Exhibit 4.22
Xxxxxxxxxx Xxx September 6, 2002
Young Woo & Assoc., LLC
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Re: Early Termination Agreement
Dear Xxxxxxxxxx:
Further to our discussion from today, this is to memorialize the agreement we
have reached to terminate the Agreement of Sublease between Young Woo &
Associates and Commtouch dated October 1, 1999:
1. Commtouch shall pay Young Woo the sum of $55,613.90. Of that amount, a
payment of $24,720 shall be made by way of Young Woo's retention of the
security deposit it holds in that amount.
2. Of the remaining amount of $30,893.90, upon signature of this agreement
by Young Woo, Commtouch shall either wire funds or send a check by
Federal Express to Young Woo in the sum of $13,200. The transference of
the $13,200 will occur on Tuesday, September 10, 2002. The remainder
totaling $17,693.90 shall be made by wire transfer or check on October
1, 2002. To secure the payment of this remaining amount, Commtouch
shall cause its parent company, Commtouch Software Ltd., to sign on a
promissory note in the amount of $17,693.90.
3. Young Woo shall immediately send to Commtouch by overnight delivery a
check it possesses from Treasurace for deposit by Commtouch in the
amount of $8240.
4. Young Woo shall be transferred title to the items listed on the
attached list, which we understand to be located currently on the
leasehold premises.
5. Upon execution of the above, the sublease, including parent guarantee,
is terminated and each of the parties hereto waives any and all claims
of any nature against the other party, including all related affiliates
and representatives. Without derogating from the effectiveness of the
above release, a more formal and detailed release is contemplated.
Xxxxxxxxxx, I appreciate your patience and courtesy throughout this oftentimes
difficult negotiation. Please sign below and return a signed copy to us in
evidence of Young Woo's agreement to the above.
Regards,
/s/Xxxx Xxxxx
Xxxx Xxxxx
General Counsel
We agree to the above: ______________ ________________________
Commtouch Inc. Young Woo & Assoc., LLC
