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EXHIBIT 10.13
AGREEMENT OF EXSORBET INDUSTRIES, INC.
Exsorbet Industries, Inc. hereby indicates that it has no legal basis
to object to the option agreement between those stockholders identified in
Exhibit "A" attached hereto and American Physicians Service Group, Inc.
Therefore, Exsorbet Industries, Inc. agrees that it has no basis to fail to
consent to the terms of such option agreement.
As such, Exsorbet Industries, Inc. indicates that it will be lawfully
bound to comply with the provisions of the option agreement, in all
particulars, and specifically including sections 4, 5, 6, 7, and 8.
Exsorbet Industries, Inc., therefore, indicates that it will comply
with the provisions of the option agreement and the direction of those persons
indicated on Exhibit "A," as are necessary for such persons to comply with the
individual agreements existing between such persons and American Physicians
Service Group, Inc.
The provisions of this Agreement shall be enforceable against Exsorbet
Industries, Inc. Upon failure of Exsorbet Industries, Inc. to comply in all
particulars with the provisions of this Agreement, this Agreement shall be
enforceable by specific performance, injunctive relief, or otherwise. Exsorbet
Industries, Inc. consents to the exclusive jurisdiction of the Courts in Xxxxxx
County, Texas for enforcement of any of the provisions of this Agreement.
Exsorbet Industries, Inc. has further indicated to American Physicians
Service Group, Inc., and hereby represents and warrants, that in the event of
election of the option to acquire the shares specified in such option
agreements and following failure of delivery of the shares within 60 days after
November 30, 1996, that Exsorbet Industries, Inc. will take such steps to
insure that the number of shares not previously delivered are delivered to
American Physicians Service Group, Inc., at the same cost, without regard to
whether such shares should come from an individual shareholder or be issued by
Exsorbet Industries, Inc.
This Agreement shall be construed in accordance with the laws and
statutes of the State of Texas.
EXSORBET INDUSTRIES, INC.
By: /s/ Xxxxx Xxxxxxx
Title: Vice-President
Executed on this 30th day of September, 1996.
