EXHIBIT 10.3
AGREEMENT TO COMPROMISE DEBT
FOR VALUE RECEIVED, Xxxxxxx Xxxx the undersigned being a creditor of MariCulture
Systems, Inc. hereby enters into an agreement to compromise and reduce the
indebtedness due the undersigned on the following terms and conditions:
1. MariCulture Systems, Inc. and Xxxxxxx Xxxx acknowledge that the present
debt is $50,000.00 in principal and $4,027.00 in interest.
2. The parties agree that Xxxxxxx Xxxx shall accept 54,027 shares of
MariCulture Systems, Inc. common stock (par value $0.01 per share) as full
and total payment on said debt and in complete discharge of all monies
presently due.
3. This agreement shall be binding upon and inure to the benefit of the
parties, their successors, assigns and personal representatives.
Signed this April 5, 1997
/s/ Xxxxxxx Xxxx
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Xxxxxxx Xxxx
/s/ Xxxxx X. Xxxxxxx
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Mariculture Systems, Inc.
