ALR TECHNOLOGIES INC. 1201 Cornwall Ave., Suite 203 Bellingham, WA 98225 Fax: (360) 650-0032 Tel: (360) 650-9100
EXHIBIT 99.17
ALR TECHNOLOGIES INC.
0000 Xxxxxxxx Xxx., Xxxxx 000
Xxxxxxxxxx, XX
00000
Fax: (000) 000-0000
Tel: (000) 000-0000
February 2, 2001
WITHOUT PREJUDICE
Xxx Xxxxxxx
0000 X. Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
Dear Xxx:
This letter serves to document the terms of the settlement between ALR Technologies Inc. (AALRT@ ) and yourself as agreed upon in your meeting with Xx. Xxxxxx Xxxx on January 31, 2001. If you are in agreement with these terms, please acknowledge this agreement by signing in the space provided below and returning one copy to our office along with a fax copy to (000) 000-0000.
You will be paid a total of $75,000 in settlement of all claims for fees, salaries and expenses.
You will be entitled to options for 1,500,000 shares of ALRT with a term of five years and an exercise price of $0.25 per share as per the attached option agreement.
You will execute the attached Full and Final Release of All Claims.
You will execute the attached Confidentiality and Non-Competition Agreement.
You will be granted an Indemnity as per the attached.
Yours very truly,
Xxxxxx Xxxx
Chairman & Chief Executive Officer
The above terms are accepted on the date indicated below
April 15, 2001
