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<br />Case #21-2-00611-31 Page 2 of 4 Settlement Agreement
<br />TERMS
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<br />THEREFORE, in consideration of the terms herein, including the foregoing recitals, the
<br />parties hereby agree as follows:
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<br />1. Settlement. T. Bailey, Inc.’s insurer shall pay Plaintiffs the total sum of Two
<br />Million, Nine Hundred Thousand Dollars, and No Cents ($2,900,000.00). The total shall be
<br />paid as follows:
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<br />a. Two Million, Six Hundred Sixty Thousand Dollars, and No Cents
<br />($2,660,000.00) shall be paid in total to Plaintiff insurers Allied World Assurance
<br />Company (U.S.), Inc., Certain Underwriters at Lloyds of London subscribing to
<br />policy Nos. B0750RNAFG1803649, RNAFG1803649, and Ace American
<br />Insurance Company. The funds shall be made payable to: Denenberg Tuffley,
<br />PLLC IOLTA Account.
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<br />b. One Hundred, Forty Thousand Dollars, and No Cents ($140,000.00) shall
<br />be paid in total to Plaintiff Certain Underwriters at Lloyds of London subscribing
<br />to Policy No. PD-11055-00. The funds shall be made payable to:___________
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<br />c. One Hundred Thousand Dollars, and No Cents ($100,000.00) shall be paid
<br />in total to the City of Everett. The funds shall be made payable to: ______________
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<br />2. Release by Plaintiffs In consideration of the promises and covenants made and
<br />expressed herein, and except as otherwise provided herein, Plaintiffs, on behalf of themselves,
<br />their predecessors, owners, members, successors, assigns, attorneys, insurance carriers, agents,
<br />consultants, servants, employees, representatives, family members, and heirs do hereby release,
<br />relieve, acquit, and forever discharge any and all Claims that were brought, could have been
<br />brought, or relate to, or arise from the Lawsuit. This release includes all such foregoing described
<br />Claims against any Defendant named, or not named (e.g. T. Bailey, Ultraflote, DOES, et al.). The
<br />release under this Section 2 becomes effective immediately after the Plaintiffs receive the entire
<br />settlement payment on behalf of T. Bailey, Inc.
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<br />3. Release by T. Bailey. In consideration of the promises and covenants made and
<br />expressed herein, and except as otherwise provided herein, Defendant on behalf of themselves,
<br />their predecessors, owners, members, successors, assigns, attorneys, insurance carriers, agents,
<br />consultants, servants, employees, representatives, family members, and heirs do hereby release,
<br />relieve, acquit, and forever discharge Plaintiffs from any and all Claims brought, that could have
<br />been brought, or relate to or arise from the Lawsuit. The release under this Section 3 becomes
<br />effective immediately after the Plaintiffs file the dismissal with prejudice of the Lawsuit. Any and
<br />all Claims by T. Bailey against others, including its Claims against Ultraflote and its agent Ronald
<br />Kern, are expressly preserved and shall survive the dismissal of Plaintiffs’ Claims against T.
<br />Bailey.
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