TERMINATION AGREEMENT, dated as of September 30, 1999, between
Hospitality Worldwide Services, Inc., a New York corporation (the
"Company"), and Xxxxxx Xxxxxx (the "Executive")
The company and the Executive are parties to certain Employment
Agreement, dated January 1, 1998, between the Company and the Executive (the
"Employment Agreement").
The parties hereby agree as follows:
1. Effective immediately, the Employment Agreement shall terminate and
shall be of no further force or effect for Section 9, 10, 11 and 12 of the
Employment Agreement that shall survive its termination, and the Executive is
hereby released from any future obligations under the Employment Agreement
except for Section 9, 10, 11 and 12.
2. The Executive shall, without compensation, remain in his capacity as
Chairman, with such powers and authority as determined by the Company's Board of
Directors, until his successor is identified.
3. The Executive hereby acknowledges that the Company has fulfilled all
of its obligations under the Employment Agreement and hereby released and waives
all claims against the Company, its officers, directors and affiliates under the
Employment Agreement.
4. This Agreement shall be governed and construed in accordance with
the laws of the State of New York without regard to principles of conflicts of
laws.
5. This Agreement constitutes the entire understandings of the parties
hereto and supersedes all prior agreements or understandings with respect to the
subject matter contained herein.
6. This Agreement may be executed in any number of counterparts, and
each such counterpart hereof shall be deemed to be an original instrument, but
all such counterparts together shall constitute but one agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above.
HOSPITALITY WORLDWIDE SERVICES, INC.
By /s/ Xxxxxxx Xxxxxx
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Name: Xxxxxxx Xxxxxx
Title: President
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
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