Release of Employment 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 12,
2007, the parties have agreed to release each other from any and all liability
under that certain Employment Agreement dated January 1, 2007 as disclosed
in
the Seller’s Form 8-K filed with the Securities Exchange Commission on April 20,
2007 (the “Employment
Agreement”). 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
Employment Agreement.
2. The
Employment Agreement
is hereby terminated, void and unenforceable.
3. Effective
with this
Release, Buyer hereby resigns from any and all positions he held with Seller,
including but not limited to his positions as Chief Executive Officer and as
a
member of the Board of Directors.
4. 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
