Common use of Termination of Management Agreement Clause in Contracts

Termination of Management Agreement. By the execution of this Agreement the Company effectively terminates that management services agreement (the "Management Services Agreement") between the Company and the Consultant dated May 14, 2003 provided that it is acknowledged that, in lieu of any other obligations of the Company to the Consultant arising under the Management Services Agreement or otherwise, the Company shall issue to the Consultant 346,000 "post-consolidation" shares, such shares to be issued concurrent with the effective date of this Agreement.

Termination of Management Agreement. By the execution of this Agreement the Company effectively terminates that management services agreement (the "Management Services Agreement") between the Company and the Consultant dated May 14, 2003 provided that it is acknowledged that, in lieu of any other obligations of the Company to the Consultant arising under the Management Services Agreement or otherwise, the Company shall issue to the Consultant 346,000 320,000 "post-consolidation" shares, such shares to be issued concurrent with the effective date of this Agreement.