Exhibit 10.10
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/ Xxxx Xxxxxxxx
Xxxx Xxxxxxxx
E-39
