Exhibit 10.11
CirTran Corporation
Form 10-KSB
November 3, 2000
Future Electronics Corporation
00 Xxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Re: Settlement Agreement and Release of All Claims between
Cirtran Corporation (formerly known as Circuit
Technology, Inc.), Xxxxx Xxxxxxxx, and Future
Electronics Corporation (the "Agreement")
Gentlemen:
As a director, officer and major holder of shares of the
common stock (the "Common Stock") of Cirtran Corporation,
formerly known as Circuit Technology, Inc. ("Cirtran"), the
undersigned has been informed that Future Electronics Corporation
("Future") has agreed to settle and compromise its claims against
Circuit Technology Inc. and Xxxxx Xxxxxxxx ("Xxxxxxxx") on the
terms set forth in the Agreement. It is understood by the
undersigned that Future will not enter into the Agreement unless
the undersigned agrees not to sell any shares of Common Stock
owned by the undersigned (the "Shares") to the public, utilizing
the exchange or market on which the Cirtran's stock is then
listed or trading, until June 27, 2002 (the "Lockup Expiration")
unless your consent is received by the undersigned.
Accordingly, the undersigned agrees that, until the Lockup
Expiration, the undersigned will not sell or transfer title or
any right that he has in the Shares to any person, in any matter,
publically, privately or otherwise. Notwithstanding the
foregoing, the undersigned shall be permitted to (i) pledge all
or a portion of the Shares as security for any debt of the
undersigned or of Cirtran, (ii) transfer all or a portion of the
Shares to a trust or other type of legal entity for the benefit
of the undersigned or any relative of the undersigned, and (iii)
exchange or transfer the Shares in connection with any
reorganization, recapitalization, acquisition, merger or other
exchange or transfer relating to a change in the ownership or
capital structure of Cirtran.
Sincerely,
/s/ Xxxxx Kokozyan
Xxxxx Kokozyan
E-40
