Advanced Communications Technologies, Inc. New York, New York 10170
Exhibit
10.36
Advanced
Communications Technologies, Inc.
000
Xxxxxxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx,
Xxx Xxxx 00000
August
17, 2007
Danson
Partners, LLC
000
Xxxxxxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx,
XX 00000
Dear
Xx.
Xxxxxx:
Reference
is made to that certain Services Agreement (the “Agreement”),
dated
as of January 1, 2005 between you, Advanced Communications Technologies, Inc.
(the “Company”)
and
Danson Partners, LLC, a (“DP”).
Capitalized terms used herein, but not defined herein, shall have the meanings
ascribed to such terms in the Agreement.
The
Company, DP and you hereby acknowledge that as of the date hereof the Company
owes DP an aggregate amount equal to $310,000 for DP’s services rendered under
the Agreement to the Company through the date hereof (the “Outstanding
Amount”).
The
parties hereto further acknowledge that the Outstanding Amount has not been
paid
by the Company to DP because of the significant financial hardship the Company
would incur if such Outstanding Amount was paid to DP.
The
parties hereto agree that:
1.
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From
and after the date hereof, the Outstanding Amount shall bear interest
(computed on the basis of the actual number of days elapsed and a
360-day
year of twelve 30-day months) at a rate per annum equal to seven
percent
(7%), compounded annually. The Company will pay to DP the Outstanding
Amount together with all accrued interest thereon, upon the earlier
of a
Disposition Event (as such term is defined in the Employment Agreement,
dated as of the date hereof, between you and the Company) which
constitutes a change of control for purposes of Section 409A of the
Internal Revenue Code of 1986, as amended or the six (6) year anniversary
of the date hereof.
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2.
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The
Company has no further obligation or liability with respect to the
Agreement which is hereby terminated in its entirety, such termination
to
be effective upon the date hereof. The undersigned further agree
and
acknowledge that you shall enter into a new Employment Agreement
with the
Company, such agreement to be effective upon the date hereof, and
that the
termination of the Agreement hereby does not, and will not, result
in a
termination of employment under such Employment
Agreement.
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3.
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You
and DP hereby forever release and discharge the Company and its affiliates
from all of the causes of action, suits, debts claims and demands
whatsoever, at law, in equity or otherwise, arising from or relating
to
the Agreement.
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This
letter shall be governed by and construed in accordance with the laws of the
State of New York.
ADVANCED
COMMUNICATIONS
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TECHNOLOGIES,
INC.
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By:
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/s/
Xxxx X. Xxxxxxx
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Name:
Xxxx X. Xxxxxxx
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Title:
Vice President and Chief Executive
Officer
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/s/
Xxxxx X. Xxxxxx
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Xxxxx
Xxxxxx
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XXXXXX
PARTNERS, LLC
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/s/
Xxxxx X. Xxxxxx
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Title:
Managing Member
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