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EXHIBIT
10.1
SETTLEMENT AGREEMENT
FOR SENIOR CONVERTIBLE NOTE
This SETTLEMENT (this "Settlement Agreement"),
dated December 5, 2008, is entered into by and between ZAP, Inc., a
California corporation (the "Company") and AL YOUSUF LLC
(hereafter, jointly and individually referred to as "Releasing
Party"). The Company and Releasing Party are sometimes referred to
hereafter as a "Party" or collectively as the "Parties".
WITNESSETH:
WHEREAS, the Company and Releasing Party entered
into a Securities Purchase Agreement dated May 8, 2008 (the "Note
Purchase Agreement"), whereby Releasing Party purchased a 8% Senior
Convertible Note (the "8% Senior Convertible Note"). The note has a
principle amount of $475,000 plus interest due on November 8,
2008.
WHEREAS, Releasing Party and the Company
mutually wish to terminate and cancel, the 8% Senior Convertible
Note.
WHEREAS, the parties hereto have agreed to
provide for the terms of the cancellation of the Agreements by
entering into this Settlement Agreement.
NOW, THEREFORE, in consideration of the premises
set forth above, and the mutual covenants set forth in this
Settlement Agreement, and intending to be legally bound hereby, the
parties do hereby agree as follows:
ARTICLE I
SETTLEME
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