TERMINATION AGREEMENT
AGREEMENT made this 28th day of April, 2000, by and among R-TEC
TECHNOLOGIES, INC. ("R-Tec"); THE XXXXXXXXX GROUP, INC. ("Xxxxxxxxx"); and
XXXXXXX XXXXX CAPITAL CORPORATION ("Xxxxxxx Xxxxx").
W I T N E S S E T H
WHEREAS, R-Tec and Xxxxxxxxx have previously entered into a Placement
Agreement, originally dated September 21, 1999, which was subsequently modified;
and
WHEREAS, the R-Tec and Xxxxxxxxx wish to terminate the Placement
Agreement, save for Section 10 providing for indemnification of certain claims
and liabilities; and
WHEREAS, R-Tec and Xxxxxxx Xxxxx have previously entered into a
Consulting Agreement dated September 21, 1999; and
WHEREAS, the R-Tec and Xxxxxxx Xxxxx wish to terminate the Consulting
Agreement, save for Paragraph 8 providing for indemnification of certain claims
and liabilities.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and conditions contained herein, the parties agree as follows:
1. Within twenty-four (24) hours of the full execution of this
Agreement by the parties, R-Tec shall pay to Xxxxxxxxx the sum of Fifty Thousand
Dollars ($50,000) and to Xxxxxxx Xxxxx the sum of Ten Dollars ($10.00) in full
satisfaction of all claims for compensation and reimbursement of any type
including, without limitation, warrants or options, expense reimbursements
(whether accountable or otherwise), rights of first refusal, consultant fees or
the like, arising out of or in connection with the Placement Agreement and the
Consulting Agreement.
2. Except for Section 10 of the Placement Agreement and Paragraph 8 of
the Consulting Agreement, the Placement Agreement and the Consulting Agreement
are hereby terminated and without further force and effect.
R-TEC TECHNOLOGIES, INC. THE XXXXXXXXX GROUP, INC.
/s/ Xxxxxx Xxxxxx /s/Xxxxxxxx Xxxxxxxx
By:_______________________________ By:_______________________
President /s/President & CEO
Title:_____________________________ Title:____________________
Date: 4/28/00 4/20/00
____________________________ Date:_____________________
XXXXXXX XXXXX CAPITAL CORPORATION
/s/Xxxxxx X. Xxxxxxxxx
By:_______________________________
/ceo/
Title:____________________________
Date:4/20/0
___________________________________
