REPURCHASE AGREEMENT
The following Agreement is the understanding between the parties relating to a
Repurchase Agreement to be EFFECTIVE on August 31, 1999 and FINALIZED on
September 28th, 1999 by and between SRW, Inc., Little King, Inc. (Repurchaser)
and Jreck Subs Group, Inc. (the Company). The parties hereto desire to define
their respective rights, duties and obligations in connection with the Option to
Repurchase Stock and conclude their business relationship as follows:
1. Jreck Subs Group, Inc. agrees to transfer back all corporate documents and
Trademarks of Little King, Inc. and any and all personal property, including all
tangible and intangible assets held by the Company on the effective date of this
Agreement.
2. Parties hereto agree to mutually release, discharge and waive all claims
known or unknown regarding one another. Under this Mutual Indemnification, the
parties agree to hold each other, and their principals, employees, directors,
agents and representatives, harmless from all suits, proceedings, claims,
demands, judgments or appeals thereof, past present and future; specifically,
but not limited to, any litigation or judgment against Little King, Inc., SRW,
Inc., Xxxxxx X. Xxxxxxxx, personally, and Xxxxxx Xxxxxxxx and Jreck Subs Group,
Inc.
3. Repurchase Price shall be all shares that are presently held by Xxxxxx X.
Xxxxxxxx or his designees, except the 1,000 shares issued to Xxx Xxxxxxxx.
4. It is understood that Jreck Subs Group, Inc. will cancel all shares that have
ever been issued to Xxxxxx X. Wartheim or his designees, exclusive of the 1,000
shares issued to Xxx Xxxxxxxx.
5. The Consideration for this Agreement will be the cancellation of all
outstanding shares issued under the original Agreement and Addendums, except as
hereinabove stated.
6. It is understood that this Agreement is being mutually agreed upon and is
mutually desired and was referred to in the Original Agreement (see 7.10 of
Original Agreement).
7. It is further agreed that any disputes arising under or in connection with
the Interpretation of this Agreement or the rights and obligations of the
parties hereto shall be resolved by arbitration under the rules of the American
Arbitration Association, at a site to be mutually agreed upon by the parties.
The decision of the arbitrator(s) shall be final and binding, and judgment may
be entered thereon in the appropriate court having jurisdiction in the State of
Florida, County of Orange.
JRECK SUBS GROUP, INC. LITTLE KING, INC.
By: /s/ Xxxxxxxxxxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxxxx 9-29-99
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Xxxxxxxxxxx X. Xxxxxx Xxxxxx X. Xxxxxxxx, President
President & CEO
/s/ Xxxxxx X. Xxxxxxxx 9-29-99
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Xxxxxx X. Xxxxxxxx, Personally
/s/ Xxxxxx Xxxxxxxx 9-29-99
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Xxxxxx Xxxxxxxx, Personally
