EXHIBIT 10.29
April 11, 2002
Agreement Between Xxx Xxxxx and Digital Lightwave
Company to advance $175,000 to Xxx Xxxxx on April 12, 2002.
Xxx Xxxxx is to use the funds to pay a $100,000 Federal income tax liability
and pay off other debts totaling $75,000.
Dr. Zwan will work with Xxx Xxxxx to refinance the mortgage on his house and to
increase the mortgage by approximately $200,000.
The company will receive $175,000 of the increase plus interest at 8% and Xxx
Xxxxx will receive the balance.
Xxx Xxxxx will provide a second lien on his home to secure the advance and
previous $200,000 loan. The lien will be released once the $175,000 advance is
repaid to the Company.
The Company will provide a $2,000 monthly allowance until the October, 2001
salary reductions are restored.
The Company is responsible for fees on the above refinancing.
All previous employment agreements with Xxx Xxxxx are rescinded and Xxx Xxxxx
will receive the standard executive package.
Agreed,
________
Xxx Xxxxx
For Digital Lightwave
_____________
Xx. Xxxxx Xxxx
