SETTLEMENT AGREEMENT AND
RELEASE
This Settlement
Agreement and Release (the “Agreement”) is dated April
25, 2007 and is made by and between Stursberg & Veith
(“Plaintiff”) and Tech Laboratories, Inc.
(“Defendant”). Plaintiff and Defendant are collectively
referred to herein as the “Settling
Parties.”
WHEREAS , Plaintiff filed a lawsuit against Defendant
before the United States District Court for the Southern District
of New York entitled Stursberg & Veith v.
Tech Laboratories, Inc. , Case No. 04-CV-5161 (NRB) (the
“Matter”);
WHEREAS , on December 5, 2005 a judgment was filed by
the court with respect to the matter in favor of the Plaintiff, for
the payment of $204,834.10, including interest;
WHEREAS , the Settling Parties have concluded that it is
in their individual and mutual best interests to resolve this
matter amicably and end all controversy between them.
NOW, THEREFORE , in consideration of the mutual conditions and
covenants contained in this Agreement, and for other good and
valuable consideration, the sufficiency and receipt of which is
hereby acknowledged, it is hereby stipulated, consented to and
agreed by and between Plaintiff and Defendant as
follows:
1. Defendant shall pay Plaintiff the total sum of
One Hundred Thousand Dollars and No Cents ($100,000.00) (the
“Settlement Payment”) payable via wire transfer of
immediately available funds to the account designated and set forth
on Exhibit A, annexed hereto; provided, however, if the Settlement
Payment is not made in full on or before 5:00 P.M. (EST) on April
30, 2007, this Agreement shall be null and void and the judgment
shall remain in full force and effect.
2. Upon receipt and clearance of the Settlement
Payment, Plaintiff releases and discharges Defendant, and its
officers, directors, employees, agents, partners and shareholders,
from all actions, cause of action, suits, debts, dues, sums of
money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims, and
demands whatsoever, in law, admiralty or equity, against Defendant,
that Plaintiff or its successors and assigns ever had or now have
for, upon, or by reason of any matter related to the Matter,
whether or not known or unknown, from the beginning of the world to
the day of the date of this release.
3. Upon receipt and clearance of the Settlement
Payment, Defendant releases and discharges the Plaintiff, and its
officers, directors, employees
