Order Approving Settlement Agreement and Awarding Counsel Fees in Strategic Asset Management, Inc. v. Nicholson et al.

Summary

This court order, issued by the Delaware Court of Chancery, approves a settlement agreement in a derivative lawsuit involving Strategic Asset Management, Inc. and Mark Behringer (on behalf of N-Viro International Corporation) against several individual defendants. The order confirms the settlement, modifies a provision regarding legal fees, and requires N-Viro International Corporation to pay $150,000 in counsel fees and expenses to the plaintiffs' counsel within fifteen days of April 21, 2005.

EX-10.1 2 doc2.txt Exhibit 10.1 ----------- IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY STRATEGIC ASSET MANAGEMENT, INC., derivatively and on behalf of N-VIRO INTERNATIONAL CORPORATION, a Delaware corporation, Plaintiff, and MARK BEHRINGER, derivatively and on behalf of N-VIRO INTERNATIONAL CORPORATION, a Delaware corporation, Intervening Plaintiff, v. C.A. No. 20360-NC J. PATRICK NICHOLSON, MICHAEL NICHOLSON, TERRY J. LOGAN, BOBBY B. CARROLL, PHILLIP LEVIN, DANIEL J. HASLINGER, B. K. WESLEY COPELAND, Defendants, and N-VIRO INTERNATIONAL CORPORATION, a Delaware corporation, Nominal Defendant. ORDER AND NOW, this 21st day of April, 2005, for the reasons set forth during the Court's bench ruling of April 11, 2005, IT IS HEREBY ORDERED that the Settlement Agreement and Release, e-filed on June 30, 2004 (Filing ID ###-###-####), be, and the same hereby is, confirmed and approved, except that paragraph 2 of the Agreement is deleted in its entirety and the following is inserted in lieu thereof: 2. Plaintiff is hereby awarded the sum of $150,000 for counsel fees and expenses incurred in this matter. Nominal Defendant shall pay such sums to Plaintiffs' counsel within fifteen (15) days of April 21, 2005. /s/ John W. Noble ----------------- Vice Chancellor 2