AMENDMENT #2 TO SETTLEMENT AGREEMENT
EXHIBIT
10.1
AMENDMENT
#2 TO SETTLEMENT AGREEMENT
Amendment
dated as of March 15, 2008 to Settlement Agreement dated July 12, 2007 (the
“Agreement”) between American Factors Group LLC (“AFG”), AmeriResource
Technologies, Inc. (“ARRT”), and Xxxxxx Xxxxxxx (“Xxxxxxx”).
|
1.
|
The
date on which the $222,000 owing by ARRT and Xxxxxxx pursuant to the
Agreement is hereby extended to December 31,
2008;
|
|
2.
|
AFG
waives all prior defaults by ARRT and Xxxxxxx of their obligations under
the Agreement;
|
|
3.
|
The
parties acknowledge that the debt and the note evidencing it have been
assigned by Xxxxx Xxxx Robins to Payroll Funding Company,
LLC. Payment of the debt is to be made to the assignee in good
funds wired to the following
account:
|
PAYROLL
FUNDING COMPANY, LLC
0000
XXXX XXXXXXX XXXX
XXX
XXXXX XXXXXX 00000
BANK
WEST OF NEVADA
|
4.
|
As
amended herein, the Agreement shall remain in full and
effect.
|
IN
WITNESS WHEREOF, the parties have executed this Amendment on the dates set forth
below.
| AMERIRESOURCE TECHNOLOGIES, INC. | |||
| By: | /s/ Xxxxxx Xxxxxxx | Date: | March 15, 2008 |
| Xxxxxx Xxxxxxx, President | |||
| XXXXXX XXXXXXX | |||
| By: | /s/ Xxxxxx Xxxxxxx | Date: | March 15, 2008 |
| Xxxxxx Xxxxxxx, a Nevada resident | |||
| AMERICAN FACTORS GROUP, LLC | |||
| By: | /s/ Xxxxxxx Xxxxxx | Date: | March 15, 2008 |
| Xxxxxxx X. Xxxxxx, President | |||
