Non-compete Agreement 2
Exhibit 10.3
NovaSoft Information Technology Corporation, a New Jersey corporation having its corporate offices at NovaSoft Information Technology Corporation, 000, Xxxxxxxxxx Xxxxxx, Xxxxx 000 Xxxxxxxxxxxx, XX 00000 (hereinafter referred to as “Novasoft” which expression shall mean and include its representatives, successors and permitted assigns) of the ONE PART;
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Intelligroup Europe Limited (Co no. 03205142) a company incorporated under the laws of England , and having its registered office at Xxxxxxxxx Xxxxx, Xxxxxxxx Xxxxx, Xxxxxxxxx, Xxxxxxxxxxxxxxx, XX0 0XX (hereinafter referred to as “Intelligroup” which expression shall mean and include its representatives, successors and permitted assigns) of the SECOND PART.
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1. |
Novasoft and Intelligroup entered into a Non Compete Agreement on 8th June 2007 referred to hereinafter as the “Non-compete Agreement” |
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2. |
Clause 4 of the Non-compete Agreement stated that the agreement will terminate if the Closing does not take place within 8 weeks and the parties agree and confirm that the Non-compete Agreement has determined |
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3. |
And the parties have now agree to enter into a new agreement (hereinafter referred to as the “Non-compete Agreement 2”) on the same terms as the Non-compete Agreement (subject to the amendments as specified in Clause 4 hereof with Closing to take place by 13.00 UK time on 15th September 2007 and if Closing does not take place by then the Non-Compete Agreement shall terminate without any further act of the Parties. |
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The consideration agreed to in Clause 3 of the Non-compete Agreement will be reduced from USD 1.5 million to USD 1.4 million. |
In Witness whereof the parties to this Agreement have signed this Agreement on the date and place mentioned above:
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/s/ X. Xxxxxxxx |
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/s/ Xxxx Xxxxxx |
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ISG Novasoft Technologies Limited |
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Intelligroup Asia Pvt. Ltd. |
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Name: |
X. Xxxxxxxx |
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Name: |
Xxxx Xxxxxx |
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Title: |
Director |
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Title: |
Director |
