Exhibit 10b
CII/WPC Negotiated Settlement
October 23, 2003
1. WPC to buy CII assets and all rights to "Products" technology as
"Products" are defined in the parties' existing Agreement.
2. Price to be $1,000.000.00 paid over a 10 year period:
A.$100,000 at time of settlement.
B.$100,000 per year 2 - 10 at $8,333.33/mo (Nos. are discounted to
include interest).
3. CII to agree to hold WPC harmless with respect to the "Products"
technology.
4. CII and Xxx Xxxxxxxx to xxxxx WPC a first acceptance of any new
"Products" type technology (i.e., folder, 2 round printing deck, etc.) at a
license rate of 5% of the products' selling price. An appropriate minimum annual
license fee to be paid by WPC for the new Products technology to assure that WPC
develops and markets any new Product it accepts.
5. A final settlement agreement shall be executed by the parties which
contains the usual and customary provisions for such an agreement and shall
result in dismissal with prejudice of all claims asserted in the pending
arbitration before Judge Xxxxx Xxxxxx. Any disputes arising in the parities'
attempt to finalize this settlement shall be submitted to Judge Xxxxx Xxxxxx for
binding resolution in an expeditions manner.
Color Impact Web Press Corporation
International Incorporated
/s/ Xxxxx X. Xxxxxxxx /s/ Xxxx Xxxxxx
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By: Xxxxx X. Xxxxxxxx By: Xxxx Xxxxxx
President President
Date: 10/24/03 Date: 10/24/03
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