EXHIBIT 10.36
SETTLEMENT AGREEMENT AND RELEASE
This First Amendment to the Settlement Agreement and Release between
Irata, Inc., a Texas corporation ("Irata"), on the one hand, and
_______________________________________, on the other ("Creditor"), is to be
effective as of the date last appearing hereon.
RECITALS
The Settlement Agreement and Release provided for Irata to raise
$1,500,000.00 in "new capital." Irata has been successful in raising
$1,200,000.00 and desires to amend the definition of "new capital" to only
require $1,200,000.00 in capital infusion.
Paragraph 2 of the Settlement Agreement and Release provided for the
first monthly payment to be made on September 15, 1996 and Paragraph 5
conditioned the release of Irata upon Irata's receipt of the new capital by
September 30, 1996. Creditor and Irata desire to amend and reinstate the
Settlement Agreement and Release in the following manner:
1. Paragraph C. of the Recitals is amended to change the definition of
"new capital" to $1,200,000.00.
2. Paragraph 2.a. is amended to read as follows:
a. Cash. One-third of the Creditor's Claim will be paid by Irata in
cash installments, (i) the first of which shall be equal to
fifteen percent (15%) of the Claim (the "Initial Payment") and
shall be paid at such time as Irata receives the New Capital,
(ii) with the remaining balance of the cash portion of one-third
of the Claim to be paid in fifteen (15) equal installments, the
first two (2) installments of which shall be paid within two (2)
days of receipt by Irata of the New Capital, with the remaining
installments being payable November 15, 1996 and each month
thereafter; and
3. Paragraph 5 is revised to read as follows:
5. RELEASE. EXCEPT for the agreements, representations and warranties
contained in this Agreement, Creditor on behalf of itself and on behalf of
any other persons claiming by, through or under Creditor shall, upon
receipt by Irata of the New Capital on or before November 15, 1996 and
receipt by the Creditor of the Initial Payment as contemplated hereby,
RELEASE, DISCHARGE AND ACQUIT Irata from any and all past and present
claims, demands, debts, liabilities, expense or costs owing Creditor by
Irata in connection with the Claim and agrees to execute any and all
documents relating thereto.
4. Except as otherwise herein provided, the Settlement Agreement and
Release is hereby ratified and confirmed by Creditor and Irata.
5. This First Amendment may be executed in multiple counterparts.
IN WITNESS WHEREOF, the parties hereby execute this First Amendment
effective as of the last date reflected below.
IRATA, INC. CREDITOR
_________________________________
By:_____________________________ By:____________________________
Name:___________________________ Name:__________________________
Title:__________________________ Title:_________________________
Date:___________________________ Date:__________________________
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