on the
Property;
|
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iii.
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removal
of the chemicals stored in the southwest corner of the building located
on
the Property, including all cabinets and
containers;
|
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iv.
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removal
of the contents of the warehouse area of the building located on
the
Property; and
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| v. |
removal
of all files and computers owned by USGN in the office area of the
building located on the Property;
|
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(c)
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issuance
of 893,617 shares (closing price on June 12, 2006 of $.047 per share)
of
restricted common stock of USGN to Everest (the “Shares”) within ten
calendar days of June
21, 2006;
|
| (d) |
tender
cash payment in the amount of $10,000 to Everest by June
21, 2006;
|
| (e) |
forfeit
all claims to the $11,000 security deposit paid to Everest pursuant
to the
Lease Agreement; and
|
| (f) |
tender
cash payment of $32,000 at 10% per year via monthly installments
of
$1,464.43 commencing on October 1, 2006 with no prepayment
penalty.
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IN
WITNESS WHEREOF, the Parties hereto have executed this Modification to the
Agreement on the date set forth below.
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Dated:
June 21, 2006
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U.S.
GLOBAL NANOSPACE, INC.
(f/k/a
U.S. GLOBAL AEROSPACE, INC.)
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| By: |
/s/
▇▇▇▇ ▇▇▇▇▇▇▇▇
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||
| Its: |
Chief
Executive Officer
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||
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Dated:
June 21, 2006
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EVEREST
INTERNATIONAL, INC.,
f/k/a/
▇▇▇▇ ▇▇▇▇▇▇ PROPERTY, INC.
|
||
| By: |
/s/
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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||
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Its:
|
President | ||
ACKNOWLEDGMENT
| STATE OF __________________ | § | |
| § | ||
| COUNTY OF ________________ | § |
BEFORE
ME, the
undersigned notary public, on this day personally appeared
_____________________, who, being duly sworn on his oath, deposed and declared
himself to be in his capacity as representative of U.S. Global Nanospace, Inc.
(f/k/a U.S. Global Aerospace, Inc.), a Delaware corporation, and acknolwedged
that he is duly authorized to enter into, sign and execute the foregoing
instrument on behalf of U.S. Global Nanospace, Inc., on this ______ day of
______________, 2006.
| ____________________________________ | ||
| Notary Public in and for the | ||
| State of _____________ | ||
| My Commission Expires: |
| STATE OF Texas | § | |
| § | ||
|
COUNTY OF Tarrant
|
§ |
BEFORE
ME, the
undersigned notary public, on this day personally appeared ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
who,
being duly sworn on his oath, deposed and declared himself to be in his capacity
as representative of Everest International, Inc., a Texas corporation, and
acknolwedged that he is duly authorized to enter into, sign and execute the
foregoing instrument on behalf of Everest International, Inc., on this 21st
day of June, 2006.
| ▇▇▇▇▇▇ ▇. ▇▇▇▇ | ||
| Notary Public in and for the | ||
| State of Texas | ||
| My Commission Expires: |