FINAL SETTLEMENT
AGREEMENT AND MUTUAL RELEASE
This Settlement
Agreement and Release, dated October 12, 2005, is entered into
between Ion Networks, Inc., a Delaware corporation with offices at
120 Corporate Boulevard, South Plainfield, New Jersey 07080
(hereinafter, “Releasor”) and Stephen Gray and Kathleen
Gray, residing in Houston, Texas, to the extent that she was
recorded as a Guarantor of the debt (hereinafter,
“Releasees”) to fully and finally settle and resolve
all outstanding claims and monies owed by Releasors to Releasees in
accordance with the following provisions.
1.
The Releasor and
Releasees entered into a Separation and Forbearance Agreement and
Continuing Guaranty and/or a Settlement Agreement and Release in
October of 2000, after which time substantial monies in furtherance
of these agreements were paid by Releasees to Releasor, but there
remained an outstanding balance which was not paid to
Releasor.
2.
The Releasor and
Releasees hereby agree that this Settlement Agreement and Release
supercedes and replaces all prior agreements and contracts between
Releasor and Releasees and that they desire to fully and finally
settle all past, pending, and future claims between them by
compromising the amount of monies owed under the prior
agreements.
3.
Releasee shall pay to
Releasor the amount of $32,500.00 by check or wire transfer to the
Company’s account at Commerce Bank, Cherry Hill, New Jersey -
ABA No. 031201360, Account No. 7859469558, the amount subject to
collection .
4.
Releasor and Releasees
agree that this Settlement Agreement and Release is contingent upon
payment of the agreed upon sum by no later than October 14, 2005.
If said sum is not paid by said date, then this Agreement is
null and void and the prior contracts and agreements remain fully
valid. If the sum is paid, then Releasor and Releasees hereby
and forever mutually release and discharge each other and their
successors and/or assigns, from all claims arising out of or
claimed to arise out of Releasee Stephen Gray’s employment by
Releasor as well as for all other claims, liability,
responsibility, or
