Filed: Nov. 03, 2014
Latest Update: Nov. 03, 2014
Summary: NOTICE OF CONDITIONAL SETTLEMENT AND [ PROPOSED ] ORDER PAUL S. GREWAL, Magistrate Judge. TO THE COURT: The parties to the above-entitled action jointly submit this NOTICE OF CONDITIONAL SETTLEMENT AND [PROPOSED] ORDER to notify the Court that this matter has been settled conditioned upon consideration being remitted in installments by Defendants to Plaintiff through August 30, 2016. Pursuant to the parties' Settlement and Release Agreement, Defendant 4XEM CORPORATION, INC. will make stru
Summary: NOTICE OF CONDITIONAL SETTLEMENT AND [ PROPOSED ] ORDER PAUL S. GREWAL, Magistrate Judge. TO THE COURT: The parties to the above-entitled action jointly submit this NOTICE OF CONDITIONAL SETTLEMENT AND [PROPOSED] ORDER to notify the Court that this matter has been settled conditioned upon consideration being remitted in installments by Defendants to Plaintiff through August 30, 2016. Pursuant to the parties' Settlement and Release Agreement, Defendant 4XEM CORPORATION, INC. will make struc..
More
NOTICE OF CONDITIONAL SETTLEMENT AND [PROPOSED] ORDER
PAUL S. GREWAL, Magistrate Judge.
TO THE COURT:
The parties to the above-entitled action jointly submit this NOTICE OF CONDITIONAL SETTLEMENT AND [PROPOSED] ORDER to notify the Court that this matter has been settled conditioned upon consideration being remitted in installments by Defendants to Plaintiff through August 30, 2016. Pursuant to the parties' Settlement and Release Agreement, Defendant 4XEM CORPORATION, INC. will make structured installment payments to Plaintiff VIVOTEK USA, INC., concluding with a final payment due on August 30, 2016. The parties request 45 days from the date of the final payment to file the dismissal.
In the event the conditions of the Settlement and Release Agreement are not met, the parties have stipulated that Plaintiff shall be entitled to Judgment in a certain amount, less any installment payments made by Defendants. To that end, Defendants have executed a [PROPOSED] STIPULATED JUDGMENT which Plaintiff will submit to this Court only if the conditions of the Settlement and Release Agreement are not met.
The parties further stipulate and agree that based on the foregoing, and subject to this Court's approval, the Pretrial Conference set for November 4, 2014 at 10:00 AM, as well as the trial set for November 17, 2014, are no longer necessary. In the interest of the Court's and the parties' economy, it is therefore respectfully requested that these hearings be vacated.
ORDER
Based on the foregoing Stipulation and good cause appearing:
(1) The Pretrial Conference currently scheduled for November 4, 2014 at 10:30 AM, as well as the trial date are hereby VACATED; and
(2) Provided all conditions of the conditional settlement are met, the parties shall file a dismissal with prejudice of this action in its entirety not later than 45 days after the final payment is made by Defendants. If the conditions of the conditional settlement are not met, Plaintiff VIVOTEK USA, INC. shall be entitled to submit to the Court for its consideration the parties' [PROPOSED] STIPULATED JUDGMENT.
IT IS SO ORDERED.
