Exhibit 10.1
RECISION AGREEMENT
AGREEMENT dated as of September 25, 2006 between SCORES HOLDING COMPANY,
INC., a Utah corporation with its principal place of business at 000-000 Xxxx
00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Company") and XXXXXXX XXXXXXXX.
WHEREAS, the Company entered into an Employment Agreement, dated March 31,
2003, with Xx. Xxxxxxxx (the "2003 Agreement");
WHEREAS, the Company and Xx. Xxxxxxxx entered into a new Employment
Agreement, dated September 12, 2006 (the "2006 Agreement") that was not
authorized by the Board of Directors; and
WHEREAS, in consideration for relinquishing all rights under the 2006
Agreement and rescinding it ab initio, the Company and Xx. Xxxxxxxx agree to
reinstate the 2003 Agreement
NOW, THEREFORE, in consideration of the mutual covenants and promises
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Rescission. The Company and Xx. Xxxxxxxx rescind the 2006 Agreement and agree
that all rights and obligations of the parties under the 2006 Agreement are no
longer in effect and they shall treat the 2006 Agreement as if it had never been
in effect. Each of the Company and Xx. Xxxxxxxx waive any claims that it/he may
have to any rights that may have arisen under the 2006 Agreement.
2. Reinstatement. In the event that the 2006 Agreement is deemed to have
superceded the 2003 Agreement, each of the Company and Xx. Xxxxxxxx agree to
reinstate the 2003 Agreement as if it had been in effect continuously and agree
to all the terms of the 2003 Agreement and the rights and obligations created
thereby.
3. Governing Law. This Agreement shall be governed by the internal laws of the
State of New York. Any action to enforce any term hereof shall be brought
exclusively within the state or federal courts of New York, New York to which
jurisdiction and venue all parties hereby submit themselves.
4. Binding Effect. This Agreement shall be binding upon, and shall inure to the
benefit of the parties hereto, their respective heirs, legal representatives,
successors and assigns.
5. Entire Agreement. This Agreement contains the sole and entire agreement and
understanding of the parties and supersedes any and all prior agreements,
discussions, negotiations, commitments and understandings among the parties
hereto with respect to the subject matter hereof. There are no representations,
agreements, arrangements or understandings, oral or written, between or among
the parties concerning the subject matter hereto, which are not fully expressed
herein or in any supplemental written agreements of even or subsequent date
hereof
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of
the day and year first above written.
SCORES HOLDING COMPANY, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
Title: President and Chief Executive Officer
