LICENSE TERMINATION AGREEMENT (Coates Trust to CIL)
Exhibit
10.20
(Xxxxxx
Trust to CIL)
This
License Termination Agreement (the “Agreement”)
is
entered into as of April 6, 2007 between Xxxxxx Trust, a trust formed under
the
laws of the Commonwealth of the Bahamas, having an address at Katherina Court
000, Xxxx Xxxx Xxxxx, Xxxxxx Xxxxxx, Xxxxx, Xxxxxx, the Bahamas (“Xxxxxx
Trust”)
and
Xxxxxx International, Ltd., a Delaware corporation (“CIL”).
WHEREAS,
Xxxxxx Trust and CIL entered into that certain License Agreement, dated as
of
October 23, 2006 (the “2006
License”);
and
WHEREAS,
after signing the 2006 License CIL’s business needs changed, so the 2006 License
was not implemented;
NOW
THEREFORE, in consideration of the foregoing and in further consideration of
the
mutual covenants and promises hereinafter contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, CIL and Xxxxxx Trust agree as follows:
1. Cancellation
and Termination of the 2006 License.
CIL and
Xxxxxx Trust each hereby agrees that effective as of the date hereof, the 2006
License and all of the rights and obligations of the parties thereunder are
hereby terminated. CIL and Xxxxxx Trust hereby waive any rights claims or
demands they may have in connection with the 2006 License.
2. Governing
Law.
This
Agreement shall be construed in accordance with and governed by the law of
the
State of New Jersey, without regard to the conflicts of law rules of such
state.
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their respective officers thereunto duly
authorized.
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XXXXXX
INTERNATIONAL LTD. |
XXXXXX
TRUST
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| By: | /s/ Xxxxx X. Xxxx | By: | /s/ Xxxxxx X. Xxxxxx | |
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Name:
Xxxxx X. Xxxx
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Name:
Xxxxxx X. Xxxxxx
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Title:
Chief Financial Officer
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