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Exhibit 10.26
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT dated as of July 2, 1997 is entered into by
and between TCC Industries, Inc., a Texas corporation, formerly named TeleCom
Corporation, (the "Company") and J. Xxxxxxx Xxxxx ("Kaine").
W I T N E S S E T H:
WHEREAS, the Company and Kaine have agreed that the Consulting and
Noncompetition Agreement (the "Consulting Agreement") dated as of August 2,
1995, entered into between them, should be terminated on the terms and
conditions set forth herein.
NOW, THEREFORE, in consideration of the premises, the mutual covenants
and agreements herein contained, and other good and valuable consideration, the
receipt and adequacy of which are expressly acknowledged by the parties by their
execution and delivery hereof, the undersigned hereby agree as follows:
1. The Consulting Agreement is hereby terminated in its entirety, including
without limitation the obligations of the Company to make payments to
Kaine as therein provided upon his ceasing to be a member of the Board
of Directors of the Company and the obligation of Kaine to render
consulting services and not to compete with the Company upon his ceasing
to be such a member.
2. The Company agrees that it will exercise, to the extent that it is
entitled to do so, its option to elect the "discovery clause" under its
Officer's and Director's Liability Insurance policy, so as to extend
coverage for an additional twelve month period at a cost of 75% of the
annual premium on such policy, such option to be exercised as provided
in such policy in the event the Company elects not to renew such policy
or replace such policy with similar coverage, or such policy is
terminated or not renewed by the insurer.
3. This Termination Agreement may be executed in counterparts, all of which
taken together shall constitute one and the same instrument. In making
proof hereof, it shall not be necessary to produce or account for any
counterpart other than one signed by the party against which enforcement
is sought.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound,
have duly executed this Amendment as of the date first above written.
THE COMPANY:
TCC Industries, Inc.
/s/ XXXXXX XXXXXXXX
By:
Name: Xxxxxx Xxxxxxxx
Title: President
KAINE:
/s/ J. XXXXXXX XXXXX
J. Xxxxxxx Xxxxx
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