exhibit10102.htm


    
       

      
        

        

      

      Exhibit
        10.102

       

      SmarTire
        Systems Inc.

      
        Suite
          150, 13151 Vanier Place

        Richmond,
          British Columbia

        Canada,
          V6V 2J1

         

        T:
          604.276.9884

        F:
          604.276.2350

        www.smartire.com

        SMTR:
          OTCBB

        


        


        February
          28, 2007

        


        


        


        Al
          Kozak

        25841
          116
          Avenue

        Maple
          Ridge, BC,

        V4R
          1Z6

        


        Dear
          Al,

        


        As
          you
          are aware SmarTire Systems Inc., has been experiencing some severe financial
          difficulties over the last number of months, and has therefore been unable
          to
          continue your severance payments past the December 15, 2007
          payroll.

        


        After
          discussions between Dave Warkentin and yourself, we have come to the following
          settlement agreement that discharges the outstanding severance owed to
          you by
          the company.

        


        Agreed
          Settlement:

        


        We
          will
          pay three blocks of shares to you as follows:

        


        
          	
                  A)  

                	
                  Shares
                    equivalent to CDN $10,000 payable by March 7,
                    2007.

                


        

        
          	
                  B)  

                	
                  Shares
                    equivalent to CDN $20,000 payable by April 15 2007, using the
                    last five
                    trading days of March 2007.

                


        

        
          	
                  C)  

                	
                  Shares
                    equivalent to CDN $20,000 payable by May 11,
                    2007.

                


        

        


        In
          each
          case the value of each share will be based on the average of the prior
          month’s
          last five trading days of the closing price of the company’s common
          stock.

        


        You
          will
          be responsible for paying the taxes on the fair value of these shares (“your
          cost”), deemed to be the closing price on the day prior to the date of the
          issuance of these shares multiplied by the number of common shares you
          receive,
          as this amount will be included in your 2007 T4.  Please also note
          that should you sell these shares at a higher price than your cost, you
          will
          also be responsible for paying capital gains tax on your gain.

        


        The
          Company will continue to provide benefits coverage excluding long-term
          disability, until April 12, 2007.

        


        You
          may
          continue to exercise any stock options that have been granted and have
          vested
          until May 30, 2007, after which any unexercised stock options will be
          forfeited.

         

        At
          the
          end of this letter is a Release Agreement stating that you understand and
          are in
          agreement with the terms as set out in this letter.  After you have
          had an opportunity to carefully review the contents of this letter please
          sign
          the release and return it to myself.

         

        


        


        Sincerely,

        


        /s/
          Jeff
          Finkelstein

        Jeff
          Finkelstein

        Chief
          Financial Officer

        SmarTire
          Systems Inc.