XDSL JUDGEMENT SETTLEMENT AGREEMENT FOR CASH NOT SHARES
JUDGMENT SETTLEMENT AGREEMENT
This Judgment Settlement Agreement (this “Agreement”) is entered into as of August 18, 2017 (the “Effective Date”) by and between John M. Fife, an individual (“Lender”), and MPhase Technologies, Inc., a New Jersey corporation (“Borrower”).
3. Settlement Payments. Borrower and Lender agree that Borrower may satisfy the Judgment in full by making cash payments (the aggregate of the cash payments payable to Lender under this Section 3 that are necessary to satisfy the Judgment, the “Settlement Amount”) to Lender in an amount equal to either (a) $250,000.00, provided such amount is received by Lender within six (6) months of the Effective Date, or (b) $360,000.00, which amount, if Borrower elects this option, shall be payable as follows: (i) Borrower must make a payment to Lender in the amount of $15,000.00 (the “First Installment Payment”) on or before the date that is six (6) months from the Effective Date, and (ii) twenty-three (23) additional payments of $15,000.00 each (each, an “Installment Payment”), with the first such Installment Payment being due and payable on the date that is one (1) month after the date Borrower pays the First Installment Payment to Lender and with each additional Installment Payment being due and payable to Lender on or before the same day of each month thereafter for the following twenty-two (22) months. Each payment made pursuant to this Section 3 shall be made by Borrower to Lender via wire transfer of immediately available funds. Borrower may prepay the Installment Payments at any time without penalty.
