EXHIBIT 10.1Settlement Agreement • November 19th, 2001 • Intelliworxx Inc • Services-computer programming services
Exhibit 10.3Settlement Agreement • November 19th, 2001 • Intelliworxx Inc • Services-computer programming services
Teltronics, Inc. ("Teltronics"), Intelliworxx, Inc. ("Intelliworxx") and other parties have entered into a Settlement Agreement and certain other documents pertaining to a lawsuit filed in the United States District Court, Middle District of Florida, Tampa Division, Case No. 98-CIV-1392-T-23B (the "Settlement"). Pursuant to the Settlement, Intelliworxx delivered to Teltronics, among other things, its promissory note dated August 1, 2001 in the principal amount of $700,000 and a promissory note in the principal amount of $52,500 (the "Notes"). Intelliworxx has not made the payments due under the Notes on September 1, 2001 and October 1, 2001 (the Delinquent Payments") and has advised Teltronics that it does not currently have sufficient available funds to make the Delinquent Payments. Accordingly, Intelliworxx is currently in default under the Notes. Teltronics has, by letter dated October 12, 2001, agreed to forbear from certain rights under the Notes, and is willing to continue such f
