EXHIBIT 10.9.3
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT, dated as of this 18th
day of September, 1996, by and between The Aegis Consumer
Funding Group, Inc. ("Aegis") and Xxxxxxx Xxxxx ("Xxxxx").
W I T N E S S E T H
WHEREAS, on even date herewith, Xxxxx has entered into an
employment agreement (the "New Agreement") with Systems and
Services Technologies, Inc ("SST"), a subsidiary of Aegis; and
WHEREAS, prior to the date hereof, Xxxxx was employed in
various capacities as an employee and officer of Aegis pursuant to
an employment agreement dated March 1, 1994 as such agreement
was amended and supplemented from time to time (such
employment agreement including any supplements and amendments
thereto being referred to herein as the "Old Agreement"); and
WHEREAS, Xxxxx has tendered for sale 80,000 shares of Aegis
Common Stock to Aegis (the "Stock Sale") and
WHEREAS, Xxxxx executed a promissory note dated November
15, 1994 (the "Note") payable to Aegis in the original principal
amount of $100,000; and
WHEREAS, Aegis has agreed to forgive $20,000 of the principal
amount due resulting in a total outstanding indebtedness under the
Note of $90,000 inclusive of interest in the amount of $10,000;
and
WHEREAS, Xxxxx, from the proceeds of the Stock Sale repaid in
full the $90,000 outstanding obligation under the Note.
NOW, THEREFORE, in consideration of the premises and
covenants herein contained and other good and valuable
consideration paid or given by each party to the other, the receipt
and adequacy of which is hereby acknowledged by both parties,
the parties hereto agree as follows:
Termination. From and after the date hereof, the Old
Agreement, and Xxxxx' employment thereunder, shall be deemed
terminated and of no further force or effect; any and all obligations
thereunder from either party to the other shall be deemed satisfied
in full or otherwise forgiven.
Representation. Each party hereby represents and
warrants to the other party that, Aegis has received $90,000 as
payment in full of the Note including interest thereon, and that
each party knows of no claim demand or cause of action, and has
no actual knowledge of facts which would give rise to any claim,
demand or cause of action, arising under, with respect to, or by
virtue of the Note or Xxxxx' employment by Aegis pursuant to the
Old Agreement through and including the date hereof.
IN WITNESS WHEREOF, the parties hereto have executed
this Termination Agreement as of the day and year first above
written.
ATTEST: THE AEGIS CONSUMER
FUNDING GROUP, INC.
______________________ By:
_________________________________________
WITNESS: EXECUTIVE
_______________________ By:
____________________________
Xxxxxxx Xxxxx
