Document:

Unassociated Document

Exhibit 10.14

 

SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF CLAIMS

 

THIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF CLAIMS ("Agreement") is entered into this 10th day of November, 2009 by and between (i) JOEL PATRICKSENS and SEAWRIGHT HOLDINGS, INC. (collectively "Sens and Seawright"), on the one hand, and (ii) AMICUS FUNDING, INC. ("Amicus"), on the other hand.

 

WHEREAS, certain disputes and differences have arisen between the parties;

 

WHEREAS, on May 6, 2009, Amicus filed a Complaint in the Circuit Court of Arlington County (Civil Action No. 09-547) against Sens and Seawright ("Lawsuit");

 

WHEREAS Seawright owns certain real property, described below in Paragraph 4;

 

WHEREAS, the parties have agreed to resolve all matters between them as provided for in this Agreement; and

 

NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual undertakings of the parties set forth herein and other consideration, the sufficiency of which is hereby acknowledged, each of the undersigned parties, agreeing to be bound, hereby agree as follows:

 

1.           Mutual Release ("Mutual Release") - Except as provided otherwise in this Agreement, Sens and Seawright (including its officers, directors, shareholders, agents, employees and affiliates) on the one hand, and Amicus (including its officer, directors, shareholders, agents, employees and affiliates), on the other hand, hereby release each other from any and all claims, cross-claims, setoffs, recoupments, demands, damages, actions, causes of action, suits at law or inequity, of whatever, kind and nature, whether based on alleged tort or alleged contract or any other legal or equitable theory of recovery, whether known or unknown and whether past or present, including but not limited to those relating (in any way) to the Lawsuit.

 

2.            Settlement payment - On or before January 29, 2010, Sens and Seawright shall pay to Amicus the sum of ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($140,000.00), plus all fees and costs incurred pursuant to Paragraph 4, below (collectively, "the Settlement Payment").

 

3.            Dismissal of Lawsuit - Promptly upon its receipt of the Settlement Agreement, Amicus shall take the steps necessary to postpone the November 13, 2009 Motion for Summary Judgment hearing. Upon successful lien recordation, Amicus shall immediately dismiss the Lawsuit, with prejudice. Sens and Seawright agree to execute any documents/pleadings which may be necessary to accomplish said dismissal.

 

  

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4.           Lien - Seawright consents to Amicus recording a lien against the parcel of real property owned by Seawright located in the North River District, Augusta County, Virginia, and described in Exhibit A to the attached Deed of Trust (the “Seawright Property”). Such lien shall be evidenced by a Promissory Note (attached hereto as Exhibit 1), and secured by a Deed of Trust (attached hereto as Exhibit 2). Amicus may record such Deed of Trust at any time after the execution of this Agreement. Within three business days that the Settlement Payment clears Amicus's bank account (or such account designated by Amicus), Amicus shall take necessary measures to release any lien on the Seawright Property. Sens and Seawright shall also pay all recording costs for the Deed of Trust by delivering payment 0[$600, payable to "William H. Rhodes Client Trust Account" to Amicus's counsel, William H. Rhodes.

 

5.           Severability - To the extent that any portion of this Agreement is held unenforceable by any court, tribunal or arbiter of competent jurisdiction, the parties mutually agree that the balance of this Agreement, including the releases set forth hereinabove at ¶ 1 shall remain binding and enforceable; however, the parties further' agree that if Seawright breaches its warranty and representation of ownership of the Seawright Property, then any releases by Amicus of Sens and/or Seawright shall be null and void.

 

6.           Integration - This Agreement shall be considered the mutual workmanship of the undersigned parties. It contains the entire agreement between the parties in relation to matters described herein, and no inducements or promises other than as expressly set forth herein have been given or received in return for same. All negotiations leading up to this Agreement are merged herewith and shall not be the basis for any legal rights, claims or defenses in relation to any litigation or otherwise. This Agreement may be amended only in writing, signed by all of the parties.

 

7.           No Admission of Liability - This Agreement is entered into as an expedient and cost-effective alternative to costly litigation and is entered into without admission of liability and/or legal obligation by the parties hereto, all of which liability and legal obligation is expressly denied. No rights under this Agreement may be effectively waived, except as waived herein, or as waived in a separate writing signed by the beneficiary of the right to be waived.

 

8.           Default - If Sens and Seawright fail to make the Settlement Payment when due, Sens and Seawright shall be in default. In the event of default, Amicus may foreclose on the Seawright Property and take any other steps to protect its rights under this Agreement, the Deed of Trust and the Promissory Note.

 

9.           Binding upon Successors and Assigns- This-Agreement-is-binding-upon the heirs, successors and assigns of the parties, and inures to the benefit of the heirs, successors and assigns of the parties. Moreover, for the purpose of this Agreement, the term "affiliate" shall mean any entity which has any common officers, directors and/or shareholders with either of the parties hereto.

 

10.           Attorney’s fees and costs – In the event of a breach of any of the provisions contained in this Agreement, the nonbreaching party shall be entitled to recover its reasonable attorney’s fees and at all costs incurred as a result of such breach.

 

11.            Time - The parties acknowledge and agree that time is of the essence of this Agreement.

 

12.           Confidentiality - It is understood and agreed between the parties hereto that all matters contained herein shall remain absolutely confidential and that neither party shall make disparaging remarks about the other. In the event of a breach of this agreement, the non-breaching party shall have the right to seek any and all remedies against the breaching party, as applicable, at equity and at law, attributable to damages suffered in any manner, directly or indirectly, related to such breach.

 

THE ABOVE AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD AND EACH SIGNATORY HAS HAD THE OPPORTIJNITYTO CONSULT WITH LEGAL COUNSEL WITH RESPECT TO THE TERMS'AND CONDITIONS CONTAINED IN THIS AGREEMENT.

 

  

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IN WITNESS WHEREOF, the parties have set their hands and seals as of the date written below.

 

 

/s/ Joel Patrick Sens

 

JOEL PATRICK SENS

 

SEAWRIGHT HOLDINGS, INC.

 

By: /s/ Joel Patrick Sens

 

      JOEL PATRICK SENS, PRESIDENT

 

 

 

AMICUS FUNDING, INC.

 

By:  /s/ David Levy

 

DAVID LEVY

 

PRESIDENT

 

 

 

 

 

 

 

 

3Unassociated Document

Exhibit 10.15

SEAWRIGHT HOLDINGS

INCORPORATED

	
600 Cameron Street

Tel 703-340-1629

	
Alexandria, Virginia 22314

Fax 703-880-7331

November 9, 2010

Victor Breda

American Marketing and Capital, Inc.

200 Ledgewood Place

Suite 201

Rockland, MA 02370

	
  

	
Re:

	
Convertible Promissory Note dated May 5, 2010 for $440,000 (the “Note”)

 

Dear Mr. Breda:

 

I am writing to memorialize the agreement between American Marketing and Capital, Inc. (“AMC”), Seawright Holdings, Inc. (“Seawright”) and Joel Sens (“Sens”) regarding the conversion of the Note into shares of common stock of Seawright.  As of the date of this agreement, the Note has a principal balance of $440,000 and accrued interest of $26,400, for a total amount owed of $466,400.  The Note is convertible by its terms at $0.40 per share, which would result in the issuance of 1,166,000 shares upon conversion of the entire Note.  AMC herewith elects to convert the entire Note into shares of Seawright common stock at the conversion price set forth in the Note.  Simultaneously, Sens has agreed to reimburse Seawright for 791,000 of the shares issuable on conversion of the Note, which represents $316,400 of the amount converted.

 

Seawright agrees to provide at its expense any legal opinion that its transfer agent requires to remove the restrictive legend from the shares under Rule 144, provided that AMC provides any representation letter required by such attorney to confirm that AMC is eligible to sell such shares under Rule 144.  Seawright represents, and AMC understands and acknowledges, that AMC is currently eligible to sell 375,000 of the shares acquired hereunder under Rule 144, and will be eligible to sell the remaining 791,000 shares acquired hereunder under Rule 144 when the holding period requirement of Rule 144(b)(1) and (d) has been satisfied, which will be six months if Seawright files all delinquent reports required by Section 13 of the Securities Exchange Act of 1934 and one year if it does not.

 

AMC hereby represents and warrants to Seawright and Sens as follows:

 

	
(a)  

	
AMC has had a reasonable opportunity to ask questions of and receive answers from Seawright’s officers and directors concerning Seawright, and to obtain any additional information, documents or instruments available without unreasonable effort or expense necessary to verify the accuracy of the information received by AMC or to answer any questions which AMC may have.   Prior to deciding to convert the Note into Seawright common stock, AMC was provided, and reviewed, the unaudited financial statements of Seawright, and was familiar with its assets, liabilities, revenues, income or loss, and business prospects.  All such questions have been answered to the full satisfaction of AMC.

 

 

  

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(b)  

	
AMC alone or together with persons retained by AMC with respect to this investment has such knowledge and experience in financial and business matters and investments that AMC is fully capable of evaluating the merits and risks of this investment.  AMC has carefully considered and has, to the extent he, she or it believes such discussion necessary, discussed with his, her or its professional, legal, tax and financial advisors, the suitability of an investment in the Interest for his, her or its particular tax and financial situation and that AMC and his, her or its advisors, if such advisor were deemed necessary, have determined that the shares are a suitable investment for AMC.

 

	
(c)  

	
AMC acknowledges that only a limited public market exists for Seawright common stock and, accordingly, AMC may not be able to readily liquidate the shares of common stock that is receiving hereunder.  AMC acknowledges that no party can predict the future market price of Seawright common stock, or the price at which AMC will be able to sell the Seawright common stock that it acquires hereunder, and that AMC may receive more or less from the sale of the Seawright common stock than the amount owed on the Note.

 

	
(d)  

	
AMC (i) has adequate means of providing for AMC’s needs and possible contingencies, (ii) has no need for liquidity in this investment, (iii) is able to bear to the economic risks of an investment in the shares, and (iv) can afford a complete loss of such investment.  AMC recognizes that investment in the shares involves numerous risks.

 

	
(e)  

	
AMC is acquiring the shares solely for AMC’s own account for investment purposes only and not for the account of any other person or for the distribution, assignment or resale to others, except to the extent permitted by SEC Rule 144.  No other person or entity has a beneficial interest in the shares being acquired by AMC under this agreement.

 

	
(f)  

	
AMC acknowledges that the shares to be acquired by AMC will be issued and sold without registration and in reliance upon certain exemptions under the 1933 Act, and reliance upon certain exemptions from registration requirements under applicable state securities laws.  AMC will make no transfer or assignment of any such shares except in compliance with the 1933 Act, and any applicable state securities laws.

 

	
(g)  

	
AMC has full legal power and authority to execute, deliver and perform this agreement and such execution, delivery and performance will not violate any agreement, contract, law, rule, decree or other legal restriction to which AMC is subject or bound.

 

 Please indicate your agreement to the terms of this agreement by signing this letter and returning it to me, and your shares will be issued promptly thereafter.

 

 

Very truly yours,

 

SEAWRIGHT HOLDINGS, INC.

 

/s/ Joel P. Sens

___________________________________

By Joel Sens, Chief Executive Officer

 

 

/s/ Joel P. Sens

__________________________________

Joel Sens, Individually

Accepted and agreed to:

AMERICAN MARKETING AND CAPITAL, INC.

/s/ Victor Breda

___________________________________

By: Victor Breda, President

 

 

 

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