EXHIBIT 10.6

 

MUTUAL RELEASE AGREEMENT

 

THIS MUTUAL RELEASE AGREEMENT (“Agreement”) is entered into on this December 13,
2005 between SRI/Surgical Express, Inc. f/k/a Sterile Recoveries, Inc. (“SRI”)
and Coastal Hillsborough Partners, LLP (“Coastal”), individually and on behalf
of their agents, representatives and attorneys, who shall collectively be
referred to from time to time herein as the “Parties” and who may individually
be referred to from time to time as a “Party,” as the context indicates.

 

WHEREAS the Parties are currently engaged in a lawsuit pending in the Circuit
Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida
styled as SRI/Surgical Express, Inc. f/k/a Sterile Recoveries, Inc. v. Coastal
Hillsborough Partners, LLP (Case No. 04-04193-H), which shall hereinafter be
referred to as the “Litigation;”

 

WHEREAS the Parties agreed at a Court ordered mediation held on October 14, 2005
to terms settling all aspects of the Litigation as well as all other claims and
disputes existing between the Parties including, but not limited to, all
disputes related to the leased property that is the subject of the Litigation
located at 12425 Race Track Road, Tampa, Florida, and which shall hereinafter be
referred to as the “Property;” and

 

WHEREAS, pursuant to the mediation settlement and a Purchase and Sale Agreement
dated December 13, 2005 (the “Purchase Agreement”), SRI is purchasing the
Property from Coastal and this Agreement shall be executed and effective as of
the closing of the conveyance.

 

NOW THEREFORE, in consideration of the above recitals, the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged as in hand paid, the Parties,
intending to be legally bound, agree as follows:

 

1. The Parties acknowledge and agree that the above recitals are true and
correct and are a material part hereof.

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2. SRI, for itself and its successors, assigns, representatives, personal
representatives, estates, partners, shareholders, subsidiaries, members,
affiliates, parent companies, related companies, predecessors, assignors,
assignees, principals, attorneys, employees, officers, directors and agents of
any and all kind (“SRI Releasing Party”), does hereby, now and forever, fully
and finally release, acquit and discharge Coastal and its successors, assigns,
partners, members, representatives, attorneys, employees, former employees,
present and former officers, present and former directors, principals, present
and former shareholders, subsidiaries, affiliates, parent companies,
predecessors, assignors, assignees, predecessors, tenants, related companies and
agents of any and all kind (“SRI Released Party”) from any and claims, damages,
demands, actions, liabilities, responsibilities, causes of action, rents,
covenants, suits, and any and all liability of any nature, known and unknown
which the SRI Releasing Party now has, might have or might claim to have in the
future against the SRI Released Party resulting from any and all contacts,
leases, contracts, relationships, transactions, obligations and dealings that
have occurred or were undertaken between the Parties prior to the date hereof,
including, but not limited to, all claims brought or that could have been
brought in connection with the Litigation.

 

3. Coastal, for itself and its successors, assigns, representatives, personal
representatives, estates, partners, shareholders, subsidiaries, members,
affiliates, parent companies, related companies, predecessors, assignors,
assignees, principals, attorneys,

 

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employees, officers, directors and agents of any and all kind (“Coastal
Releasing Party”), does hereby, now and forever, fully and finally release,
acquit and discharge SRI and its successors, assigns, partners, members,
representatives, attorneys, employees, former employees, present and former
officers, present and former directors, principals, present and former
shareholders, subsidiaries, affiliates, parent companies, predecessors,
assignors, assignees, predecessors, tenants, related companies and agents of any
and all kind (“Coastal Released Party”) from any and claims, damages, demands,
actions, liabilities, responsibilities, causes of action, rents, covenants,
suits, and any and all liability of any nature, known and unknown which the
Coastal Releasing Party now has, might have or might claim to have in the future
against the Coastal Released Party resulting from any and all contacts, leases,
contracts, relationships, transactions, obligations and dealings that have
occurred or were undertaken between the Parties prior to the date hereof
including, but not limited to, all claims brought or that could have been
brought in connection with the Litigation.

 

4. Nothing in this Agreement releases any Party from liability for its
obligations under the Purchase Agreement, the transaction documents contemplated
by the Purchase Agreement, or the transactions contemplated by the Purchase
Agreement.

 

5. Upon execution of this Agreement, the Parties shall immediately instruct
their attorneys to dismiss the Litigation with prejudice and to submit an Order
of dismissal to the Court. Each party to the Litigation shall bear its own costs
and attorneys’ fees.

 

6. The Parties agree that this Agreement shall not be construed against any one
Party hereto, regardless of which Party primarily prepared or drafted the
Agreement.

 

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7. This Agreement may be executed in counterpart and a copy shall be considered
as good and as enforceable as an original, for all purposes.

 

[Signature lines begin on the following page.]

 

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IN WITNESS WHEREOF, the Parties have executed this Mutual Release Agreement as
of the date and year of the last Party to execute this Agreement.

 

SRI/SURGICAL EXPRESS, INC.      COASTAL HILLSBOROUGH f/k/a STERILE RECOVERIES,
INC.      PARTNERS, LLP By:  

/S/ WALLACE D. RUIZ

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     By:  

/S/ JOEL TRAUB

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Wallace D. Ruiz, Senior Vice President

and Chief Financial Officer

     Its:   Partner

 

STATE OF FLORIDA

COUNTY OF HILLSBOROUGH

 

I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the
State and County aforesaid to take acknowledgments, personally appeared Wallace
D. Ruiz as Senior Vice President and Chief Financial Officer of SRI/Surgical
Express, Inc. f/k/a Sterile Recoveries, Inc., who is personally known to me and
who has said that he has executed the foregoing Mutual Release Agreement
voluntarily and of his/her own free will.

 

WITNESS my hand and official seal in the County and State last aforesaid this
13th day of December, 2005.

 

/S/ DENISE K. SKILLMAN

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NOTARY PUBLIC

 

STATE OF FLORIDA

COUNTY OF HILLSBOROUGH

 

I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the
State and County aforesaid to take acknowledgments, personally appeared Joel
Traub as an officer and representative of Coastal Hillsborough Partners, LLP,
who is personally known to me or who has produced Drivers License of Florida as
valid and lawful identification and who has said that he has executed the
foregoing Mutual Release Agreement voluntarily and of his/her own free will.

 

WITNESS my hand and official seal in the County and State last aforesaid this
12th day of December, 2005.

 

/S/ TROY PERDUE

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NOTARY PUBLIC

 

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