Document:

Guaranty of Spectral Solutions, Inc.

 

Exhibit 10.41

GUARANTY

OF

SPECTRAL SOLUTIONS, INC.

     ISCO INTERNATIONAL INC., a corporation organized and existing under the
laws of Delaware and formerly known as Illinois Superconductor Corporation
(“ISCO”) and the corporate parent of SPECTRAL SOLUTIONS, INC., a corporation
organized and existing under the laws of the State of Colorado (“Guarantor”),
has issued to ELLIOTT ASSOCIATES, L.P., a limited partnership organized under
the laws of the State of Delaware and ALEXANDER FINANCE LP, an Illinois limited
partnership (collectively, “Payees”), 14% promissory notes due March 31, 2003,
in the aggregate principal amount of $9,425,000 (the “Notes”) pursuant to the
Note Purchase Agreement dated November 6, 2001 (the “Note Purchase Agreement”).

     Section 1. Guaranty.

     (a)   In consideration of Payees purchasing the Notes and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Guarantor hereby absolutely, irrevocably and unconditionally
guarantees to the Payees the full payment and performance when due of any and
all obligations and undertakings of ISCO under the Notes, the Note Purchase
Agreement and the Security Agreement (the “Security Agreement”) being entered
into pursuant to the Note Purchase Agreement (such obligations and undertakings
shall hereinafter be referred to as the “Obligations”), together with all
reasonable attorneys’ fees, disbursements and all other costs and expenses of
collections incurred by Payees in enforcing any of such Obligations and/or this
Guaranty.

     (b)   Notwithstanding the provisions of Section 1(a), the Guarantor’s
obligations hereunder shall not exceed the maximum amount that would not be
subject to avoidance under fraudulent conveyance, fraudulent transfer, and
other similar laws.

     Section 2. Certain Guarantor Waivers.

     (a)   Waivers of Notice, Etc. Guarantor waives notice of acceptance of this
Guaranty and notice of the creation or performance of any of the Obligations,
and waives presentment, demand of payment, protest or notice of protest, notice
of dishonor or nonperformance of any of the Obligations, suit or taking other
action or non-action by the Payees, ISCO or any other guarantor against, and
any other notice to, any party liable thereon (including, without limitation,
Guarantor). Guarantor also hereby waives any notice of default by ISCO and any
other notice to which Guarantor might otherwise be entitled, the right to
interpose any counterclaim or consolidate any other action with an action on
this Guaranty, and the benefit of any statute of limitations affecting its
liabilities hereunder or the enforcement hereof. No act or omission of any
kind in connection with any of the foregoing shall in any way impair or
otherwise affect the

 

legality, validity, binding effect or enforceability of any term or
provision of this Guaranty or any of the obligations of Guarantor hereunder.

     (b)   Guaranty Not Affected. Guarantor hereby covenants, agrees and
consents that Payees may, at any time and from time to time (whether or not
after revocation or termination of this Guaranty), without incurring
responsibility to Guarantor, and without impairing or releasing any of the
obligations of Guarantor hereunder and, upon or without any terms or
conditions, and in whole or in part: (i) agree with ISCO to change the manner,
place or terms of performance, including (without limitation) any change or
extend the time of performance of, renew or alter, any of the Obligations, any
security therefor, or any other liability incurred directly or indirectly in
respect thereof, or to make any other change in the Obligations, and the
guaranty herein made shall apply to the Obligations as so changed, extended,
renewed or altered; (ii) take additional security, for or sell, exchange,
release, surrender, substitute, realize upon or otherwise deal with in any
manner and in any order any property by whomsoever at any time pledged or
mortgaged to secure, or howsoever securing, any of the Obligations or any other
liabilities (including any of those hereunder) incurred directly or indirectly
in respect thereof or hereof, and/or any offset thereagainst; (iii) exercise or
refrain from exercising any rights against ISCO or others (including, without
limitation, Guarantor) or otherwise act or refrain from acting; (iv) settle or
compromise any Obligation, any security therefor, or any liability (including
any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and/or subordinate the performance of all or any part thereof to the
performance of any of the Obligations (whether due or not) to creditors of ISCO
other than Payees and Guarantor; (v) apply any sums by whomsoever paid or
howsoever realized to any Obligation regardless of what Obligations remain
unperformed; (vi) cancel, compromise, modify, or waive the provisions of any
document relating to any of the Obligations; (vii) release any other guarantor
or surety of the Obligations; and (viii) grant ISCO any indulgence as Payees
may, in its sole discretion, determine.

     (c)   Failure to Perfect Lien, Etc. No failure by Payees to file, record or
otherwise perfect any lien or security interest, nor any improper filing or
recording, nor any failure by Payees to insure or protect any security nor any
other dealing (or failure to deal) with any security by Payees with respect to
any of the Obligations, shall impair or release any of the obligations of the
Guarantor hereunder. No invalidity, irregularity or unenforceability of all or
any part of the Obligations or of any security therefor shall affect, impair or
be a defense to this Guaranty, and this Guaranty is a primary obligation of
Guarantor.

     (d)   Waiver of Subrogation. No payment by Guarantor except the
indefeasible performance in full of the Obligations shall entitle Guarantor to
be subrogated to any of the rights of Payees. Guarantor shall have no right of
reimbursement or indemnity whatsoever and no right of recourse to or with
respect to any assets or property of ISCO or to any security for the
Obligations, unless and until all of the Obligations have been indefeasibly
performed in full, other than as such reimbursement or indemnity rights are
waived in the next paragraph below,

     (e)   Payment Guaranty; Waiver of Defenses, Counterclaims, Etc. Guarantor
hereby agrees that this Guaranty constitutes guaranty of payment, performance
and compliance (and not a guaranty of collection only), and waives any right to
require that any resort be had by Payees to ISCO or any other guarantor or to
any security pledged with respect to the performance of any of the Obligations.
Further, this guaranty of payment is absolute and unconditional, and shall

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remain valid, binding and fully enforceable irrespective of any
circumstance of any nature that might otherwise constitute a defense, offset,
claim, abatement or counterclaim that Guarantor or ISCO may assert against
Payees with respect to any of the Obligations or otherwise, including, but not
limited to, failure of consideration, fraudulent inducement, breach of
warranty, payment, statute of frauds, statute of limitations, accord and
satisfaction, and usury, and irrespective of the validity, legality, binding
effect or enforceability of the terms of any agreement or instrument relating
to any of the Obligations. Guarantor hereby absolutely, unconditionally and
irrevocably waives any and all rights to assert any such defenses, offsets,
claims, abatements and counterclaims. In the event Payees are not permitted or
otherwise unable (because of the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding) to accelerate the Obligations but
would otherwise be permitted to do so at such time pursuant to the Purchase
Agreement, Payees may demand performance in full under this Guaranty as if all
of the Obligations had been duly accelerated, and Guarantor will not raise, and
hereby expressly waives, any claim or defense with respect to such
acceleration.

     Section 3. Remedies. In the case of any proceedings to collect any
obligations of Guarantor, Guarantor shall pay all costs and expenses of every
kind for collection and enforcement of this Guaranty, including attorneys’ fees
and disbursements. Upon the occurrence and during the continuance of any
failure of any of the Obligations to be performed when due, the Payees may
elect to nonjudicially or judicially foreclose against any real or personal
property security it holds for the Obligations, or accept an assignment of any
such security in lieu of foreclosure or compromise or adjust any part of the
Obligations, or make any other accommodation with ISCO or any other guarantor,
pledgor or surety, or exercise any other remedy against ISCO or any other
guarantor, pledgor or surety, or any security, in accordance with and subject
to the provisions of the documents creating such security interests. No such
action by Payees will release, limit or otherwise affect the obligations of
Guarantor to Payees, even if the effect of that action is to deprive Guarantor
of the right to collect any reimbursement from ISCO or any other person for any
sums paid to Payees.

     Section 4. Reinstatement, Indemnification, Etc. If claim is ever made
upon Payees for repayment, return, restoration or other recovery of any amount
or amounts received by Payees in payment or on account of any of the
Obligations, and Payees repay all or part of such amount: (a) because such
payment or application of proceeds is or may be avoided, invalidated, declared
fraudulent, set aside or determined to be void or voidable as a preferential
transfer, fraudulent conveyance, impermissible set off or a diversion of trust
funds; or (b) for any other reason, including (without limitation) by reason of
(i) any judgment, decree or order of any court or administrative body having
jurisdiction over Payees or any of their property, or (ii) any settlement or
compromise of any such claim effected by Payees with any such claimant
(including ISCO); then, and in such event, Guarantor agrees that any such
judgment, decree, order, settlement or compromise shall be binding upon
Guarantor, notwithstanding any revocation hereof or the cancellation of any
Notes or other instrument or document evidencing any of the Obligations and the
obligations of Guarantor hereunder shall continue to apply, or shall
automatically (and without further action) be reinstated if not then in effect,
as case may be, and Guarantor shall be and remain liable to Payees hereunder
for the amount so repaid or recovered to the same extent as if such amount had
never originally been received by Payees. Guarantor hereby indemnifies Payees,
and agrees to reimburse and hold Payees harmless on demand, from and against
all actions, claims, losses, judgments, damages, amounts paid in

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settlement and expenses (including reasonable attorneys’ fees and court
costs) brought against or incurred by Payees and arising out of, relating to or
in connection with any of the Obligations.

     Section 5.
Waiver of Rights, Etc. No delay on the part of Payees in
exercising any of their options, powers or rights, or partial or single
exercise thereof, shall constitute a waiver thereof. No waiver of any of their
rights hereunder, and no modification or amendment of this Guaranty, shall be
deemed to be made by Payees unless the same shall be in writing, duly signed by
an officer of each Payee on behalf of such Payee, and each such waiver, if any,
shall apply only with respect to the specific instance involved, and shall in
no way impair the rights of Payees or the obligations of Guarantor to Payees in
any other respect at any other time.

     Section 6.
Enforcement, Etc. Payees, in their sole discretion, may
proceed to exercise or enforce any right, power, privilege, remedy or interest
that Payees may have under this Guaranty, the Obligations or any applicable
law: at law, in equity, in rem or in any other forum available under applicable
law; without notice except as otherwise expressly required by law provided
herein; without pursuing, exhausting or otherwise exercising or enforcing any
other right, power, privilege, remedy or interest that Payees may have against
or in respect of Guarantor, the Obligations, ISCO, any other guarantor, surety,
pledgor, collateral or any other person or thing; and without regard to any act
or omission of Payees or any other person.

     Section 7. Reliance. Guarantor expressly acknowledges that Guarantor has
not received or relied upon any oral or written agreements, understandings,
representations or warranties from Payees or any other party with respect to
this Guaranty (or any of Guarantor’s obligations hereunder), and that this
Guaranty contains the entire understanding of the parties with respect to the
subject matter hereof and supersedes and replaces any and all prior oral or
written agreements and understandings with respect thereto.

     Section 8. Representations, Warranties and Agreements of the Guarantor.
The Guarantor hereby makes the following representations and warranties to
Payees as of the date hereof:

     (a)   Organization and Qualification. The Guarantor is a corporation, duly
incorporated, validly existing and in good standing under the laws of the State
of Colorado, with the requisite corporate power and authority to own and use
its properties and assets and to carry on its business as currently conducted.
The Guarantor has no subsidiaries. The Guarantor is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
in which the nature of the business conducted or property owned by it makes
such qualification necessary, except where the failure to be so qualified or in
good standing, as the case may be, could not, individually or in the aggregate,
(x) adversely affect the legality, validity or enforceability of any of this
Guaranty in any material respect, (y) have a material adverse effect on the
results of operations, assets, prospects, or financial condition of the
Guarantor or (z) adversely impair in any material respect the Guarantor’s
ability to perform fully on a timely basis its obligations under this Guaranty
(a “Material Adverse Effect”).

     (b)   Authorization; Enforcement. The Guarantor has the requisite corporate
power and authority to enter into and to consummate the transactions
contemplated by this Guaranty, and otherwise to carry out its obligations
hereunder. The execution and delivery of this Guaranty

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by the Guarantor and the consummation by it of the transactions
contemplated hereby have been duly authorized by all requisite corporate action
on the part of the Guarantor. This Guaranty has been duly executed and
delivered by the Guarantor and constitutes the valid and binding obligation of
the Guarantor enforceable against the Guarantor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally the enforcement of, creditors’ rights and remedies
or by other equitable principles of general application.

     (c)   No Conflicts. The execution, delivery and performance of this
Guaranty by the Guarantor and the consummation by the Guarantor of the
transactions contemplated thereby do not and will not (i) conflict with or
violate any provision of its Certificate of Incorporation or By-laws or (ii)
conflict with, constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Guarantor is a party, or (iii) result in a
violation of any law, rule, regulation, order, judgment, injunction, decree or
other restriction of any court or govern-mental authority to which the
Guarantor is subject (including Federal and state securities laws and
regulations), or by which any material property or asset of the Guarantor is
bound or affected, except in the case of each of clauses (ii) and (iii), such
conflicts, defaults, terminations, amendments, accelerations, cancellations and
violations as could not, individually or in the aggregate, have or result in a
Material Adverse Effect. The business of the Guarantor is not being conducted
in violation of any law, ordinance or regulation of any governmental authority,
except for violations which, individually or in the aggregate, do not have a
Material Adverse Effect.

     (d)   Consents and Approvals. The Guarantor is not required to obtain any
consent, waiver, authorization or order of, or make any filing or registration
with, any court or other federal, state, local or other govern-mental authority
or other person in connection with the execution, delivery and performance by
the Guarantor of this Guaranty.

     Section 9. Successors and Assigns. This Guaranty is binding upon the
Guarantor and its successors or assigns, and shall inure to the benefit of
Payees and their respective successors and assigns.

     Section 10. Modification, Etc. This Guaranty cannot be terminated or
changed orally and no provision hereof may be modified or waived except in
writing by the holders of 75% of the outstanding principal amount of the Notes.

     Section 11. Section and Other Headings. The Sections and other headings
contained in this Guaranty are for reference purposes only and shall not affect
the Meaning or interpretation of this Guaranty.

     Section 12. Governing Law. THIS GUARANTY AND THE RIGHTS OF PAYEES AND THE
OBLIGATIONS OF GUARANTOR HEREUNDER SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE -STATE OF NEW YORK WITHOUT GIVING EFFECT TO
PRINCIPLES OF CONFLICTS OF LAW OR CHOICE 0-LAW.

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     Section 13. Severability. In the event that any term or provision of this
Guaranty shall be finally determined to be superseded, invalid, illegal or
otherwise unenforceable pursuant to applicable law by a governmental authority
having jurisdiction and venue, that determination shall not impair or otherwise
affect the validity, legality or enforceability (a) by or before that authority
of the remaining terms and provisions of this Guaranty, which shall be enforced
as if the unenforceable term or provision were deleted, or (b) by or before any
other authority of any of the terms and provisions of the Guaranty.

     Section 14. Consent to Jurisdiction. Guarantor hereby irrevocably submits
to the exclusive jurisdiction and venue of any New York state and federal court
located in New York County, New York, over any action or proceeding arising out
of any dispute between Guarantor and Payees, and Guarantor further irrevocably
consents To the service of any process in any such action or proceeding by the
mailing of a copy of such process to Guarantor at the address set forth below.

     Section 15. Waiver of Jury Trial, Inconvenient Forum. GUARANTOR AND, BY
ACCEPTING THIS GUARANTY, PAYEES, HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION ARISING OUT OF) UNDER OR IN CONNECTION WITH THIS GUARANTY, OR
THE TRANSACTIONS CONTEMPLATED HEREBY, AND ANY RIGHT TO OBJECT TO INCONVENIENT
FORUM OR IMPROPER VENUE IN NEW YORK COUNTY, NEW YORK. GUARANTOR HEREBY
CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF PAYEES NOR PAYEES’ COUNSEL HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT PAYEES WOULD NOT, IN THE

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EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL.
GUARANTOR ALSO ACKNOWLEDGES THAT PAYEES HAS BEEN INDUCED TO ACCEPT THIS
GUARANTY BY, AMONG OTHER THINGS , THE FOREGOING WAIVER OF TRIAL BY JURY.

Dated the 6th day of November, 2001

SPECTRAL SOLUTIONS, INC.

 

By: /s/ Charles F. Willes

7Settlement Agreement and Release dated 11/6/01

 

Exhibit 10.42

SETTLEMENT AGREEMENT AND RELEASE

     This Settlement Agreement and Release (“Agreement”) is entered into this
6th day of November, 2001 by Craig M. Siegler (“Plaintiff”) and Illinois
Superconductor Corporation (now known as ISCO International, Inc.) (“ISCO”).

     WHEREAS, Craig Siegler filed a certain lawsuit against ISCO in 1996
entitled Craig M. Siegler v. Illinois Superconductor Corporation, No. 96 CH
5824, in the Circuit Court of Cook County, Illinois (“the Lawsuit”);

     WHEREAS, ISCO expressly denied and continues to deny Plaintiff’s
allegations in the Lawsuit;

     WHEREAS, following a jury verdict, judgment was entered against ISCO in
the amount of $6,541,254.27 on October 19, 2001 (“the Judgment”);

     WHEREAS, Plaintiff commenced supplementary proceedings in the Circuit
Court of Cook County, Illinois against ISCO to enforce the Judgment, and caused
a Citation to Discover Assets (“Citation”) to be served upon ISCO and its chief
financial officer on or about October 23, 2001;

     WHEREAS, the parties hereto desire to settle and compromise their
disputes;

     NOW THEREFORE, in consideration of the mutual promises set forth in this
Agreement, the parties agree as follows:

     1.     On or before November 6, 2001, ISCO agrees to pay to Plaintiff the sum
of $4,925,000.00 (Four million nine hundred twenty-five thousand dollars) (the
“Payment”) as full and final satisfaction of the Judgment plus interest. ISCO
shall make the Payment by delivering funds by wire transfer to Plaintiff’s
attorney, Myron M. Cherry, at the following address: “The PrivateBank and
Trust Company, ABA Routing No. 071006486, For Credit To: Myron M.
Cherry—Special Account”.

     2.     Plaintiff agrees that, beginning on November 1, 2001, notwithstanding
any restrictions on the transfer or disposition of ISCO’s property imposed by
the Citation or by order of court, ISCO may enter into any transaction
necessary to obtain funds to make the Payment described in this Agreement.
Plaintiff will not ask the court to impose any penalty or sanction for any
transfer or disposition of property by ISCO permitted by this Paragraph.

     3.     Plaintiff Siegler does, for himself, his legal representatives,
attorneys, heirs, successors, creditors, assigns, and any and all other persons
or entities claiming by, through, or under Plaintiff Siegler, fully release
and forever discharge ISCO (as defined below) of and from all manner of
actions, causes of action, debts, dues, liabilities, controversies, claims,
demands, rights, costs, expenses, compensation, or causes of action of any kind
or nature

 

SETTLEMENT AGREEMENT AND RELEASE

Page 2 of 5

whatsoever, asserted or unasserted, whether based on a tort, contract, statute,
or other theory of recovery, whether legal or equitable, and whether for
compensatory, punitive, statutory or other form of damage or relief which had
existed from the creation of the world to the date of this Agreement relating
to this case or any other circumstance, known or unknown, including, without
limitation, the matters and things which were alleged, or which could have been
alleged, in the Lawsuit; provided, however, the sole and only exception to the
Release set forth in this paragraph is that it does not affect any contractual
rights of Plaintiff Siegler, or contractual obligations of ISCO, which arise
under the express terms of any written agreement which provides Plaintiff
Siegler with the right to acquire common shares of ISCO.

     4.     Defendant ISCO does, for itself, its legal representatives, attorneys,
heirs, successors, creditors, assigns, and any and all other persons or
entities claiming by, through, or under Defendant ISCO, as defined below, fully
release and forever discharge Plaintiff Siegler, his legal representatives,
attorneys, heirs, successors, creditors, and assigns, of and from all manner of
actions, causes of action, debts, dues, liabilities, controversies, claims,
demands, rights, costs, expenses, compensation, or causes of action of any kind
or nature whatsoever, asserted or unasserted, whether based on a tort,
contract, statute, or other theory of recovery, whether legal or equitable, and
whether for compensatory, punitive, statutory or other form of damage or relief
which had existed from the creation of the world to the date of this Agreement
relating to this case or any other circumstance, known or unknown, including,
without limitation, the matters and things which were alleged, or which could
have been alleged, in the Lawsuit.

     5.     As used in paragraph 3 and 4 above, ISCO includes Illinois
Superconductor Corporation (now known as ISCO International, Inc.), a Delaware
corporation, its legal representatives, successors, assigns, agents, attorneys,
officers, directors, employees, shareholders, lenders, insurers, divisions,
corporate parents, subsidiaries, and affiliates, and any and all other persons
or entities claiming by, through, or under ISCO. This Agreement shall be
binding in all respects upon, and shall inure to the benefit of, all such
persons or entities.

     6.     Plaintiff agrees that immediately upon delivery of the Payment,
Plaintiff will execute and deliver to ISCO: (a) a stipulation of dismissal with
prejudice and without costs, of the lawsuit entitled Craig M. Siegler v.
Illinois Superconductor Corporation, No. 96 CH 5824 Circuit Court of Cook
County, Illinois in the form attached hereto as Exhibit A; (b) a stipulation of
dismissal with prejudice of the supplementary proceedings and the Citation,
without costs, in the form attached hereto as Exhibit B; and (c) a satisfaction
of judgment, in a form attached hereto as Exhibit C. Plaintiff further agrees
to execute any and all other documents, if necessary, to obtain orders
dismissing the Lawsuit and supplementary proceedings (including the Citation)
with prejudice and without costs, if Exhibits A, B and C are not sufficient to
effect a dismissal with prejudice of the Lawsuit and supplementary proceedings
(including the Citation).

     7. The parties to this Agreement recognize that any payments or agreements
made pursuant to this Agreement are not an admission of any liability or
responsibility for, or of the correctness of, any of the claims which were or
may have been asserted in the Lawsuit, which liability, responsibility and
correctness are hereby expressly denied by ISCO.

 

SETTLEMENT AGREEMENT AND RELEASE

Page 3 of 5

     8.     In any action brought by any party relating to an alleged breach of
paragraphs 3, 4 or 6 of this Agreement, the prevailing party shall be entitled
to his or its reasonable attorneys’ fees and costs.

     9.     Any action to enforce the provisions of this Agreement, or relating to
its breach, shall be brought in the Circuit Court of Cook County, Illinois, and
solely for the purposes thereof, each of the parties hereto consents to the
personal jurisdiction of that Court over him or it.

     10.     The parties to this Agreement have consulted with counsel of their
choice prior to entering into this Agreement.

     11.     This Agreement constitutes the parties’ entire agreement and is a
complete merger of all antecedent offers, counter-offers, negotiations, and
agreements. Any representations which are not contained in this Agreement have
not been, and are not now, relied upon in entering into this Agreement.

     12.     This Agreement shall not be altered or modified except by the written
consent of all of the parties.

     13.     Each of the parties warrants that it has the power to settle and
release fully and dismiss all actions, causes of action, debts, dues,
liabilities, controversies, claims, and demands as set forth herein, and that
it has not sold, assigned, transferred or otherwise disposed of the same to any
third party. Each of the parties further warrants that its signatories are
duly authorized and empowered to sign this Agreement on its behalf.

     14.     Each party shall bear its own costs and attorneys’ fees in connections
with this dispute.

     15.     This Agreement shall be governed by Illinois law.

     16.     The parties agree that this Agreement may be signed in counterparts.
The parties also agree that this Agreement will become binding and effective
upon the exchange of facsimile copies of the required signatures. The parties
will thereafter exchange formal signed originals of this Agreement for their
permanent records.

 

SETTLEMENT AGREEMENT AND RELEASE

Page 4 of 5

     WHEREFORE THE UNDERSIGNED HAVE EXECUTED THIS SETTLEMENT AGREEMENT AND
RELEASE THIS 6th DAY OF NOVEMBER, 2001.

	 	 	 	 	 
	          /s/ CRAIG M. SIEGLER

	 	
Dated:
	 	November 6, 2001

	          CRAIG M. SIEGLER	 
	 
	WITNESS:	 	 	 	 
	 
	 

	 	 	 	 

 

SETTLEMENT AGREEMENT AND RELEASE

Page 5 of 5

ILLINOIS SUPERCONDUCTOR CORPORATION

(NOW KNOWN AS ISCO INTERNATIONAL, INC.)

	 	 	 	 
	By: /s/ CHARLES F. WILLES	 	Date: 	  November 6, 2001
	
	 	 	 

	Name: Charles F. Willes	 	 
	
	 	 
	Title: Executive Vice President	 	 
	
	 	 
	 
	WITNESS:

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