EXHIBIT 10.1
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Mutual Understanding and Releases
Between W. Xxxxx Xxxx and Indiginet, Inc.
12/31/02
Whereas, W. Xxxxx Xxxx, employee of SBSI/Cyberspeedway, a wholly owned
subsidiary on Indiginet, Inc. is willing to release Indiginet, Inc. (Company)
from all legal and contractual obligations due to Xx. Xxxx from the Company in
exchange for an agreement from the Company that Xx. Xxxx take title to certain
Company assets.
Xx. Xxxx, subject to the signed agreement below of Mr. Xxxxxxxx Xxxxxx &
Xxxxxxx Xxxxx, agrees to release each of them, individually and the Company
from; all future obligations under his employment contract with the Company, the
total of the accrued payroll ($9,549.38) due & unpaid to Xx. Xxxx, loans
($3,250.00) due to Xx. Xxxx and any other legal or contractual obligation
associated with this business relationship.
In exchange for Xx. Xxxx'x signed agreement below, the Company, Mr. Black
and Xx. Xxxxxx agrees to allow Xx. Xxxx to assume ownership and title to
certain assets (MV$10,888.62), as noted on the attached worksheet, and the
Cyberspeedway name. Further, the Company, Mr. Black and Xx. Xxxxxx release Xx.
Xxxx from any other legal or contractual obligation associated with this
business relationship.
The signatures below confirm the understanding and agreement of the
provisions of this Mutual Understanding and Release.
/s/ W. Xxxxx Xxxx 1/3/2003 /s/ Xxxxxxx Xxxxx 1/3/2003
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W. Xxxxx Xxxx Date Xxxxxxx Xxxxx, Date
Indiginet, Inc.
/s/ Xxxxxxx Xxxxx 1/3/2003
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Xxxxxxx Xxxxx, Individual Date
/s/ Xxxxxxxx Xxxxxx 1/3/2003
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Xxxxxxxx Xxxxxx, Individual Date
