SETTLEMENT AND STOCK REDEMPTION AGREEMENTSettlement and Stock Redemption Agreement • January 14th, 2003 • Sailtech International Inc • Ship & boat building & repairing • Florida
This Settlement and Stock Redemption Agreement (this "Agreement") is executed by Phillips Family Limited Partnership ("Investor"), a South Dakota limited partnership; Carey M. Phillips ("Phillips"), a Florida resident; SailTech International, Inc. (the "Company"), a Nevada corporation; SailTech Design, Inc. ("SDIF"), a Florida corporation; and SailTech Design, Inc., ("SDIBC"), a British Columbia corporation, both direct or indirect subsidiaries of the Company (together, the "Subsidiaries" and, individually, a "Subsidiary"), Gunter Richtler and W. Barry Girling (together, the "Managing Shareholders"), to record their agreements regarding the redemption by the Company of Investor's shares of common stock of the Company and related matters.
