Release of Consulting Agreement
Pursuant
to the certain Stock Purchase
Agreement by and between IElement Corporation (“Seller”) and Xxxx Xxxxx
(“Buyer”) and for
limited purposes IElement Inc. dated as of December __, 2007, the parties have
agreed to release each other from any and all liability under that certain
Consulting Agreement between the Seller and Kramerica Capital Corporation
(“Kramerica”) dated
January 1, 2007 as disclosed in the Seller’s Form 8-K filed with the SEC on
April 20, 2007 (the “Consulting
Agreement”). Buyer owns 100% of the equity of Kramerica
Capital Corporation. The terms of the release are set forth
herein.
NOW,
THEREFORE, in consideration of the
covenants and agreements contained in the said letter:
1. The
parties hereby
release and forever discharge each other of and from all manner of action and
actions, cause and causes of action, suits, rights, debts, dues, sums of money,
accounts, bonds, bills, covenants, contracts, controversies, omissions,
agreements, promises, variances, trespasses, damages, liabilities, judgments,
executions, claims and demands whatsoever (collectively, "Claims"), in law or in equity,
which either party ever had, now has or which it hereafter can, shall or may
have, whether known or unknown, suspected or unsuspected, matured or unmatured,
fixed or contingent, for, upon or by reason of any matter or cause arising
at
any time on or prior to the date of this Release solely in connection with
the
Consulting Agreement.
2. The
Consulting Agreement
is hereby void and unenforceable.
3. This
Release shall be
governed by and construed in accordance with the laws of the State of Texas
applicable to contracts made and to be performed wholly therein.
The
Parties have executed this Agreement on the day first above
written.
IElement
Corporation:
By:
Name:
Title:
Xxxx
Xxxxx
Kramerica
Capital Corporation:
By:
Name:
Title:
