TERMINATION AGREEMENT
Exhibit
10.5
THIS
TERMINATION AGREEMENT is entered into and effective as of July 25, 2005, by
and
between IFT CORPORATION, a Delaware corporation (the "Company") and XXXXXXX
X.
XXXXX (the “Executive”).
W
I T N E
S S E T H:
WHEREAS,
Company and Executive entered into that certain Executive Employment Agreement
(the “Employment Agreement”) effective February 1, 2005;
WHEREAS,
Company and Executive wish to make substantial amendments to said Employment
Agreement, which amendments taken together with the original Employment
Agreement, will likely be confusing and difficult for the Company’s stockholders
to read and understand as a whole; and
WHEREAS,
Company and Executive are desirous of terminating said Employment Agreement,
in
the interest of transparency to the Company’s stockholders, to permit the
Company and Executive to enter into a new executive employment
agreement.
NOW,
THEREFORE, the parties hereto hereby agree that the Employment Agreement
effective February 1, 2005, between the Company and Executive, is hereby
terminated.
IN
WITNESS WHEREOF, the undersigned have executed this Termination Agreement as
of
the date first above written.
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IFT
CORPORATION
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WITNESS
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/s/
Xxxxxxx Xxxxx
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By:
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxx
Xxxxx
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Name:
Xxxxxxx X. Xxxxx
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Title:
Chairman of the Board
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WITNESS
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/s/
Xxxxx Xxxxxxx-Xxxxx
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By:
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/s/
Xxxxxxx X. Xxxxx
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Xxxxx
Xxxxxx-Xxxxx
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Name:
Xxxxxxx X. Xxxxx
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