TERMINATION OF ESCROW AGREEMENT
THIS AGREEMENT is dated for reference the 19th day of April, 2002
BETWEEN:
WORLDBID CORPORATION
a corporation incorporated pursuant to the laws of the state of Nevada
(the "Company")
OF THE FIRST PART
AND:
CANE & COMPANY, LLC
0000 Xxxx Xxxxxx Xxxxxx, Xxxxx 000
Xxx Xxxxx, Xxxxxx 00000
(the "Escrow Agent")
OF THE SECOND PART
WHEREAS:
A. Pursuant to an agreement dated February 2, 1999 as amended September 10,
1999 (the "Escrow Agreement") the Escrow Agent is holding certain shares of the
Company (the "Escrow Shares"), which were issued to Global Internet Holdings
Ltd. (formerly Databoat International Limited) ("Global").
B. Global has agreed to transfer the Escrow Shares to a group of investors
(the "Purchasers").
C. The Purchasers will be required under applicable securities laws, to hold
the escrow shares acquired from Global for a period of time exceeding the
balance of the time that the shares are to be held in escrow pursuant to the
Escrow Agreement.
D. Global has consented to the termination of the Escrow Agreement, a copy
of which consent is attached as Schedule "A" hereto.
NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the mutual
covenants and conditions hereinafter contained, the parties hereto agree as
follows:
1. The Escrow Agreement is hereby terminated.
2. Notwithstanding the termination of the Escrow Agreement the indemnity
provided by the Company in paragraph 5.1 of the Escrow Agreement shall continue
in force and effect.
3. This Agreement shall enure to the benefit of and be binding upon the
parties hereto, their and each of their heirs, executors, administrators,
successors and permitted assigns.
4. This Agreement may be executed in several parts in the same form and such
part as so executed shall together constitute one original agreement, and such
parts, if more than one, shall be read together and construed as if all the
signing parties hereto had executed one copy of this Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
WORLDBID CORPORATION
Per: /s/ Xxxxx Xxxxxxxx
________________________
Authorized Signatory
CANE & COMPANY, LLC
Per: /s/ Xxxx Xxxxxx
________________________
Authorized Signatory
Schedule "A"
GLOBAL INTERNET HOLDINGS LIMITED
(Formerly Databoat International Limited)
TO: Cane & Company, LLC
AND TO: Worldbid Corporation
This will confirm that the undersigned has no objection to the termination of
the Escrow Agreement among the undersigned, Cane & Company, LLC and Worldbid
Corporation dated February 16, 1999 and amended September 10, 1999.
Dated this 19th day of April, 2002.
GLOBAL INTERNET HOLDINGS LIMITED
per: /s/ Xxxxx Xxxxxxx
____________________________
Authorized Signatory
