ASSIGNMENT AND INDEMNIFICATION AGREEMENT
THIS
ASSIGNMENT AND
INDEMNIFICATION AGREEMENT
(this
“Agreement”)
is
executed this 16th
day of
November 2007, by and between TSSS, Inc., a Delaware corporation whose address
for purposes of this Agreement is c/o Xxxxx Xxxxx Zedek Xxxxxx LLP, 0000
Xxxxxxxx, Xxx Xxxx, XX 00000, (“Assignee”); and Xxxxxxxx Xxxx Xxxx, an Israeli
Citizen whose address is 00 Xxxxx Xxx, Xxxxx Xxxx, XX 00000 (“Assignor”).
RECITALS
WHEREAS,
Assignor has made, executed and delivered a series of loans to DCI USA, Inc.
(“DCI”) in the original aggregate principal amounts of $976,962.72 (the “Ofir
Notes);
and
WHEREAS,
Assignor desires to transfer, convey and assign to Assignee the Ofir Notes,
and
Assignee desires to accept such transfer, conveyance and assignment on the
terms
and provisions as contained in this Agreement;
NOW,
THEREFORE, in consideration of the Assignor’s transfer, conveyance, and
assignment of the Ofir Notes to Assignee, the receipt and sufficiency of which
by Assignee is hereby acknowledged, Assignee and Assignor hereby agree as
follows:
1. Assignee
hereby agrees to assume all responsibilities and obligations under the Ofir
Notes for and on behalf of Assignor according to the terms and conditions set
forth in the Ofir Notes.
2. The
parties hereto acknowledge and agree that this Agreement shall not affect in
any
way the terms or conditions of the Ofir Notes.
3. Assignee
hereby indemnifies and holds harmless Assignor against any and all claims or
damages that may arise as a result of DCI’s failure to make principal and
interest payments in a timely fashion as provided under the Ofir
Notes.
4. This
Assignment is executed by, acknowledged, and shall be binding upon the Assignor
and Assignee and their respective successors and assigns.
5. This
Agreement represents the full and complete agreement between the parties and
any
modification thereto must be in writing and signed by all of the parties
hereto.
7. This
Agreement shall be subject to the laws and jurisdiction of the State of New
York.
IN
WITNESS WHEREOF, this Agreement
is
executed by the undersigned parties as of the day and year first set forth
above.
ASSIGNOR
|
ASSIGNEE
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TSSS,
INC.
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/s/
Xxxxxxxx Xxxx Xxxx
|
By:
|
/s/
Xxxx Xxxxx
|
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Xxxxxxxx
Xxxx Xxxx
|
Name:
|
Xxxx
Xxxxx
|
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Title:
|
Member
of the Board
|
||||
AGREED
AND ACKNOWLEDGED:
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By:
|
/s/
Jonahtan Xxxx Xxxx
|
||||
Name:
|
Xxxxxxxx
Xxxx Xxxx
|
||||
Title:
|
Chairman
of the Board
|
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