EXHIBIT 10.30
[HIENERGY LETTERHEAD]
THIS TERMINATION AGREEMENT ("Agreement") executed on the 2 day of December,
2002, terminates that certain Letter Agreement (the "Original Agreement")
entered into as of the 1st day of May, 2002, by and between HiEnergy
Technologies, Inc. ("HiEnergy" or the "Company"), and Xxxxx Xxxxxxx Xxxxxxxxxx
Associates, LLC. ("WAW").
1. TERMINATION. Subject to the terms and conditions of this Agreement, the
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Original Agreement is terminated effective as of the date first set forth above.
The Original Agreement shall be of no further force or effect, and the parties'
obligations thereunder shall be deemed completely performed and discharged.
Except as set forth in this Agreement, any liabilities arising out of the
Original Agreement and performances rendered thereunder are hereby released and
shall be deemed satisfied in their entirety.
2. COMPENSATION. HiEnergy Technologies, Inc. agrees that the outstanding
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receivable amounting to $30,000 (Thirty thousand dollars and no cents) plus
$637.75 in expenses will be paid at the rate of $10,000 per month on the first
Thursday of each month starting December 5th and continuing thru February 6,
2003 (at which time the balance including expenses will be paid) until the
entire outstanding receivable has been paid. If the payment is not made within
three (3) days of the scheduled payment date, then the entire outstanding
balance will be deemed late and HiEnergy agrees to pay the entire outstanding
amount immediately.
Furthermore, HiEnergy Technologies, Inc. has agreed to register the 250,000
options granted to Xxxxx Xxxxxxx Xxxxxxxxxx Associates LLC. as of the current
date with a strike price of $2.12 per share and a duration of five (5) years
from the inception date of 5/1/2002. Such options will have customary piggyback
registration rights for the duration of the options with respect to the shares
underlying the options. The options may be transferred in whole or in part to
one or more employees of Xxxxx Xxxxxxx Xxxxxxxxxx Associates. All such option
amounts shall be adjusted for any future stock splits and stock dividends.
HiEnergy Technologies, Inc. agrees that Xxxxx Xxxxxxx Xxxxxxxxxx Associates LLC.
will be entitled to the cashless exercise of these options should Xxxxx Xxxxxxx
Xxxxxxxxxx Associates LLC. wish to do so.
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Xxxxx Xxxxxxx Xxxxxxxxxx Termination
12/02/2002
Agreed to: /s/ Xxx Xxxxxx
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Xxx Xxxxxx, CEO
HiEnergy Technologies, Inc.
Date: _________________________________
Agreed to: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
Xxxxx Xxxxxxx Xxxxxxxxxx Associates, LLC.
Date: 12/3/2002
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