Document:

Guillen Settlement Agreeement

     

    Exhibit
      10.43

    CONFIDENTIAL
      SETTLEMENT AGREEMENT

     

    This
      Confidential
      Settlement Agreement
      (the
“Agreement”) is made effective as of the 12thst day of February, 2007, by and
      between OXIS International, Inc. (“OXIS”) and Steven T. Guillen (“Guillen”). The
      Agreement is based upon the following recitals of fact, which are hereby
      incorporated into this Agreement by reference:

     

    A. Guillen
      has been employed by OXIS as President and Chief Executive Officer pursuant
      to a
      written Employment Agreement dated February 28, 2005 ("Employment
      Agreement");

     

    B. Pursuant
      to the terms of the Employment Agreement, Guillen was issued Stock Options
      under
      the OXIS 2003 Stock Incentive Plan for 600,000 shares of Rule 144 Common Stock
      of OXIS (the "Stock Options") of which 300,000 were unvested at the time of
      his
      termination by OXIS. In addition, in December of 2005 Guillen was issued
      additional options, (“Bonus Options”), of which options 300,000 were unvested at
      the time of his termination by OXIS;

     

    C. Guillen’s
      employment with OXIS was terminated on September 15, 2006;

     

    D. On
      or
      about October 16, 2006, Guillen filed a complaint against OXIS in the Superior
      Court of the State of California, County of San Mateo, Case No. CW 458335,
      alleging claims for breach of contract, breach of the covenant of good faith
      and
      fair dealing, violation of Labor Code section 203 and wrongful termination,
      which complaint was not been served (the “Complaint”);

     

    E. On
      or
      about December 5, 2006, OXIS and Guillen agreed in principle to a settlement
      which was executed by Guillen but not by OXIS, and which was only partially
      performed by OXIS. The parties disagree whether this partially executed and
      performed agreement is enforceable; 

     

    F. OXIS
      and
      Guillen have agreed enter into this Confidential Settlement Agreement as
      provided herein
      in order
      to effect a full and final adjustment of all their rights, duties, interests
      and
      claims, if any, arising out of the Employment Agreement, the Stock Options,
      the
      Bonus Options, and their partially executed prior settlement.. Additionally,
      the
      parties will retain certain indemnifications and releases, all as provided
      below, which may exist now or in the future, be had on the terms and conditions
      set forth herein. 

     

    NOW,
      THEREFORE, IN CONSIDERATION OF THE PROMISES AND COVENANTS SET FORTH BELOW,
      THE
      PARTIES MUTUALLY AGREE AS FOLLOWS:

     

    1. Payment
      of Separation Benefit.

     

    (a) Following
      the execution of this Agreement, OXIS will pay Guillen the sum of Two Hundred
      Fifty Thousand Dollars ($250,000) in monthly installments of Ten Thousand
      Dollars ($10,000) each by automatic bank deposit, subject to standard payroll
      deductions and withholdings (the "Separation Benefit"). The first such
      installment covering the period February 15, 2007 through March 15, 2007 shall
      be made upon execution of this Agreement. Thereafter each monthly installment
      shall be paid by direct deposit no later than the 17th
      day of
      each month, commencing March 17.

     

    (b) Upon
      execution of this Agreement and expiration of the execution and revocation
      period set forth in Section 19 hereof, all of the Stock Options and Bonus
      Options will immediately vest and any portion of the Stock Options and Bonus
      Options that have not been registered will carry piggyback registration rights
      subject to the restrictions set forth as part of the debenture financing that
      closed on October 25, 2006.

     

    (c) Following
      the execution of this Agreement and expiration of the execution and revocation
      period set forth in Section 19 hereof, Guillen will be able to exercise the
      Stock Options and Bonus Options until the later of either the fifth
      (5th)
      anniversary of the date the Compensation Committee initially approved the Stock
      Options and Bonus Options, respectively, or February 15, 2010.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (d) As
      part
      of the Separation Benefit, OXIS shall pay Guillen’s health insurance premiums
      under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA")
      or
      its California equivalent for employers with 20 or fewer employees
      (“Cal-COBRA”), on the same basis as these benefits were paid prior to Guillen’s
      termination (a maximum of $800 per month with Guillen paying the same portion
      of
      the benefits as he did during his employment), during 12-month period commencing
      on Guillen’s date of termination specified above, such payments to be terminated
      in the event Guillen obtains new health insurance through new employment or
      otherwise becomes ineligible to receive such benefits. Thereafter, Guillen
      must
      pay for whatever group health plan continuation coverage Guillen elects and
      to
      which Guillen and his dependants are entitled pursuant to COBRA or Cal-COBRA.
      The “qualifying event” with respect to Guillen's COBRA or Cal-COBRA rights shall
      be the termination of employment on the date specified above. The unpaid health
      insurance premiums for the period September 15, 2006 to March 15, 2007 in the
      maximum total amount of $4800, shall be paid at the time of execution of this
      Agreement. 

     

    (e) In
      event
      that OXIS obtains additional financing in the amount of $1 million or more
      after
      February 12, 2007, whether in one transaction or multiple transactions and
      whether in the form of debt or equity, or in the event of a change in control
      as
      defined in the Employment Agreement, then no later than 10 days thereafter,
      OXIS
      shall pay Guillen an amount equal to $10,833.33 multiplied by the number of
      months that he has been paid $10,000 toward the Separation Benefit (the “First
      Catch-Up Payment”), and thereafter will be paid $20,833.33 per month, provided
      that the total Separation Benefit, including any Catch-Up Payment shall not
      exceed $250,000. In the event that the total additional financing received
      after
      February 12, 2007 reaches $2 million or more, then no later than 10 days
      thereafter, OXIS shall pay Guillen up to an additional $104,166.65 (the “Second
      Catch-Up Payment” representing amounts which might have been paid on the
      Separation Benefit prior to the execution of this Agreement), provided that
      in
      no event shall the total amount of monthly payments toward the Separation
      Benefit and the First and Second Catch-Up Payments exceed the $250,000 total
      amount due as Separation Benefit pursuant to Paragraph 1(a). 

     

    (f) Although
      not part of the consideration for this Agreement, Guillen was entitled to
      receive certain additional sums from OXIS. Specifically, Guillen was entitled
      to
      receive payment of the interest and principal on the Promissory Note dated
      March
      10, 2006 between Guillen and OXIS. In addition, Guillen also received pay for
      any unused vacation time through the date of his termination, and was fully
      paid
      for any and all expenses incurred on behalf of OXIS, as well as any unpaid
      salary accrued prior to the close of business on September 15, 2006, along
      with
      interest and penalties pursuant to Labor Code section 203. These sums were
      paid
      on or before November 2, 2006. In addition, on or about January 16, 2007,
      Guillen was paid $3500 in partial payment of attorneys fees incurred pursuant
      to
      the terms of the original settlement contemplated by the parties. The
      Compensation Committee of OXIS met on September 26, 2006 and determined that
      Guillen is not entitled to any bonus for the year 2006. Guillen has contested
      the validity of that determination.

     

    2. Guillen
      Covenants, Promises and Acknowledgments.
      Guillen
      agrees to the following:

     

    Upon
      execution of this Agreement, payment of sums due herein, execution of documents
      sufficient to vest the Stock Options and Bonus Options and expiration of the
      execution and revocation period set forth in Section 20 hereof, Guillen will
      promptly resign from OXIS Board of Directors. In addition, to the extent he
      has
      not already done so, Guillen will promptly return the original and all copies
      of
      all OXIS files, records, documents, client lists, financial data, plans,
      drawings, specifications, equipment, pictures, videotapes, or any property
      or
      other items concerning the business of OXIS, whether prepared by Guillen or
      otherwise coming into Guillen's possession or control by virtue of his
      employment with OXIS.

     

    
      
         

      

      
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    3. Mutual
      Release.

     

    (a) Except
      as
      expressly provided herein, Guillen, on his own behalf and on behalf of his
      heirs, spouse, executors, administrators, principals,
      agents, attorneys, parents and employees, as appropriate, (the “Guillen
      Releasing Parties”), hereby releases and absolutely forever discharges OXIS,
      together with its administrators, principals, agents, attorneys, officers,
      directors, employees, subsidiaries, parents and affiliates, as appropriate
      (the
“OXIS Released Parties”), individually and collectively, of and from any and all
      known or unknown liabilities, claims, demands for damages, costs,
      indemnification, contribution, or any other thing for which they or any of
      them
      have or may have a known or unknown cause of action, claim, or demand for
      damages, costs, indemnification, or contribution, whether certain or
      speculative, which may have at any time prior hereto come into existence or
      which may be brought in the future in connection with any acts or omissions
      which have arisen at any time prior to the effective date of this Agreement,
      including, but not limited to, the Complaint and any and all claims Guillen
      has
      or may have relating to, or arising out of the Employment Agreement or
      employment of Guillen with OXIS or the partially executed settlement, or any
      claim by Guillen for breach of the Employment Agreement or any claim that
      Guillen has been wrongfully terminated by OXIS, including any claim for tortuous
      conduct resulting in personal injuries, any claim for harassment or
      discrimination on the basis of race, color, national origin, religion, sex,
      age,
      sexual orientation, ancestry, medical condition, marital status, physical or
      mental disability, or other protected class, discharge in violation of public
      policy and/or violation of any state and federal laws, including without
      limitation, the Age
      Discrimination in Employment Act
      and its
      amendment, the Older
      Workers Benefits Protection Act,
      the
      Fair Employment and Housing Act,
      the
      Americans with Disabilities Act,
      Title
      VII of the Civil Rights Act of 1964,
      as
      amended, The
      Fair Labor Standards Acts,
      as
      amended, the
      National Labor Relations Act,
      as
      amended, the
      Labor - Management Relations Act,
      as
      amended, the
      Worker Adjustment and Retraining Notification Act of 1988,
      as
      amended, the
      Rehabilitation Act of 1973,
      as
      amended, the
      Equal Pay Act,
      the
      Pregnancy Discrimination Act,
      the
      Employee Retirement Income Security Act of 1974,
      as
      amended, the
      Family Medical Leave Act of 1993,
      the
      California Family Rights Act,
      as
      amended and the
      California Labor Code.
      Provided
      however, that nothing in this Agreement or in paragraphs 3 (a) and 3 (b) shall
      release or relinquish in any way any rights, entitlements, claims or demands
      for
      indemnity or contribution which a Guillen Releasing Party has, may have or
      may
      assert against any OXIS Released Party arising from or in connection with any
      third party claim relating to Guillen’s prior employment by OXIS or service as
      an officer and/or director of OXIS (including coverage under OXIS’ directors and
      officers liability insurance, if any, to the fullest extent permitted
      thereunder). 

     

    (b) The
      Guillen Releasing Parties acknowledge the existence of and, with respect to
      the
      matters released in paragraph 3(a) above, expressly waive and relinquish any
      and
      all rights and benefits they have or may have under California Civil Code,
      Section 1542, which provides:

     

    A
      GENERAL
      RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT
      TO
      EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
      BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
      DEBTOR.

     

    The
      Guillen Releasing Parties acknowledge that they are aware that they may
      hereafter discover facts different from or in addition to those which he or
      his
      attorneys now know or believe to be true with respect to the matters released
      in
      paragraph (a) above, and agree that the release so given in paragraph 3(a),
      above, shall be and remain in effect as a full and complete release of the
      respective claims, notwithstanding any such different or additional
      facts.

     

    
      
         

      

      
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    (c) Except
      as
      expressly provided herein, OXIS, on its own behalf and on behalf of its
      administrators, principals, agents, officers, directors, employees,
      subsidiaries, parents and affiliates, as appropriate, (the “OXIS Releasing
      Parties”), hereby releases and absolutely forever discharges Guillen, together
      with his heirs, spouse, executors, administrators, as
      appropriate, (the “Guillen Released Parties”), individually and collectively, of
      and from any and all known or unknown liabilities, claims, demands for damages,
      costs, indemnification, contribution, or any other thing for which they or
      any
      of them have or may have a known or unknown cause of action, claim, or demand
      for damages, costs, indemnification, or contribution, whether certain or
      speculative, which may have at any time prior hereto come into existence or
      which may be brought in the future in connection with any acts or omissions
      which have occurred at any time prior to the date of this Agreement, including,
      but not limited to, any and all claims the OXIS Releasing Parties have or may
      have relating to, or arising out of the employment of Guillen with OXIS or
      his
      service on the OXIS Board of Directors, or any claim by the OXIS Releasing
      Parties for breach of the Employment Agreement. 

     

    (d) The
      OXIS
      Releasing Parties acknowledge the existence of and, with respect to the matters
      released in paragraph 3(c) above, expressly waive and relinquish any and all
      rights and benefits they have or may have under California Civil Code, Section
      1542, which provides:

     

    A
      GENERAL
      RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT
      TO
      EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
      BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
      DEBTOR.

     

    The
      OXIS
      Releasing Parties acknowledge that they are aware that they may hereafter
      discover facts different from or in addition to those which they or their
      attorneys now know or believe to be true with respect to the matters released
      in
      paragraph 3(c), and agree that the release so given in paragraph 3(c), shall
      be
      and remain in effect as a full and complete release of the matters released
      in
      paragraph 3(c), notwithstanding any such different or additional facts.

     

    4. Conditional
      Dismissal and Covenant Not to Sue. Upon
      execution of this Agreement, the Stipulation for Entry of Judgment, payment
      of
      the sums due herein, execution of documents sufficient to vest the Stock Options
      and Bonus Options and expiration of the execution and revocation period set
      forth in Paragraph 20 hereof, Guillen will file a Notice of Settlement including
      a conditional dismissal of the Complaint in the form attached hereto as Exhibit
      “A”. Although OXIS has not answered the Complaint, it stipulates to jurisdiction
      over the matter and the parties personally and further stipulates that the
      Court
      will retain such jurisdiction until final performance of all the terms of the
      Settlement Agreement, including tolling of any applicable statute, rule or
      court
      order affecting timely prosecution of an this action. Guillen further represents
      that he has no other lawsuits, claims or actions pending in his name, or on
      behalf of any other person or entity, against OXIS or any Released Parties
      herein. The parties covenant not to bring any future action to enforce any
      of
      the claims released herein.

     

    5. Default. 

     

    (a) If
      any
      payment of the Separation Benefit required pursuant to paragraph 1(a) is not
      received by direct deposit on or before the 17th
      of each
      month (unless such date falls on a weekend or bank holiday, in which case the
      payment shall be due on the next business day), Guillen shall provide OXIS
      with
      written notice to cure. In the event that the required payment is not paid
      within five (5) business days after written notice is given, then OXIS
will
      incur a penalty equal to 10% of such monthly payment. In the event that OXIS
      fails to make the required payment and the 10% penalty within 20 days of the
      date the Separation Benefit payment was due and following written notice to
      cure, an “Event of Default” shall be deemed to have occurred and the remaining
      balance of Separation Payments will be accelerated, becoming due and payable
      immediately.  

     

    (b) Concurrently
      with the execution of this Agreement, OXIS will execute and deliver to the
      office of Guillen’s legal counsel, an executed Stipulation for Entry of Judgment
      in the form attached hereto as Exhibit “B”. Guillen’s counsel shall hold the
      Stipulated Judgment in escrow which Guillen’s counsel is authorized to file only
      in the case of an Event of Default which has not been timely cured.

     

    
      
         

      

      
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    6. Enforcement/Attorneys’
      Fees. In
      any
      action brought to interpret or enforce the terms of this Agreement the
      prevailing party shall be entitled to recover its reasonable attorneys’ fees and
      costs incurred. 

     

    7. Entire
      Agreement.
      This
      Agreement supercedes and replaces the Confidential Settlement Agreement
      negotiated and partly performed by the parties and upon execution shall
      constitute the sole and entire agreement and understanding of the parties with
      respect to the entire subject matter hereof, and no other agreement (including
      the Confidential Settlement Agreement), oral or written, shall be deemed to
      exist or to bind either of the parties hereto.

     

    8. Nonadmission
      of Liability.
      This
      Agreement, and its performance, does not constitute and will not be construed
      as
      an admission by OXIS or Guillen of the truth of any contested matter, or of
      any
      liability, wrongful act, or omission.

     

    9. Confidentiality
      of Agreement.
      The
      content of this Agreement, and of the parties' discussions pertaining to it,
      are
      confidential, and Guillen and OXIS will not disclose or allow the disclosure
      of
      any information concerning this Agreement and its performance to anyone, except
      that the Agreement may be disclosed by either party to his/her/its attorney(s),
      accountant(s) or spouse(s), and, as required, by subpoena or court order or
      to
      governmental taxing authorities or to enforce the rights contained in this
      Agreement in an appropriate legal proceeding, and notwithstanding anything
      to
      the contrary herein, OXIS may disclose the contents of this agreement in filings
      it makes with the Securities and Exchange Commission, including filing this
      Agreement as an exhibit to filings it makes with the Securities and Exchange
      Commission, as required by applicable laws and OXIS may also disclose the
      contents of this Agreement to third parties conducting due diligence on the
      Company. 

     

    10. Confidentiality
      of Employment.

     

    (a) The
      parties recognize and agree that, during the course of Guillen's employment
      with
      OXIS, Guillen had access to and became acquainted with OXIS’ lists of clients,
      projects, computer programs, business plans and strategies, prices, budgets,
      techniques, inventions, improvements and similar confidential or proprietary
      materials or information respecting OXIS’ or its clients’ business affairs. In
      addition, Guillen had access to and became acquainted with confidential
      information of a personal nature of OXIS and its employees, officers and
      directors, including, but not limited to, such persons’ salary and benefits,
      special skills and knowledge, identities and job performance. The parties agree
      that such business information and information concerning OXIS and/or its
      employees, officers and directors as set forth above and any other information
      concerning OXIS reasonably understood to be confidential constitutes
“Confidential Information.” All Confidential Information which came into
      Guillen’s possession shall remain the exclusive property of OXIS. Under no
      circumstances can such Confidential Information be disclosed, disseminated
      or
      published in any manner without the prior written consent of OXIS. Any such
      unauthorized disclosure shall entitle OXIS and/or any of their directors and
      officers to all the remedies at law and equity, including the right to seek
      and
      obtain a preliminary and permanent injunction. This Agreement is in addition
      to,
      and does not supersede or affect, any prior confidentiality agreement which
      may
      have been signed by Guillen which shall remain in full force and effect.
      Notwithstanding the foregoing, “Confidential Information” shall not include any
      information which (i) becomes generally available to the public or the sweeper
      industry by any means other than disclosure by Guillen, (ii) becomes available
      to Guillen in documents form on a non-confidential basis from a source other
      OXIS, which source is not prohibited from disclosing such information to Guillen
      by contractual, legal or fiduciary obligation to OXIS, or (iii) was
      independently acquired by Guillen prior to his employment by OXIS as evidenced
      by written records.

     

    (b) Guillen
      agrees that he shall not disparage OXIS to clients or other third parties.
      Oxis
      on behalf its officers and directors agrees that they shall not disparage
      Guillen to clients or other third parties.

     

    (c) The
      parties acknowledge that a breach of the covenants contained in Paragraphs
      9 and
      10 may not be compensable by monetary damages and therefore that the aggrieved
      party may pursue all available equitable remedies, including injunctive
      relief.

     

    
      
         

      

      
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    11. Future
      Cooperation Clause. Guillen
      agrees that he will not counsel or assist in any material manner any attorneys
      or their clients in the presentation or prosecution of any disputes,
      differences, grievances, claims, charges or complaints by any third party
      against OXIS and/or any OXIS Released Parties, unless under subpoena or other
      court or administrative order or legal process to do so. Guillen further agrees
      both to notify OXIS within a reasonable period of time upon receipt of any
      court
      order, subpoena, or other legal discovery device that seeks or might require
      the
      disclosure or production of the existence or terms of this Agreement, and to
      mail a copy of such subpoena or legal discovery device to OXIS. In addition,
      Guillen will use reasonable efforts to cooperate with OXIS in connection with
      any business matters in which he was involved or any existing or potential
      claims, investigations, administrative proceedings, lawsuits or other legal
      and
      business matters which arose during Guillen’s employment as reasonably requested
      by OXIS, provided that such cooperation does not expose Guillen to any liability
      or prejudice his ability to defend himself with respect to any such
      liability.

     

    12. Response
      to Solicitation for References.
      Guillen
      agrees to refer all persons making inquiries of or seeking employment references
      regarding Guillen from OXIS to its Human Resources Department. OXIS agrees
      that
      its Human Resources Department shall respond to all such inquiries by providing
      only dates of employment and position held.

     

    13. Waiver,
      Modification and Amendment.
      No
      provision hereof may be waived unless in writing signed by both parties hereto.
      Waiver of any one provision herein shall not be deemed to be a waiver of any
      other provision herein. This Agreement may be modified or amended only by a
      written agreement executed by the parties affected thereby.

     

    14. Collaborative
      Effort.
      No
      party hereto or their respective attorneys shall be deemed to have drafted
      this
      Agreement, or any portion thereof, for purposes of construing or interpreting
      any of the terms or provisions in any action or proceeding which may hereinafter
      arise between them. Except as set forth herein, each party shall bear their
      own
      attorneys’ fees and costs incurred in connection with the Complaint, the
      partially executed settlement and in drafting this Agreement.

     

    15. Execution.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original but all of which together shall constitute a single
      document.

     

    16. Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and shall be binding upon the
      predecessors, successors, heirs and assigns of the parties hereto, and each
      of
      them. This Agreement is not intended to constitute a third-party beneficiary
      contract.

     

    17. Authority.
      OXIS
      hereby represents and warrants that the undersigned has the authority to act
      on
      behalf of OXIS and its officers and directors who might claim through it and
      to
      bind OXIS and its officers and directors and all who may claim through it to
      the
      terms and conditions of this Agreement. Guillen represents and warrants that
      he
      has the capacity to act on his own behalf and on behalf of all who might claim
      through him to bind them to the terms and conditions of this Agreement. Each
      party warrants and represents that there are no liens or claims of liens or
      assignments in law or equity or otherwise of or against any of the claims or
      cause of action or matters released herein.

     

    18. Severability.
      If any
      term, provision, covenant, or condition of this Agreement (the "Provision")
      is
      held by an arbitrator or a court of competent jurisdiction to be invalid, void,
      or unenforceable, the remaining provisions of this Agreement shall remain in
      full force and effect and in no way shall be affected, impaired, or invalidated.
      If possible, the Provision shall remain in effect but shall be modified by
      the
      court or arbitrator only to the extent necessary to make it
      reasonable.

     

    19. Independent
      Counsel.
      OXIS
      has advised Guillen to consult with independent legal counsel prior to executing
      this Agreement.

     

    
      
         

      

      
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    20. Execution
      and Revocation.
      Guillen
      has the right to review and consider this Agreement for a period of twenty-one
      (21) days prior to execution. Execution prior to the conclusion of said
      twenty-one (21) day period indicates an express and knowing waiver of the
      remaining portion of said twenty one (21) day review period and a willingness
      to
      enter into this Agreement voluntarily. Further, Guillen has the right to revoke
      this Agreement within seven (7) days after execution. For such revocation to
      be
      effective it shall: (a) be in writing; and (b) be received by OXIS within seven
      (7) days after execution of this Agreement by Guillen. 

     

    21. Notice.
      Any
      notice required herein shall be provided to OXIS at its regular business address
      by facsimile during regular business hours and U.S. Mail, with a copy to Kelly
      O. Scott, Esq., Ervin, Cohen & Jessup LLP, 9401 Wilshire Boulevard, Ninth
      Floor, Beverly Hills, California 90212-2974, facsimile number (310) 859-2325.
      Notice shall be provided to Guillen at his last known address by facsimile
      and
      U.S. Mail, with a copy to Alan W. Sparer, Esq., Law Offices of Alan W. Sparer,
      100 Pine Street, 33rd
      Floor,
      San Francisco, California 94111, facsimile number (415) 217-7307.

     

    
      	 	 	 
	 Dated: 
              February 27, 2007	STEVEN
              T.
              GUILLEN
	 
 	 
 	 
 
	
            	  	/s/ Steven
              T.
              Guillen

    

     

    
      	 	 	 
	 Dated: 
              March 8, 2007	OXIS
              INTERNATIONAL, INC.
	 
 	 
 	 
 
	 	 By: 	 /s/ Marvin S. Hausman, M.D.
	
            	 	CEO

    

     

     

     

     

     

     

     

    

      
        
           

        

        
          7settlement agreement

     

    EXHIBIT
      10.27

     

     

    

      

       

      Settlement
        Agreement and Mutual General Release

       

      This
        Settlement Agreement and Mutual General Release (“Agreement”) is made and
        entered into as of the 3rd day of February 2005, by and between Merisel,
        Inc.
        and Merisel Americas, Inc. (“Merisel”) and Timothy Jenson, Tina Wurtz, Craig
        Wurtz, John Low, D&H Services, LLC (“D&H”), and TDH Enterprises, LLC
        (“TDH”). Each is referred to herein as a “Party,” and collectively, as “the
        Parties.” 

      Recitals

       

      WHEREAS,
        on November 30, 2004, Merisel commenced an action against Mr. Jenson, Ms.
        Wurtz,
        Mr. Wurtz, John Low, D&H and TDH in the Superior Court of Los Angeles
        County, California under Case Number Case No. BC 325224, bearing the caption
        Merisel,
        Inc., et al. v. Jenson, et. al,
        asserting claims arising out of a the sale of certain assets and liabilities
        of
        Merisel to D&H in August 2004 (the “Original Action”);

       

      WHEREAS,
        on January 10, 2005, Timothy Jenson filed a Cross-Complaint in the Original
        Action asserting claims arising from various contracts between Merisel and
        Mr.
        Jenson, as well as claims for fraud in the inducement, negligent
        misrepresentation, common count, work, labor services, violations of labor
        code,
        conversion, invasion of privacy, defamation, intentional infliction of emotional
        distress, and negligent infliction of emotional distress (“Cross-Complaint”)
        (collectively with the Original Action, “Actions”);

       

      WHEREAS,
        the Parties wish to complete the settlement, compromise, and resolution of
        the
        claims raised in the Actions, on the terms and subject to the conditions
        stated
        herein;

       

      The
        Parties, in consideration of the covenants contained herein, and in
        consideration and exchange of the following consideration, hereby stipulate
        and
        agree as follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Terms
        and Conditions

       

      1.0  Nature
        of Agreement

      Except
        as
        otherwise expressly provided herein, this Agreement, and the monies, documents,
        and/or instruments to be paid, exchanged, and/or filed with the court,
        constitute a fully executed settlement, accord and satisfaction, and general
        and
        special release of any and all claims and disputes by and between the Parties
        for claims now existing or hereinafter that may arise in regard to, or which
        in
        any way relate to or arise out of, the Actions.

       

      2.0  Settlement
        Obligations.

       

      2.1  Merisel,
        Ms. Wurtz, and D&H agree to terminate and rescind the Purchase Agreement
        between D&H and Merisel Americas, Inc., which closed on August 18, 2004
        (“the Purchase Agreement”). Mr. Jenson, Mr. Wurtz, Mr. Low and TDH each
        represent and warranty that they have no direct or indirect interest in D&H
        or the Purchase Agreement.

       

      2.2  Ms.
        Wurtz
        and D&H agree to execute documents releasing any direct or indirect claims
        to title they may have to all assets and liabilities listed on Schedule A
        hereto. Mr. Jenson, Mr. Wurtz, Mr. Low and TDH each represent and warranty
        that
        they have no direct or indirect interest in the assets and liabilities listed
        on
        Schedule A hereto. 

       

      2.3  D&H
        agrees to pay to Merisel one million, five hundred, forty thousand, eight
        hundred twenty-nine dollars and forty-nine cents ($1,540,829.49). D&H shall
        wire such funds to an escrow account to be established by Shearman &
Sterling LLP (“Shearman”), and Shearman shall release the funds to Merisel seven
        (7) days after completion of the obligations of Section 2. 

       

      2.4  The
        collective obligations of Sections 2.1, 2.2, and 2.3 constitute a full
        settlement of all of Merisel’s claims, damages, attorneys’ fees and costs.

       

      2.5  Merisel,
        Inc. agrees to pay Timothy Jenson one million, eleven thousand seven hundred
        fifty-six dollars ($1,011,756.00), as may be adjusted pursuant to Section
        5 of
        this Agreement, which payment, along with the obligations of Sections 2.1,
        constitutes a full settlement of all of Jenson’s claims, damages, attorneys’
fees and costs. Merisel shall wire this sum of money into the trust account
        of
        Smith, Chapman & Campbell (“SCC”), and SCC shall release the funds to Mr.
        Jenson seven (7) days after the completion of the obligations of Section
        2.

       

      2.6  Merisel
        agrees to assume and pay all liabilities and obligations transferred to D&H
        pursuant to the Purchase Agreement. 

       

      2.7  Merisel
        agrees to file a request for dismissal with prejudice of the Original Action
        and
        all causes of action pleaded therein.

       

      2.8  Jenson
        agrees to file a request for dismissal with prejudice of the Cross-Complaint
        and
        all causes of action pleaded therein. 

       

      2.9  The
        Parties agree that they will cooperate to execute all papers and documents
        as
        may be necessary and proper to fulfill the terms and conditions of this
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.0  Release
        of Claims.

       

      3.1  The
        Parties, and each of them, on their own behalf and on behalf of their current
        and former employees, representatives, companies, corporations, business
        entities, officers, directors, shareholders, partners, joint venturers,
        insurers, trustees, executors, creditors, agents, attorneys, heirs, dependents,
        predecessors, successors, assigns, parents, subsidiaries, affiliates, related
        companies, and controlling persons, past and present, and each of them, hereby
        release and forever discharge the other Parties, and each of their respective
        current and former employees, representatives, companies, corporations, business
        entities, officers, directors, shareholders, partners, joint venturers,
        insurers, trustees, executors, creditors, agents, attorneys, heirs, dependents,
        predecessors, successors, assigns, parents, subsidiaries, affiliates, related
        companies, and controlling persons, past and present, and each of them, of
        and
        from all claims, liabilities, demands, damages, actions, and causes of action,
        at law or in equity, of every kind and nature, including claims for attorneys’
fees or costs, whether known or unknown, existing, claimed to exist or which
        may
        hereafter arise.

       

      3.2  Specific
        Release of Employment Related Claims:

      In
        addition to the release of Section 3.1, Mr. Jenson, his respective current
        and
        former employees, representatives, companies, corporations, business entities,
        officers, directors, shareholders, partners, joint venturers, insurers,
        trustees, executors, creditors, agents, attorneys, heirs, dependents,
        predecessors, successors, assigns, parents, subsidiaries, affiliates, related
        companies, and controlling persons, past and present, and each of them,
        specifically forever release and discharge: 

       

      3.2.1  all
        claims relating to or arising from Mr. Jenson’s employment relationship with the
        Company and the termination of that relationship. 

       

      3.2.2  any
        and
        all claims for wrongful discharge of employment; breach of contract, both
        express and implied; breach of a covenant of good faith and fair dealing,
        both
        express and implied; negligent or intentional infliction of emotional distress;
        negligent or intentional misrepresentation; negligent or intentional
        interference with contract or prospective economic advantage; and
        defamation.

       

      3.2.3  any
        and
        all claims arising under the Employee Retirement Income Security Act of 1974,
        the Civil Rights Acts of 1866 and 1867, Title VII of the Civil Rights Act
        of
        1964, as amended, the Civil Rights and Women’s Equity Act of 1991, Sections 1981
        through 1988 of Title 42 of the United States Code, as amended, the Occupational
        Safety and Health Act of 1970, the Consolidated Omnibus Budget Reconciliation
        Act of 1985, the Family and Medical Leave Act of 1993, the Worker Adjustment
        and
        Retraining Notification Act of 1988, the Vocational Rehabilitation Act of
        1973,
        the Equal Pay Act of 1963, the Americans with Disabilities Act, the Fair
        Labor
        Standards Act and the National Labor Relations Act, as amended, the California
        Fair Employment and Housing Act, the California Workers’ Compensation Act, the
        California Unruh and Ralph Civil Rights Act, the California Alcohol and Drug
        Rehabilitation Law, the California Equal Pay Law, any other federal or state
        anti-discrimination law or any local or municipal ordinance relating to
        discrimination in employment or human rights and under the common
        law.

       

      3.2.4  any
        and
        all claims for salary, bonus, severance pay, pension, vacation pay, life
        insurance, health or medical insurance, or any other fringe benefits, other
        than
        the payments and benefits provided for in or in accordance with the Agreement.
        

       

      3.2.5  any
        and
        all claims arising out of any other laws and regulations relating to employment
        or employment discrimination. 

       

      3.2.6  any
        and
        all claims for attorneys’ fees and costs.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.3  ADEA
        Release.
        In
        addition to the releases of Sections 3.2 and 3.3, Mr. Jenson, in consideration
        of the promises of the Merisel set forth in this Agreement, also hereby releases
        and discharges Merisel from any and all claims that Mr. Jenson may have against
        Merisel arising under the U.S. Age Discrimination in Employment Act of 1967,
        as
        amended, and the applicable rules and regulations promulgated thereunder
        (“ADEA”). Mr. Jenson acknowledges that he understands that the ADEA is a federal
        statute that prohibits discrimination on the basis of age in employment,
        benefits and benefit plans. Mr. Jenson also understands that, by signing
        this
        Agreement, he is waiving all claims against Merisel, as well as any of its
        each
        of its current and former employees, representatives, companies, corporations,
        business entities, officers, directors, shareholders, partners, joint venturers,
        insurers, trustees, executors, creditors, agents, attorneys, heirs, dependents,
        predecessors, successors, assigns, parents, subsidiaries, affiliates, related
        companies, and controlling persons, past and present, and each of
        them

       

      By
        signing this Agreement, Mr. Jenson hereby acknowledges and confirms the
        following:

       

      3.3.1  He
        is
        providing the release and discharge set forth in this Agreement in exchange
        for
        consideration in addition to anything of value to which Mr. Jenson is already
        entitled.

       

      3.3.2  Mr.
        Jenson was advised by the Company in writing to consult with an attorney
        of his
        choice prior to signing this Agreement and to have such attorney explain
        to him
        the terms of this Agreement including, without limitation, the terms relating
        to
        his release of claims arising under the ADEA.

       

      3.3.3  Mr.
        Jenson has read this Agreement carefully and completely and understands each
        of
        the terms thereof.

       

      3.3.4  Mr.
        Jenson is aware that he has twenty-one (21) days in which to consider the
        terms
        of the release contained in this Agreement. To the extent he has executed
        this
        Agreement within less than twenty-one (21) days after its delivery to him,
        Mr.
        Jenson hereby acknowledges that his decision to execute this Agreement prior
        to
        the expiration of such twenty-one (21)-day period was entirely voluntary.
        For a
        period of seven (7) days following the date of Mr. Jenson’s execution and
        delivery of this Agreement, Mr. Jenson has the right to revoke the release
        contained in this Section (the “Revocation Period”). In the event that Mr.
        Jenson exercises his right to revoke the release contained in this Section,
        this
        Agreement will terminate as to all Parties and be of no further effect, with
        no
        liability to any of the Parties. The Revocation Period shall expire at 5:00
        p.m.
        California time on the last day of the Revocation Period; provided,
        however,
        that if
        such seventh day is not a business day, the Revocation Period shall extend
        to
        5:00 p.m. on the next succeeding business day. No such revocation by Mr.
        Jenson
        shall be effective unless it is in writing and signed by Mr. Jenson and received
        by Merisel prior to the expiration of the Revocation Period.

       

      3.3.5  As
        set
        forth in section 7(f)(1)(C) of the ADEA, as added by the Older Workers Benefit
        Protection Act of 1990, Employee understands that Employee is not waiving
        any
        rights or claims provided under ADEA that may arise after this Agreement
        is
        executed by Employee.

       

      3.4  In
        addition to the release of Section 3.1, Merisel, its respective current and
        former employees, representatives, companies, corporations, business entities,
        officers, directors, shareholders, partners, joint venturers, insurers,
        trustees, executors, creditors, agents, attorneys, heirs, dependents,
        predecessors, successors, assigns, parents, subsidiaries, affiliates, related
        companies, and controlling persons, past and present, and each of them,
        specifically forever release and discharge: 

       

      3.4.1  all
        claims relating to or arising from Mr. Jenson’s employment relationship with the
        Company and the termination of that relationship. 

       

      3.4.2  any
        and
        all claims for breach of contract, both express and implied; breach of a
        covenant of good faith and fair dealing, both express and implied; negligent
        or
        intentional misrepresentation; negligent or intentional interference with
        contract or prospective economic advantage; fraud and defamation 

       

      3.4.3  any
        and
        all claims payments of any kind, other than the payments and benefits provided
        for in or in accordance with the Agreement. 

       

      3.4.4  any
        and
        all claims arising out of any other laws and regulations relating to employment.
        

       

      3.4.5  any
        and
        all claims for attorneys’ fees and costs.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3.5  The
        Parties specifically understand, acknowledge, and agree that this is a full
        and
        final release of all claims described herein, whether known or unknown, and
        whether or not included in the pleadings of the Actions. The Parties therefore
        hereby expressly and voluntarily waive all rights or benefits which each
        respective Party might otherwise have under California Civil Code Section
        1542,
        which provides:

      A
        general
        release does not extend to claims which the creditor does not know or suspect
        to
        exist in his favor at the time of executing the release, which if known by
        him
        must have materially affected the settlement with the debtor.

       

      The
        Parties further expressly and voluntarily waive any substantially similar
        or
        equivalent statutory, common law, or equitable rights or benefits arising
        under
        the laws of any other jurisdiction. The Parties acknowledge that claims or
        facts
        in addition to or different from those which are now known or believed to
        exist
        may later be discovered with respect to any claim, liability, demand, damage,
        action or cause of action that they, or any of them, may possess against
        each
        other, or their respective current and former employees, representatives,
        companies, corporations, business entities, officers, directors, shareholders,
        partners, joint venturers, insurers, trustees, executors, creditors, agents,
        attorneys, heirs, predecessors, successors, assigns, parents, subsidiaries,
        affiliates, related companies, and controlling persons, past and present,
        and
        each of them, but each Party nevertheless intends this release to be effective
        as a full, general release.

       

      3.6  This
        Agreement is in full settlement, accord, satisfaction, and discharge of all
        of
        the claims described herein. This Agreement has been executed with the express
        intention of effectuating the full and final extinguishment of all such
        claims.

       

      4.0  Responsibility
        for Fees and Costs

      Each
        of
        the Parties shall bear and be responsible for his or its own attorneys’ fees and
        costs associated with the matters and disputes that are the subject matter
        of
        this Agreement.

       

      5.0  Tax
        Responsibilities

       

      5.1  The
        payment of one million, eleven thousand, seven hundred and fifty-six dollars
        ($1,011,756.00) by Merisel, Inc. to Mr. Jenson in Section 2.5 consists of
        the
        following: 

       

      5.1.1  Seven
        hundred fifty-eight thousand, four hundred and twenty dollars ($758,420.00)
        that
        currently is being held in an account for Mr. Jenson pursuant to the Deferred
        Compensation Agreement. Timothy
        Jenson and Merisel acknowledge that $700,000 of this amount had FICA and
        Medicare taxes withheld when it was placed in the Deferred Compensation Account.
        Merisel shall withhold
        from the remaining amount any applicable federal, state and local income
        taxes,
        and any FICA, Medicare and other payroll deduction
        that it
        is required to pay by law in accordance with the Internal Revenue Service
        Form
        W-4 with respect to Mr. Jenson on the date of payment contemplated by this
        Section. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      5.1.2  Two
        hundred thousand dollars ($200,000.00) in severance
        pay to Mr.
        Jenson.
        Merisel
        shall
        withhold
        from this amount any applicable federal, state and local income taxes, and
        any
        FICA, Medicare and other payroll deduction that it is required to pay by
        law in
        accordance with the Internal Revenue Service Form W-4 with respect to Mr.
        Jenson
        on the date of payment contemplated by this Section. 

       

      5.1.3  Fifteen
        thousand, six hundred forty-four dollars ($15,644.00) in COBRA reimbursement.
        Merisel
        shall withhold from this amount any applicable federal, state and local income
        taxes, and any FICA, Medicare and other payroll deduction that is required
        by
        law in accordance with the Internal Revenue Service Form W-4 with respect
        to Mr.
        Jenson on the date of payment contemplated by this Section. 

       

      5.1.4  Thirty-seven
        thousand, six hundred ninety-two dollars ($37,692.00) in previously disputed
        vacation pay. Merisel
        shall withhold from this amount any applicable federal, state and local income
        taxes, and any FICA, Medicare and other payroll deduction that it is required
        to
        pay by law in accordance with the Internal Revenue Service Form W-4 with
        respect
        to Mr. Jenson on the date of payment contemplated by this Section. 

       

      6.0  Denial
        of Liability

       

      6.1  Each
        Party denies any liability to any other Party, or any other individual or
        entity, concerning the claims described in the Actions and in the releases
        of
        Section 3, above. Each Party acknowledges that each other Party continues
        to
        deny liability, disclaim responsibility, and dispute the factual allegations
        claimed by any other Party.

       

      7.0  Warranties

       

      7.1  Each
        of
        the Parties respectively represents and warrants that no other person or
        entity
        has claimed or now claims any interest in the subject of this Agreement,
        and
        that no right, claim, liability, demand, damage, action or cause of action,
        or
        any part thereof, of any kind or nature covered by this Agreement, has been
        sold, assigned, granted or otherwise transferred to any other person or
        entity.

       

      7.2  Mr.
        Jenson, Ms. Wurtz, Mr. Wurtz, Mr. Low, D&H, TDH and each of them, represent
        that, except as represented on Schedule B to this Agreement, they have not
        collected, received, or otherwise acquired any payments on accounts receivable,
        payments on notes or loans, interest payments, tax refunds, or any other
        monetary gain from their interest in the assets and liabilities listed on
        Schedule A to this Agreement. Should any of these persons and entities become
        aware of any such payment, refund or other monetary gain, they will reimburse
        Merisel for that amount within ten (10) days of discovery thereof.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      7.3  Merisel
        represents and warranties that the check it issued to Mr. Jenson on November
        22,
        2004 for $18,953.63 has cleared Merisel’s bank account as of the date of this
        Agreement. 

       

      7.4  Each
        person executing this Agreement on behalf of the Party for whom he purports
        to
        act, represents and warrants that he is duly authorized to execute this
        Agreement on behalf of such Party.

       

      7.5  Each
        of
        the Parties represents and warrants that each has read and understands this
        Agreement, and that no promise, inducement, representation or agreement not
        expressly set forth herein has been made to them in connection with this
        Agreement. The Parties agree that, prior to the execution of this Agreement,
        they have apprised themselves of sufficient relevant data, through resources
        of
        their own selection, and have consulted with their respective counsel, in
        order
        that they might intelligently exercise their judgment in deciding whether
        to
        execute this Agreement. The Parties agree that this Agreement is executed
        voluntarily and without duress or undue influence of any nature
        whatsoever.

       

      8.0  Cooperation
        By Parties

      The
        Parties hereby acknowledge that Merisel’s auditors and other outside
        professionals may need to inquire into various matters arising during the
        period
        that Mr. Jenson was CEO and President of Merisel. All Parties hereby covenant
        and agree to provide reasonable cooperation to such professionals as requested.
        

       

      9.0  Enforcement
        of Agreement

      It
        is
        specifically understood and agreed that this Agreement may be pleaded as
        a full
        and complete defense to and may be used as the basis for an injunction against
        any action, arbitration, suit or other proceeding that may be instituted,
        prosecuted or attempted in breach of this Agreement. In the event that
        litigation is necessary to enforce a provision or provisions of this Agreement,
        all costs and attorneys’ fees shall be paid by the non-prevailing Party or
        Parties to the prevailing Party or Parties.

       

      10.0  Confidentiality

       

      10.1  The
        Parties agree to
        treat
        this Agreement, and the terms hereof, and all
        “Confidential
        Information”
(as
        defined below)
        as
        confidential matters not to be disclosed to third parties.“Confidential
        Information”
        means
        all data, information and materials related to the any Party or any subsidiary,
        affiliate, related entity, division or any of their respective partners,
        members, employees, consultants, portfolio companies, or business associates
        thereof which are not generally known or available to the public or so known
        only through improper means whether oral, graphic, written, electronic or
        in
        machine readable form, including (i) any proprietary information relating
        to the
        business or personal information of the Parties and (ii) any information
        contained in this Agreement or related to the litigation, disputes, and
        circumstances that led to this Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      10.2  Protection
        of Confidential Information.
        The
        Parties and their related representatives, officers, directors, affiliates,
        agents, attorneys, assigns, parents, subsidiaries, related companies and
        related
        persons will not, directly or indirectly, use, make available, sell, disclose
        or
        otherwise communicate to any third party any Confidential Information. The
        Parties are aware that the unauthorized disclosure of Confidential Information
        may be highly prejudicial to other Parties’ interests, an invasion of privacy,
        and an improper disclosure of trade secrets. Without limiting the foregoing,
        the
        Parties shall not make copies of, or otherwise reproduce, Confidential
        Information unless there is a legitimate need of the Party for reproduction.
        The
        Parties will take all appropriate steps to safeguard and protect the
        Confidential Information.

       

      10.3  Delivery
        of Confidential Information.
        Each
        party acknowledges that all Confidential Information is and shall remain
        the
        sole, exclusive and valuable property of the Party to which it belongs and
        that
        any other Party shall not have and shall not acquire any right, title or
        interest therein. Any and all printed, typed, written or other material which
        any Party has or may obtain with respect to Confidential Information (including
        without limitation all copyrights therein) shall be and shall remain the
        exclusive property of the originating Party. Each
        Party understands, however, that any Party may have a legal obligation not
        to
        destroy documents it currently has in its possession, and may be required
        by law
        to produce those documents or reveal the contents of those documents, regardless
        of any Party’s view as to whether those documents are the property of another
        Party.

       

      10.4  Public
        Disclosure.
        The
        Parties acknowledge that Merisel, Inc. is a publicly traded company and subject
        to certain disclosure requirements. Despite anything in this Agreement to
        the
        contrary, the Parties may disclose any Confidential Information to the extent
        it
        is required by law. 

       

      11.0  Press
        Release and 8K

      Upon
        execution of this Agreement, Merisel, Inc. will issue a press release announcing
        the fact of this settlement, and file a corresponding 8K. The content of
        the
        press release, as agreed to by the Parties, is set forth in Schedule C hereto.
        

       

      12.0  Non
        Disparagement - No Negative Statements

      Except
        as
        may otherwise be required by law or by any legal action, the Parties agree
        not
        to divulge to anyone any untrue or defamatory information, whether or not
        proprietary or Confidential, concerning any of the Parties or its respective
        businesses. The Parties and their respective officers, directors, employees,
        representatives, and agents agree not to divulge to anyone any untrue or
        defamatory information, whether or not proprietary or Confidential, concerning
        the other Parties including but not limited to internal notes, memoranda,
        minutes, findings, conclusions concerning Jenson, and or the pending litigation.
        The Parties acknowledge that the content of Schedules C and D, and each of
        them,
        is not untrue or defamatory.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      13.0  Public
        Disclosure

      Should
        any person or entity seek information from Merisel in connection with any
        potential future employment of Mr. Jenson, Merisel shall provide only the
        information set forth in Schedule D hereto.

       

      14.0  Good
        Faith

      This
        Agreement represents a good faith compromise of disputed claims and is not
        and
        shall not be considered, regarded or described as an admission of liability
        or
        responsibility by any of the Parties.

       

      15.0  Entire
        Agreement; Modification and Amendment

      This
        Agreement constitutes the entire agreement between the Parties, and supersedes
        any and all prior oral and written agreements and understandings. The Agreement
        may not be altered, amended, or modified or otherwise changed in any respect
        whatsoever except by a writing duly executed by the Parties or their authorized
        representatives.

       

      16.0  Titles,
        Captions, and Provisions.

       

      16.1  All
        of
        the provisions of this Agreement are contractual and not mere recitals, and
        shall be considered severable, such that if any provision or part hereof
        shall
        at any time be held under any law or ruling to be invalid, such provision
        or
        part shall remain in force to the extent allowed by law, and all other
        provisions shall remain in full force and effect and enforceable.

       

      16.2  The
        Recitals set forth above shall be merged in and is part of this Agreement,
        and
        the titles or captions contained in this Agreement are inserted only as a
        matter
        of convenience and for reference and in no way define, limit, extend or describe
        the scope of this Agreement or the intent of any provision herein.

       

      17.0  Construction
        and Jurisdiction

      This
        Agreement shall be construed and enforced according and pursuant to the laws
        of
        the State of California. The Parties agree to the exclusive jurisdiction
        of the
        Los Angeles County Superior Court to enforce the provisions of this Agreement.
        

       

      18.0  Drafting
        and Interpretation

      The
        Parties agree that the terms and conditions expressed herein have been
        negotiated and that no ambiguity shall be construed against any
        Party.

       

      19.0  Execution
        and Counterparts

      This
        Agreement may be executed in one or more counterparts and by facsimile
        signatures, which, taken together, shall constitute a single document
        representing the whole of the agreement between the Parties.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        IN
          WITNESS WHEREOF,
          the
          undersigned have executed this Agreement on the respective dates set forth
          below:

         

        
          	 	 	 
	 	 
	 
 	 
 	 
 
	Date: 
                  February 3, 2005	By:  	/s/ Donald
                  R.
                  Uzzi
	 	
                  
                    

                    Merisel, Inc.

                  by: Donald R. Uzzi

                
	 	Title:
                  President and CEO of Merisel, Inc.

        

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	Date: February
                3, 2005	By:  	/s/ Donald
                R.
                Uzzi
	 	
                
                  

                  Merisel Americas, Inc.

                by: Donald R. Uzzi

              
	 	Title:
                President and CEO of Merisel Americas,
                Inc.

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	Date: February
                3, 2005	By:  	/s/ Timothy
                Jenson
	 	
                

                Timothy Jenson

      

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: March
              7, 2005	By:  	/s/ Tina
              Wurtz
	 	
              

              Tina Wurtz

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: March
              7, 2005	By:  	/s/ Craig
              Wurtz
	 	
              

              Craig Wurtz

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: March
              7, 2005	By:  	/s/ John
              Low
	 	
              

              John Low

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: March
              7, 2005	By:  	/s/ Tina
              Wurtz
	 	
              
                

                D&H Services, LLC

              by: Tina Wurtz

            

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	Date: February
              3, 2005	By:  	/s/ Timothy
              Jenson
	 	
              
                

                TDH Enterprises LLC

              by: Timothy Jenson

            

    

     

    APPROVED AS TO FORM BY:

    
      	 	 	 
	 	SHEARMAN
              & STERLING LLP
	 
 	 
 	 
 
	Date: February
              3, 2005	By:  	/s/ Alan
              S. Goudiss
	 	
              

              Alan S. Goudiss
	 	Attorneys
              for Merisel, Inc. and Merisel Americas,
              Inc.

    

    
      	 	 	 
	 	SMITH,
              CHAPMAN
              & CAMPBELL
	 
 	 
 	 
 
	Date: February
              3, 2007	By:  	/s/ Steven
              Smith
	 	
              

              Steven Smith
	 	Attorneys
              for
              Timothy Jenson and TDH Enterprises,
              LLC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]