Accord and Satisfaction with Thomas R. Morgan (attached)
Exhibit 10.10
ACCORD AND SATISFACTION AGREEMENT
This Accord and Satisfaction Agreement (this “Settlement”) is made on October 13, 2011, between Thomas R. Morgan, an individual with an address at 13800 Coppermine Road, 2nd Floor, Herndon, Virginia, 20171 (“Creditor”), Intelspec International, Inc, a Nevada corporation (“Debtor”), and Infrastructure Developments Corp., a Nevada corporation and the Debtor’s parent company (“Parent”).
SECTION ONE: ACKNOWLEDGEMENT OF EXISTING OBLIGATION
On August 5, 2008, Debtor entered into an Employment Agreement (the “Agreement”) with the Creditor.
The parties acknowledge that Debtor and/or Parent are indebted to the Creditor as of August 4, 2011, for
one hundred and nine thousand, nine hundred and eighty dollars ($109,980) and other amounts pursuant
to the Agreement.
SECTION TWO: AGREEMENT FOR DIFFERENT METHOD OF PAYMENT
Debtor, Parent and the Creditor desire and agree to provide for the payment of the above-stated
indebtedness and provide for the full satisfaction of the terms and obligations of the Agreement and any
other outstanding amounts due to the Creditor at August 4, 2011, in accordance with terms and provisions
different from, and in substitution of, the terms and obligations of the Agreement.
SECTION THREE: CONSIDERATION
In consideration of the mutual promises contained in this Settlement, Debtor, Parent and the Creditor agree as follows:
a. Method of Payment: Parent agrees to pay to the Creditor and the Creditor agrees to accept
from Parent, in full satisfaction of the indebtedness described in Section One, above, three
million six hundred and sixty six thousand (3,666,000) shares of Parent’s common stock,
valued at $0.03 per share, or an aggregate of $109,980, as full consideration for the debt
owed to the Creditor by Debtor and/or Parent as described in Section One, above.
b. Satisfaction: On execution of this Settlement and Parent’s board of directors’ resolution
authorizing the issuance of 3,666,000 shares of Parent’s common stock to the Creditor
provided for in Section Three (a), above, the original indebtedness of Debtor and/or Parent to
the Creditor, as described in Section One, above, will be forever cancelled and discharged,
and Creditor will immediately and forever release Debtor and/or Parent from any and all
obligations under the Agreement or otherwise, through August 4, 2011.
In witness whereof, the parties have executed this Settlement on the date first mentioned above.
Creditor Debtor Parent
/s/ Thomas R. Morgan /s/ Shawn Teigen /s/ Eric Montanton
Thomas R. Morgan Shawn Teigen Eric Montandon
Representing Debtor’s Representing Parent’s
board of directors board of directors