TERMINATION AGREEMENT AND RELEASE
TERMINATION
AGREEMENT AND RELEASE
THIS
TERMINATION AGREEMENT AND RELEASE (the “Agreement”) is made and entered into as
of May 18, 2005, by and among BECOMING ART, INC., a Nevada corporation
(“Parent”), 20/20
ACQUISITION, INC., a Delaware corporation and a wholly-owned subsidiary of
Parent (“Acquisition
Corp.”), and
20/20 TECHNOLOGIES, INC., a Delaware corporation (the “Company”)
(collectively referred to as “Released Parties”). The Released Parties and their
officers, directors, attorneys, agents and affiliates are sometimes referred to
herein individually as a “Party” and collectively as the “Parties.”
WHEREAS,
on April 19, 2005,
the Parties entered into an Agreement and Plan of Merger (the “Merger
Agreement”) in which Parent was to acquire all of the outstanding capital
stock of
the Company through the merger (the “Merger”) of Acquisition Corp. and the
Company, with the Company being the surviving corporation.
positions
prior to entering into the Merger Agreement as of the date of this Agreement
(the “Termination” or “Termination Date”); and
of which
are hereby acknowledged, the Parties hereby covenant and agree as
follows:
1.
TERMINATION.
(a)
All
rights and obligations between the Parties, including, without limitation, the
Merger Agreement, and any obligations identified in any securities filings made
pursuant thereto, are duly and effectively terminated as of the Termination
Date.
(b)
As a
result of the Termination, the Parties each specifically acknowledge and agree,
without limitation, that:
1.
The
Merger has not occurred and will not occur;
2. No shares
of common stock of any of the Parties have or will be issued or exchanged by or
between the Parties; and
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3. No
officers or directors of any of the Parties have resigned and none of the
officers or directors of the Company have or will be appointed to the board of
directors or as officers of the Parent.
6. GOVERNING
LAW; JURISDICTION. The Parties acknowledge and agree that this Agreement will be
finalized in the State of Nevada, a substantial portion of this Agreement is to
be performed in the State of Nevada, and the substantive laws of the State of
Nevada will govern the enforcement of this Agreement, without regard to its
choice of law rules. The Parties further agree and consent to the jurisdiction
of the federal and state courts in the State of Nevada over any action to
enforce this Agreement.
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certificates
executed or delivered in connection therewith. This Agreement supersedes any
prior understanding, agreement, practice or contract, oral or written, between
the Parties. This Agreement may not be modified except by written instrument
signed by all Parties. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but which together shall constitute one and
the same instrument. This Agreement shall be binding upon the each Party’s
respective heirs, executors, administrators, successors, and
assigns.
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COMPANY: | ||||
20/20
Technologies, Inc. | ||||
By: |
/s/ Xxxxxxx X. Xxxxx | |||
Xxxxxxx
X. Xxxxx, Chief Executive Officer | ||||
PARENT: | ||||
Becoming
Art, Inc. | ||||
By: |
/s/ Xxxx Xxxxxx | |||
Name: |
Xxxx Xxxxxx | |||
Title: |
President and Chief Executive Officer | |||
ACQUISITION
CORP.: | ||||
20/20
Acquisition Subsidiary, Inc. | ||||
By: |
/s/ Xxxx Xxxxxx | |||
Name: |
Xxxx Xxxxxx | |||
Title: |
Director |
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