STAR MARITIME ACQUISITION CORP. December 22, 2006
Exhibit
10.16
December
22, 2006
Xxxxxxxx
& Xxxxx, P.C.
000
Xxxxxxx Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Gentlemen:
This
letter will confirm our agreement that effective immediately, the parties hereto
have agreed that the Administrative Services Agreement, dated May 25, 2005
(the
“Services
Agreement”),
by
and between the Company and Xxxxxxxx & Xxxxx, P.C. (“Firm”),
shall
automatically, without further action by any party, be terminated in its
entirety and will no longer have any force or effect and no party thereto shall
have any further rights, duties, liabilities or obligations of any nature
whatsoever with respect to, in connection with or otherwise arising under the
Services Agreement.
Effective
immediately, the Firm, on behalf of itself and its successors and assigns,
hereby releases, forever discharges and covenants not to xxx the Company and
each of its affiliates and each of their representatives, directors, officers,
attorneys, agents, employees, affiliates, shareholders, controlling persons,
subsidiaries, successors and assigns (individually, a “Company
Releasee”
and
collectively, the “Company
Releasees”)
from
and with respect to any and all claims, dues and demands, proceedings, causes
of
action, orders, obligations, contracts and agreements, debts and liabilities
of
any nature whatsoever, at law or in equity, which the Firm or any of the Firm’s
successors and assigns now has, has ever had or may hereafter have against
the
respective Company Releasees with respect to, in connection with or arising
out
of the Services Agreement.
Effective
immediately, the Company, on behalf of itself and its successors and assigns,
hereby releases, forever discharges and covenants not to xxx the Firm and each
of its affiliates and each of their respective representatives, directors,
officers, attorneys, agents, employees, affiliates, shareholders, controlling
persons, subsidiaries, successors and assigns (individually, a “Firm
Releasee”
and
collectively, “Firm
Releasees”)
from
and with respect to any and all claims, dues and demands, proceedings, causes
of
action, orders, obligations, contracts and agreements, debts and liabilities
of
any nature whatsoever, at law or in equity, which the Company or any of the
Company’s successors and assigns now has, has ever had or may hereafter have
against the respective Firm Releasees with respect to, in connection with or
arising out of the Services Agreement.
This
letter agreement shall be governed by and construed in accordance with the
domestic laws of the State of New York, without giving effect to any choice
of
law or conflict provision or rule (whether of the State of New York or any
other
jurisdiction) that would cause the laws of any jurisdiction other than the
State
of New York to be applied. In furtherance of the foregoing, the internal law
of
the State of New York shall control the interpretation and construction of
this
Agreement, even if under such jurisdiction’s choice of law or conflict of law
analysis, the substantive law of some other jurisdiction would ordinarily
apply.
Very
truly yours,
By:
/s/
Prokopios Akis Tsirigakis
Name: Prokopios (Akis) Tsirigakis
Title:
Chief Executive Officer and President
Agreed
to
and Accepted by:
XXXXXXXX
& XXXXX, P.C.
By:
/s/ Xxxxx Xxxxxxxx
Name:
Xxxxx Xxxxxxxx
Title:
