Standstill Agreement between Magnitude Information Systems, Inc. and Kiwibox Media, Inc. (February 2008)
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Summary
Magnitude Information Systems, Inc. and Kiwibox Media, Inc. agree to temporarily pause the enforcement of all rights, obligations, deadlines, and payments under their existing Agreement and Plan of Reorganization, including all amendments. This standstill period lasts from February 11, 2008, until 5:00 pm Eastern Time on February 25, 2008. During this time, neither party will exercise any rights or take any actions under the original agreement.
EX-10.32 2 v104248_ex10-32.htm Unassociated Document
Exhibit 10.32
Magnitude Information Systems, Inc.
1250 Route 28
Suite 309
Branchburg, New Jersey 08876
February 11, 2008
VIA HAND DELIVERY
Kiwibox Media, Inc.
330 West 38th Street
New York, New York 10018
Attention: Messrs. Lin Dai, Michael Howard and Ivan Tumanov
Gentlemen:
This shall serve as a "standstill agreement" between the parties with respect to a certain Agreement and Plan of Reorganization, dated February 19, 2007, and as amended by Amendments Nos.l through 5, (collectively, the "Agreement"). The parties agree to extend any and all rights, deadlines, obligations, requirements, payments and the like, as well as not to exercise any of their respective rights, under the terms and provisions of the Agreement during the period from today through 5:00 pm, Eastern Time on February 25, 2008.
| Magnitude Information Systems, Inc. | ||
| | | |
| By: | /s/ Edward L. Marney | |
| Edward L. Marney, President | ||
Agreed to and Accepted:
Kiwibox Media, Inc.
| By: | /s/ Lin Dai |
| Lin Dai, President |
| /s/ Ivan Tumanov | /s/ Michael Howard | /s/ Lin Dai | ||||
| Ivan Tumanov | Michael Howard | Lin Dai | ||||
| Kiwibox Shareholder | Kiwibox Shareholder | Kiwibox Shareholder |
