FINAL RESOLUTION LETTER AGREEMENTFinal Resolution Letter Agreement • November 7th, 2016 • Novatel Wireless Inc • Communications equipment, nec
Reference is made to that certain Asset Purchase Agreement, by and between Telit Technologies (Cyprus) Limited, Telit Wireless Solutions, Inc. (collectively, the “Purchasers”) and Novatel Wireless, Inc., (“Seller” and together with Purchasers, the “Parties”), dated as of April 11, 2016 (the “Purchase Agreement”). In connection therewith, Purchasers agree to pay, on or before September 30, 2016, an amount equal to $2,050,000.00, calculated in accordance with Exhibit A hereto, by wire transfer of immediately available funds to the account set forth on Exhibit B hereto, in full satisfaction of their payment obligations under Sections 1.3(b), (c), and (d) of the Purchase Agreement (the “Final Resolution Amount”). On the date hereof, or as soon as practicable thereafter, Seller will ship the remainder of the Batch 2 Inventory to Purchasers, in exchange for the payment of the Final Resolution Amount and in full satisfaction of its obligations under Sections 1.1(b) and 5.5 of the Purchase Agr
