NOTE HOLDER SETTLEMENT AGREEMENT
Exhibit
10.14
NOTE
HOLDER SETTLEMENT AGREEMENT
As noted
in the attached letter to Security Holders dated May 7, 2008 (the “Transmittal
Letter”), Muragai is “unwilling for the most part to provide funds to pay past
liabilities” and that “concessions by other debt holders” are required as a
condition to closing the funding. In this regard, we are requesting that
creditors agree to a cash settlement for less than the full amount owed to them
as specifically set forth below. Interest has been accrued through April 11,
2008 on the note.
Management
and the Board of Directors hereby request that you execute this agreement to
accept cash as settlement for your note and interest due, and return the
agreement along with your note in the enclosed envelope. The agreement only
becomes effective upon closing of the funding. Otherwise the agreement and note
will be returned to you. Assuming the funding is closed a check from the Company
will be mailed to you within 10 days of the close and the note will be marked
paid.
The
undersigned hereby agrees simultaneous with the closing of the transaction with
Muragai as described in the Transmittal Letter, to accept the cash amount set
forth below as full payment for the face amount of note and accrued interest
both as set forth below, thereby canceling such face amount of note and interest
due. I further agree that upon receipt of the cash set forth that no additional
interest will accrue beyond April 11, 2008.
Face
amount of notes $70,410.83 (Seventy thousand
Four hundred Ten and 83/100 dollars)
Interest
due $3,819.55 (Three
thousand Eight hundred Nineteen and 55/100 dollars)
Amount of
cash accepted $18,557.59 (Eighteen
thousand Five hundred Fifty-seven and 59/100 dollars)
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Signature:
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/s/ Xxxxxxx Xxxxx LLP
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(exactly
as it appears on the note)
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Print
Name:
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XX Xxxxx Xxxxx
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Address:
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0000
Xxxx Xx. Xxxxx 0000
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Xxxxxx,
XX 00000
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000-000-0000
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Control
# NP08010
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