AGREEMENT
This is an Agreement by and between General Lumber & Supply Co.,
Inc. and Xxxxxx Xxxxxxxx:
WHEREAS, General Lumber & Supply Co., Inc. owes Xxxxxx Xxxxxxxx
the sum of $311,600.00, plus interest at the rate of 10% per annum for
the month of August, 2009, upon a promissory note and does not have
sufficient cash to pay this debt;
WHEREAS, General Lumber & Supply Co., Inc. owns 3,213,600 shares
of the common stock at Commerce Group Corp., and Xxxxxx Xxxxxxxx is
willing to accept said shares in lieu of cash as payment of the principal
balance of the note;
NOW THEREFORE, the parties agree as follows:
1. In full payment of the promissory note attached to this
Agreement, General Lumber & Supply Co., Inc. will, contemporaneously with
the signing of this Agreement, pay Xxxxxx Xxxxxxxx the sum of $2,596.67
for interest to date and will assign 3,213,600 shares of Commerce Group
Corp. to pay the principal balance on said note in full.
2. To effectuate this Agreement, the parties will execute
whatever documents are required to cause the assignment of said shares
and evidence that the note is paid in full.
Dated this 31st day of August, 2009.
General Lumber & Supply Co., Inc.
/s/ Xxxxx X. Xxxxxxxxxx /s/ Xxxxxx Xxxxxxxx
_________________________________ ________________________________
By: Xxxxx X. Xxxxxxxxxx, Xxxxxx Xxxxxxxx
Executive Vice President
