EXHIBIT 1.1
SETTLEMENT AGREEMENT
THIS AGREEMENT made October 30, 2002.
In partial satisfaction of debts in the total sum of $1,142,287.00
plus interest from May 23, 2002 at 12% per year, wherein Cool Classic
Incorporated is the debtor and Xxxxxxx X. XxXxxxxx, Xxxxxxx X. Xxxxx, Xxxxxxx X.
Xxxxx IRA1, Xxxxxxx X. Xxxxx IRA2 and Xxxx X. Xxxxx are the creditors;
IN CONSIDERATION of $1.00 and other valuable and legal considerations,
IT IS AGREED as follows:
1. Premier Classic Art, Inc. sole stockholder of Cool Classic
Incorporated pledged its 1,000 shares as security for said notes
and debts and endorses back to Cool Classic Incorporated said
1,000 shares at a value of 1,000.00;
2. Cool Classic Incorporated in partial satisfaction of total
indebtedness, issued 1,000 shares of its common stock to the note
holders and received a credit of $1,000.00 against said notes and
debt; and
3. The note holders hereby accept said shares, pro rata, valued at a
total of $1,000.00 and agree that the indebtedness owed by Cool
Classic Incorporated to the note holders is reduced by the sum of
$1,000.00.
IN WITNESS thereby the parties have executed this Agreement effective
the day and year first written above.
Premier Classic Art, Inc. Cool Classic Incorporated
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President Xxxxxxx X. Xxxxx, President
By: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxxxx X. Xxxxx
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Xxxxx Xxxxxxxx, Secretary Xxxxxxx X. Xxxxx, Secretary
The note holders as named in the First Paragraph by Xxxxxxx X. XxXxxxxx
with authorization to sign pursuant to the Inter-Creditor Agreement dated May
22, 2002.
By: /s/ Xxxxxxx X. XxXxxxxx
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Xxxxxxx X. XxXxxxxx
