Re: Settlement of Section 2.6 of the Consolidation and License Agreement
Ex 10.70
December 20, 2007
Marathon Oil Company
0000 Xxx Xxxxxx Xxxx
Xxxxxxx, Xxxxx 00000-0000
Attn: General Counsel
| Re: | Settlement of Section 2.6 of the Consolidation and License Agreement |
Gentlemen:
Syntroleum Corporation (“Syntroleum”) and Marathon Oil Company (“Marathon”) have previously executed the Consolidation
and License Agreement dated effective January 16, 2007 (the “Agreement”). By execution of this letter agreement and
upon receipt of the Payment (as defined herein), Syntroleum and Marathon agree that the payment by Syntroleum of
$3,750,000 in immediately available funds (the “Payment”) to Marathon by December 28, 2007 shall satisfy and terminate
the payment obligations pursuant to Section 2.6 of the Agreement. Upon receipt of the Payment Marathon releases and
forever relinquishes, surrenders, waives, bargains away, acquits, exonerates and discharges Syntroleum and each member
of the Syntroleum Group (as defined in the Agreement) from any and all causes of action, in law or in equity, suits,
debts, liens, contracts, agreements, promises, liabilities, claims, demands, damages, losses, costs or expenses, of any
kind or nature whatsoever, known or unknown, fixed or contingent, based on the payment obligations set forth in Section
2.6 of the Agreement.
Syntroleum and Marathon further agree that all other terms and conditions of the Agreement remain in effect and binding upon the parties to the Agreement.
If you are in agreement with the above please sign in the space provided below.
Sincerely,
/s/ Xxxx Xxxx
President and Chief Executive Officer
Xxxxxx and accepted this 21st day of December 2007.
Marathon Oil Company
By: /s/ Xxxx X. Xxxxxxxx
Title: Vice President Finance and Treasurer
