Termination of the Terminated Agreements. Each of the Parties hereby agrees to terminate each Terminated Agreement in its entirety effective immediately, and each of the Parties agrees that the amounts described in this Section 1 is fully satisfactory to it and constitutes valid consideration in exchange for the releases set forth in this Agreement. Upon Closing (as defined in the Purchase Agreement), Java Franchise shall effect an aggregate payment to Java Universe in the amount of Five Hundred Fifty Thousand Dollars ($550,000), payable in shares of common stock, $.001 par value, of Java Detour (“Common Stock”) valued at $1.00 per share, or Five Hundred Fifty Thousand (550,000) shares of Common Stock, such shares to be issued to cover any and all amounts due to Java Universe under the Terminated Agreements. All shares of Common Stock to be issued to Java Universe under this Section 1 shall be subject to Section 6 of that certain Agency, Co-Occupancy and Operating Agreement dated of even date herewith by and among JDCO, Java Universe, Xxxxxx Foods, Inc. and Xxxxxxx Xxxxxx.
Termination of the Terminated Agreements. (a) SNBL and Transcept hereby agree that, as of the Effective Date:
Termination of the Terminated Agreements. Subject to the terms and conditions of this Agreement, the Terminated Agreements and all the rights and obligations of the Parties thereunder shall be cancelled and terminated and of no further force or effect as of December 31, 2019 (the “Termination Date”).
Termination of the Terminated Agreements. Immediately prior to, and conditioned upon, the closing of the Financing, each of the Terminated Agreements shall be terminated in their entirety and of no further force or effect; provided, that Sections 8.14 and 9.15 of the Purchase Agreement, Section 9 of the Stockholders’ Agreement, the second to last paragraph of the Management Rights Letter and Section 4 of the Management Agreement shall each survive such termination.
Termination of the Terminated Agreements
