Exhibit 10.25
TERMINATION AGREEMENT
This Termination Agreement dated as of April 12, 1999 is by and among
Foilmark, Inc., a Delaware corporation ("Foilmark"), Foilmark Manufacturing
Corp., a Delaware corporation, ("Manufacturing"), Xxxxxx X. Xxxxxxxx
("Xxxxxxxx") and Xxxxxxx X. Xxxxxx ("Xxxxxx"). Manufacturing is the successor
corporation to Imtran Industries, Inc. after the merger of the two companies on
July 20, 1998. Pursuant to a certain Asset Purchase Agreement dated August 3,
1995 ("the Asset Purchase Agreement"), a certain First Amendment to the Asset
Purchase Agreement dated August 21, 1995 and a certain letter agreement (the
"Letter Agreement") dated August 21, 1995 and in connection with a certain
Agreement and Plan of Merger by and among Foilmark, Foilmark Acquisition
Corporation and Holopak Technologies, Inc. dated as of November 17, 1998 (the
"Merger Agreement"), and for other good and valuable consideration, the
undersigned hereby agree as follows:
1. That, effective as of the effective date of the Merger Agreement (the
"Effective Date"), all rights and obligations under the Section 10.3
of the Asset Purchase Agreement and the Letter Agreement with respect
to the election and service of either or both of Xxxxxx or Xxxxxxxx
shall terminate, including but not limited to, the right of Xxxxxxxx
and Xxxxxx to nominate either of themselves to serve as a member of
the Board of Directors of Foilmark.
2. That Section 10.3 of the Asset Purchase Agreement and the Letter
Agreement shall terminate and be of no further force and effect as of
the Effective Date.
This Termination Agreement may be signed in counterparts, each of which
shall be considered an original and all of which together shall constitute one
agreement. In witness whereof, the undersigned have executed and delivered this
Termination Agreement on this effective day of April 12, 1999.
FOILMARK, INC.
By: /s/
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Xxxxx X. Xxxxx, Xx.
President and Chief Executive
Officer
FOILMARK MANUFACTURING CORP.
By: /s/
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Xxxxx X. Xxxxx, Xx.
President
/s/
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Xxxxxx X. Xxxxxxxx
/s/
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Xxxxxxx X. Xxxxxx