EXHIBIT 10.42
FORM OF CANCELLATION OF THE LICENSE AGREEMENT
BETWEEN THE COMPANY AND INSTA-HEAT, INC.
DATED FEBRUARY ____, 1998
TERMINATION OF LICENSE AGREEMENT
This Termination of License Agreement is made effective the ___ day of
__________, 1998 by and between INSTA-HEAT, INC., a California corporation
("IHI") and ONTRO, INC., a California corporation ("Ontro") with reference to
the following facts:
RECITALS
X. XXX and Ontro entered into an Amended and Restated License Agreement dated
September 30, 1995 wherein IHI granted Ontro certain rights to develop IHI
property;
X. Xxxxxxxx to the authorization and approval of the shareholders and board of
directors of IHI and Ontro, the parties now desire to cancel and terminate the
Amended and Restated License Agreement.
C. IHI and Ontro acknowledge and agree no license fees or royalties are due or
owing to IHI and to the extent any were to be due IHI has agreed to waive them.
NOW THEREFORE, specifically incorporating these recitals herein, the
parties agree as follows:
AGREEMENT
1. The Amended and Restated License Agreement between IHI and Ontro, Inc. is
hereby cancelled and terminated effective as of the date first above written.
2. IHI and Ontro acknowledge and agree no license fees or royalties are due or
owing to IHI with respect to the provisions of the Amended and Restated License
Agreement, and to the extent any such fees are due IHI hereby waives and cancels
them intending they never be paid.
Witness the signatures of the duly authorized representatives of the
parties.
INSTA-HEAT, INC. ONTRO, INC.
a California corporation a California corporation
By: By:
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Xxxxx X. Xxxxxxxx, President Xxxxx X. Xxxxxxx, President
