EXHIBIT 10.2
AMENDMENT TO
CONFIDENTIAL SETTLEMENT AGREEMENT
AND RELEASE
This Amendment
to the Confidential Settlement Agreement and Release
(“Amendment”) is entered into on July 10, 2008,
being the last day on which all parties sign this Amendment (the
“Effective Date”), by and between Verizon Federal Inc.
(“Verizon”); and Government Telecommunications, Inc.
(“GTI”) and GTI’s parent company, Digital Angel
Corporation (“DAC”); collectively referred to here as
the “Parties.”
WHEREAS,
Verizon, GTI and DAC are parties to a certain Confidential
Settlement Agreement and Release effective as of December 19,
2007 (the “Agreement”);
WHEREAS, the
parties wish to amend the Agreement because GTI and DAC represent
that GTI’s parent, Computer Equity Corporation
(“CEC”) is being acquired by Sterling Hallmark,
Inc..
NOW,
THEREFORE, in consideration of the respective promises set forth
here, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties
hereby agree as follows.
A. This
Amendment shall have no effect if the anticipated acquisition of
GTI’s parent company, CEC, by Sterling Hallmark, Inc. does
not occur.
B. Sections 1.1-1.6 of the Agreement are hereby deleted
in their entirety and replaced with the following:
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1.1. |
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The payment of One Million Dollars
($1,000,000) by GTI to Verizon on or before January 15, 2008,
has been made.
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1.2. |
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On or before the closing date of
the Stock Purchase Agreement by and between DAC and Sterling
Hallmark, Inc. (the “Closing Date”), GTI shall pay to
Verizon the sum of One Million Five Hundred Thousand Dollars
($1,500,000.00) by wire transfer
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