Document:

ex10-2.htm

    
      

    

    Exhibit
      10.2

    

    EASTGROUP

    PROPERTIES

    

    August
      15, 2007

    

    

    Mr.
      Mark
      L. Mroczkowski

    Executive
      Vice President/CFO

    Sequiam
      Corporation

    300
      Sunport Lane

    Orlando,
      FL 32809

    

    RE:           Promissory
      Note Repayment

    

    Dear
      Mark:

    

    This
      letter shall serve as documentation of our agreement to accept $275,000.00
      on or
      before November 1, 2007 as payment in full for your Promissory Note, whether
      or
      not the First Lease Amendment with Control Center is executed and
      fulfilled.

    

    Should
      the $275,000.00 not be paid in full by November 1, 2007, Sequiam will be in
      default of their lease and the full Promissory Note balance of $1,489,283.00
      shall be due and payable per the terms of the First Lease
      Agreement.

    

    Please
      acknowledge your acceptance of these terms by signing below and returning to
      me
      as soon as possible.  This letter shall become a part of your Lease
      Agreement file.

    

    Sincerely,

    

    

    

    Chris
      Segrest

    Vice
      President

    

    

    CC:           Lease
      File

    

    

    

    _____________________________

    Mr.
      Mark
      L. Mroczkowski

    Executive
      Vice President/CFO

    Sequiam
      CorporationUnassociated Document

     

    
      SETTLEMENT
        AGREEMENT AND GENERAL RELEASE

      

      This
        Settlement Agreement and Release (the “Agreement”) is made as of this
        15th
        day of
        August 2007 (the “Effective Date”) by and between BERRY-SHINO SECURITIES, INC.
        (“BSSI”), an Arizona corporation having its principal place of business at 15100
        N. 78th
        Way,
        Suite 100, Scottsdale, Arizona 85260, and its affiliates, subsidiaries and
        parents, on the one hand, and NEW DRAGON ASIA CORPORATION (“NDAC”), a
        corporation organized and existing under the laws of Florida having a principal
        place of business at 2808 International Chamber of Commerce Tower, Fuhua
        Three
        Road, Shenzhen, China, and its affiliates, subsidiaries and parents, on the
        other hand (each of the foregoing, along with their successors and assigns,
        a
“Party” and collectively, the “Parties”).

       

      WHEREAS,
        on or about July 16, 2003 and March 18, 2004, BSSI alleges it entered into
        private placement agreements with NDAC (the “Private Placement Agreements”),
        pursuant to which BSSI was to render services as NDAC’s private placement
        agent;

       

      WHEREAS,
        BSSI alleges it is entitled to certain warrants (“Warrants”) to purchase Class A
        Common Stock, $.0001 par value (“Common Stock”), as a portion of its placement
        agency fee pursuant to the terms of the Private Placement
        Agreements;

       

      WHEREAS,
        NDAC disputes BSSI’s claims concerning entitlement to the Warrants and the
        Parties hereto desire to resolve this dispute (the “Dispute”) without litigation
        and its attendant costs and without admission of liability by NDAC;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and promises hereinafter
        made, and for other good and valuable consideration, the receipt and sufficiency
        of which is hereby mutually acknowledged, the Parties agree as follows:

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      1.  Within
        thirty (30) days of the execution and delivery of this Agreement by all Parties,
        NDAC shall issue to BSSI an aggregate of 275,000 restricted shares of Class
        A
        Common Stock of NDAC (the “Restricted Shares”). When issued, the Restricted
        Shares will be fully paid and non-assessable and have been issued pursuant
        to an
        exemption from registration under the Securities Act of 1933, as amended
        (the
“Securities Act”). The certificate evidencing the Restricted Shares shall bear a
        restrictive legend, prohibiting transfer except in accordance with applicable
        security laws, and stock transfer instructions should be maintained with
        respect
        thereto. The certificates shall bear a legend:

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND
        NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED,
        ASSIGNED OR OTHERWISE TRANSFERRED EXEPT (1) PURSUANT TO AN EFFECTIVE
        REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
        LAW OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
        OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE
        THE
        HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF
        COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY,
        THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
        TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION
        FROM
        THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
        SECURTIES LAWS.

      

      BSSI
        shall be permitted to transfer and/or sell the Restricted Stock as permitted
        under Rule 144 or another exemption from registration under the Securities
        Act.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      2.  BSSI,
        on
        behalf of itself and its affiliates, agents, employees, officers, directors,
        members, subsidiaries and parents, and their respective successors and assigns
        (the “Releasors”), hereby irrevocably and completely release and discharge NDAC,
        its present or former affiliates, subsidiaries, parents, directors, officers,
        shareholders, employees and representatives, and their respective successors
        and
        assigns (the “Releasees”) from, and hereby waive, any and all actions, causes of
        action, suits, debts, dues, sums of money, accounts, reckonings, complaints,
        covenants, contracts, controversies, agreements, promises, damages, judgments,
        claims, counterclaims, demands, losses and other liabilities whatsoever,
        in law
        or equity, which any Releasor, its directors, officers, employees, agents
        and
        representatives, and their respective successors and assigns, ever had, now
        has,
        or hereafter can, shall or may have for, upon or by reason of any matter,
        cause
        or thing whatsoever from the beginning of the world to the Effective Date,
        whether presently known or unknown, asserted or unasserted, against any
        Releasee, including, without limitation, any and all claims arising out of,
        related to, or connected with the Dispute, the Warrants, the Common Stock,
        the
        Private Placement Agreements, the Restricted Shares or any other agreement
        between the Parties.

       

      3.  Neither
        Party hereto shall issue any press release or statement with regard to the
        terms
        and provisions of this Agreement without the consent of the other, nor shall
        any
        Party disclose to any third party (other than its respective employees,
        directors and officers, in their capacity as such, on a need-to-know basis)
        any
        information with respect to the financial terms and/or provisions of this
        Agreement except: (a) to the extent necessary to comply with local, state
        and
        federal law (including, but not limited to, federal securities laws) or a
        valid
        court order of a court with competent jurisdiction, in which event the Party
        making such disclosure
        shall so
        notify the other Party as promptly as is practicable (if possible, prior
        to
        making such disclosure) and shall seek confidential treatment of such
        information; (b) to its parent, subsidiary or other affiliated companies,
        their
        banks, auditors and attorneys and similar professionals (collectively, its
        “Permitted Recipients”), provided that the disclosing Party shall be liable to
        the other Party in the event that any of its Permitted Recipients disclose
        any
        information that the disclosing Party would be prohibited from disclosing
        pursuant to this paragraph; (c) in order to enforce its rights pursuant to
        this
        Agreement; and (d) to a bona fide prospective or an actual buyer or financier
        as
        well as the Permitted Recipients thereof.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      4.  Each
        Party to this Agreement shall have the express right to assign all duties,
        obligations, privileges and rights granted hereunder to a third party with
        prior
        written consent of the other Party hereto. The provisions of this Agreement
        shall bind and inure to the benefit of each of the Parties hereto, their
        affiliates, subsidiaries, parents, successors, and assigns.

       

      5.  Each
        Party to this Agreement represents that it has read and understands the
        foregoing Agreement; that it has had the advice of counsel in entering into
        this
        Agreement; that it has the capacity and right to enter into this Agreement;
        and
        that it accepts the duties, obligations, privileges, and rights granted
        hereunder.

       

      6.  If
        any
        provision of this Agreement is held to be invalid, illegal or unenforceable,
        in
        whole or in part, such provision shall be modified to the minimum extent
        necessary to make it legal, valid and enforceable, and the remaining provisions
        shall not in any way be affected or impaired. Neither this Agreement nor
        any
        provision hereof may be waived, amended or modified, except by an agreement
        in
        writing signed by the Party sought to be bound thereby. This Agreement sets
        forth the entire and exclusive agreement between the Parties and fully
        supersedes any and all prior or contemporaneous written, oral or other
        agreements or understandings between them pertaining to the subject matter
        hereof. Each Party represents that it has not relied on any representation,
        warranty or promise that is not specifically set forth in this
        Agreement.

       

      7.  This
        Agreement may be executed in multiple original counterparts, each of which
        is
        equally admissible in evidence and shall be deemed to be one and the same
        instrument. This Agreement shall not take effect until each Party has signed
        a
        counterpart of this Agreement. Telecopy signatures or signatures delivered
        by
        any other electronic device will be relied upon and have the same force and
        effect as original signatures in all respects, regardless as to whether or
        not
        the parties subsequently circulate duplicate originals for
        signature.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      8.  This
        Agreement, including the performance and enforceability hereof, and its subject
        matter is governed by and will be construed in accordance with the laws of
        the
        State of New York, without reference to the principles of conflicts of law.
        

       

      9.  Any
        individual signing this Agreement on behalf of a Party represents and warrants
        that he or she has the full authority to do so.

      IN
        WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective
        Date.

    

    
       

      

        
          	
                  BERRY-SHINO
                    SECURITIES, INC.

                	 	
                  NEW
                    DRAGON ASIA CORPORATION

                
	 	 	 
	 	 	 
	 	 	 
	
                  By:

                	/s/
                  Robert L. Berry	 	
                  By:
                    

                	/s/
                  Peter Mak
	 	
                  
                    
Name:
                    Robert L. Berry

                	 	 	
                  
                    
Name:
                    Peter Mak

                
	 	
                  Title: 
                    President

                	 	 	
                  Title:
                    Chief Financial Officer

                

        

      

       

      
        
          
          

        

        
          5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]