Exchange Agreement Between CART, Inc. and Walker Racing for Reynard Parts and Show Car

Summary

CART, Inc. and Walker Racing have agreed to exchange a large quantity of Reynard parts for one show car. Both the parts and the show car will be exchanged at the same time and are provided "as is," with no warranties or guarantees from either party. The agreement will only take effect once it is approved by the parent company's Board of Directors. Both parties have signed to confirm their acceptance of these terms.

EX-10.37 12 l99238aexv10w37.txt EXHIBIT 10.37 Exhibit 10.37 [CART(TM) LETTERHEAD] - -------------------------------------------------------------------------------- CART, Inc. - 5350 West Lakeview Parkway South Drive - Indianapolis, Indiana 46268 USA Phone ###-###-#### - Fax ###-###-#### www.cart.com February 19, 2003 Mr. Derrick Walker Walker Racing 4035 Championship Drive Indianapolis, IN 46268 Dear Mr. Walker: This letter is intended to memorialize the Agreement between CART, Inc. and Walker Racing by which CART agrees to exchange a large quantity of Reynard parts for one (1) show car. The exchange of the parts and show car shall pass simultaneously. Both the show car and the parts are being exchanged in an "as is" condition. No warranties or representations are made by either party as to the fitness of merchantability. If you are in agreement with the above description of the transaction, please execute this letter in the space provided below. This transaction is subject to approval by the Board of Directors of the parent company of CART, Inc. and will not become effective until such approval is secured. Thank you for your consideration. Sincerely, CART, Inc. AGREED AND ACCEPTED: /s/ David Clare /s/ Derrick Walker - -------------------------------------- -------------------------------------- David Clare Walker Racing Chief Operating Officer By: Derrick Walker DC/cma