Standstill Agreement between Magnitude Information Systems, Inc. and Kiwibox Media, Inc. (January 30, 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) from January 30, 2008, until 5:00 pm Eastern Time on February 10, 2008. During this period, neither party will exercise any rights or take any actions under the agreement. This standstill is formally accepted by both companies and key Kiwibox shareholders.
EX-10.31 2 v101850_10-31.htm
Exhibit 10.31
Magnitude Information Systems, Inc.
1250 Route 28
Suite 309
Branchburg, New Jersey 08876
January 30, 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.1 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 10, 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 |