TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT (the "Agreement") is made and entered into
effective as of February 3, 2006, by and among HEALTHRENU MEDICAL, INC., a
Delaware corporation (the "Company"), XXXXX XXXXXXXX, ESQ. (the "Escrow Agent")
and CORNELL CAPITAL PARTNERS, LP, a Delaware limited partnership (the
"Investor").
Recitals:
WHEREAS, the Company, the Escrow Agent and the Investor entered into a
Standby Equity Distribution Agreement (the "SEDA") and an Escrow Agreement each
dated May 23, 2005 (the "Escrow Agreement").
NOW, THEREFORE, in consideration of the premises and the mutual promises,
conditions and covenants contained herein and in the Escrow Agreement and other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows:
1. Termination. Each of the parties to this Agreement hereby terminates the
Escrow Agreement and the respective rights and obligations contained
therein and any rights and obligations with respect to escrow arrangements
provided for in the SEDA. As a result of this provision, none of the
parties shall have any rights or obligations under or with respect to the
Escrow Agreement or the escrow arrangements (including fees) provided for
in the SEDA.
IN WITNESS WHEREOF, the parties have signed and delivered this Termination
Agreement on the date first set forth above.
HEALTHRENU MEDICAL, INC. CORNELL CAPITAL PARTNERS, LP
By: Yorkville Advisors, LLC
By: /s/ Xxxxxx X. Xxxxxx Its: General Partner
--------------------------------
Name: Xxxxxx X. Xxxxxx
Title: President & CEO By: /s/ Xxxx X. Xxxxxx
--------------------------------
Name: Xxxx X. Xxxxxx
Title: Portfolio Manager
ESCROW AGENT
By: /s/ Xxxxx Xxxxxxxx, Esq.
------------------------------
Name: Xxxxx Xxxxxxxx, Esq.
