SETTLEMENT AGREEMENTSettlement Agreement • June 6th, 2007 • Peerless Systems Corp • Services-prepackaged software • Delaware
This Settlement Agreement (this "Agreement") is made as of June 4, 2007, by and among Peerless Systems Corporation, a Delaware corporation (the "Company"), on the one hand, Timothy E. Brog, an individual ("Mr. Brog"), Pembridge Value Opportunity Fund LP, a Delaware limited partnership (“Pembridge Value”), Pembridge Capital Management LLC, a Delaware limited liability company (“Pembridge Capital”), Pembridge Value Advisors LLC, a Delaware limited liability company (“PVA”), Sherwood Advisors LLC, a Delaware limited liability company (“Sherwood”), Rahul Rimmy Malhotra, an individual ("Mr. Malhotra"), Eric S. Newman, an individual ("Mr. Newman"), Steven Bathgate, an individual ("Mr. Bathgate"), Marc Bathgate, an individual ("Mr. M. Bathgate"), Allison Bathgate, an individual ("Ms. A. Bathgate"), Jonathan Bathgate, an individual ("Mr. J. Bathgate"), Charles Bathgate, an individual ("Mr. C. Bathgate"), Margaret Bathgate, an individual ("Ms. M. Bathgate"), Bathgate Family Partnership II, Ltd
