MEMORANDUM OF UNDERSTANDINGMemorandum of Understanding • December 17th, 2010 • CLST Holdings, Inc. • Wholesale-electronic parts & equipment, nec • Texas
This memorandum of understanding (“MOU”) is entered into as of December 13, 2010 by and among the parties in the action captioned Ron Phillips and Scott Moorehead, Derivatively on Behalf of CLST Holdings, Inc., v. Timothy S. Durham, Robert A. Kaiser, and David Tornek, Cause No. 10-07655 (the “State Action”), now pending in the District Court, 134th Judicial District, Dallas County, Texas (the “State Court”), and by and among the parties in the action captioned CLST Holdings, Inc. v. Red Oak Partners, LLC et al., Civil Action No. 3-09CV00291 (the “Federal Action”), now pending in the United States District Court for the Northern District of Texas, Dallas Division (the “Federal Court”) (the State Action and Federal Action collectively, the “Actions”). This MOU is intended to be and is a binding agreement among all parties to the Actions (the “Parties”) and shall be fully enforceable under Tex. R. Civ. P. 11 and under ordinary principles of contract law. It outlines the general terms of t
