[EXE LETTERHEAD]
October 27, 1999
LAB Holdings, Inc.
00000 Xxxxxxxxx Xxxx
Xxxxxx, Xxxxx 00000
Attention: Xxxx X. Xxxxx, President
Dear Xxxx:
Pursuant to our recent conversations and your e-mail of October 21, 1999, EXE
proposes the following settlement of all matters between EXE and LAB Holdings
relating to (i) the Lease Agreement, dated August 15, 1997, as amended by
letters dated February 10, 1998 and July 21, 1998 (the "Lease"), between EXE (as
successor to Dallas Systems Corporation) and LAB Holdings and (ii) any assets or
the proceeds of any assets (collectively, "Assets") now or previously located on
or related to the Premises (as defined in the Lease):
EXE will pay to LAB Holdings an aggregate of $852,047 as follows:
1. An aggregate of $346,276 in respect of rent under the Lease for
the months of July, August, September and October 1999, with such
amount to be paid by November 1, 1999;
2. An aggregate of $5,771 as interest on the amounts due from EXE as
referred to in paragraph 1 above, with such amount to be paid by
November 1, 1999; and
3. An aggregate of $500,000 in respect of any additional amounts that
EXE owes or will owe to LAB Holdings in respect of the Lease, with
such amount to be paid in five (5) equal monthly installments of
$90,000 each by the 5th of each month beginning January 5, 2000
and ending May 5, 2000, and one (1) final installment of $50,000
on June 5, 2000.
By acceptance of the terms of this letter as described below, LAB Holdings
acknowledges that payment of the above amounts will represent payment in full by
EXE in respect of the Lease and in respect of any Assets. Upon acceptance of the
terms of this letter, the Lease will terminate and EXE and LAB Holdings each
release the other from any and all claims against the other and the other's
agents, employees, officers, directors, stockholders and affiliates arising
under or relating to the Lease or any Assets, except as otherwise explicitly
provided in this letter.
Please sign in the appropriate space below to acknowledge and agree to the terms
of this letter and return your signed copy to me by fax and overnight mail or
hand delivery at your earliest convenience.
Sincerely,
/s/ Xxxxxxx Xxxxxxxx
Xxxxxxx Xxxxxxxx
Director--Corporate Finance and Assistant Treasurer
ACKNOWLEDGED AND AGREED:
LAB HOLDINGS, INC.
By: /s/ Xxxx X. Xxxxx
------------------------------
Xxxx X. Xxxxx
President
cc: Xxxx X. Xxxxxx
