Cancellation of Promissory Note. On the Closing Date, ▇▇▇▇ shall cancel any and all right, title and interest he has in that certain unsecured non-interest bearing earn-out note by Quadrax in favor of ▇▇▇▇ in the aggregate amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000), dated December 29, 1995, relating to profits in Lion.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Quadrax Corp), Stock Purchase Agreement (Quadrax Corp)