TERMINATION AGREEMENT
THIS
TERMINATION AGREEMENT (“Agreement”) is hereby entered into and made effective as
of the 13th day of February, 2005, by and between JUPITER Global Holdings,
Corp., a Nevada corporation (“JUPITER”), Xxxxxxxxxxxxx.xxx, LLC, a Florida
limited liability corporation (“Promostaffing”), and Xx. Xxxx Xxxxx (“Xx.
Xxxxx”).
WHEREAS,
the parties hereto previously entered into an Amended and Restated Agreement
and
Plan of Acquisition dated April 15, 2005 (the “Acquisition Agreement”), whereby
60% of the outstanding shares of Promostaffing was acquired by JUPITER;
and
WHEREAS,
subsequent to the closing of the Acquisition Agreement, the parties experienced
disputes and disagreements regarding the financing of Promostaffing by JUPITER
and to date the parties have not been able to complete an audit of the financial
statements of Promostaffing, which was stated in the Agreement as a condition
subsequent to the Acquisition Agreement; and
WHEREAS,
as a result of the above recitals, JUPITER has determined that it will not
be
able to comply with the rules and regulations of the U.S. Securities and
Exchange Commission, as they relate to the disclosure and reporting obligations
of JUPITER on a post-acquisition basis.
NOW
THEREFORE, the parties hereto subsequently enter into this Termination Agreement
in order to formally terminate the Acquisition Agreement and settle any and
all
disputes arising there from, which Termination Agreement is hereby supported
by
fair and adequate consideration in the form of the parties respective releases
and forbearance of their respective rights and obligations set forth in the
Acquisition Agreement.
1. Pursuant
to the foregoing, the undersigned parties hereby agree and certify as
follows:
a) |
The
Acquisition Agreement and all subsequent agreements and closing documents
shall hereafter be deemed to be void, cancelled and of no effect.
All
obligations and performance by all parties to the Acquisition Agreement
is
hereby terminated as of the date of this Termination
Agreement.
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b) |
All
shares of common stock issued by JUPITER under the Acquisition Agreement
shall be promptly returned to JUPITER and JUPITER shall cancel said
shares
and return them to treasury as authorized but unissued shares of
common
stock. All shares issued by Promostaffing to JUPITER under the Acquisition
Agreement shall be promptly returned to
Promostaffing.
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c) |
All
sums or other consideration advanced to or for the benefit of
Promostaffing by JUPITER or any subsidiary of JUPITER as of the date
hereof will be considered business development expenditures incurred
in
connection with the implementation of JUPITER’s efforts and plans to
assume the business operations of Promostaffing. None of the parties
hereto shall expect or be entitled to a refund or return of any such
cash
consideration delivered in support of the Acquisition
Agreement.
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d) |
Upon
the return of the shares of common stock of JUPITER and the shares
of
Promostaffing to the issuers thereof in accordance with this Termination
Agreement, all parties hereto hereby forever release, discharge,
waive and
relinquish any rights, claims, demands, benefits or other further
performance under the Acquisition Agreement and the same shall be
considered to be null and void as of the date of this Termination
Agreement.
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e) |
The
parties hereto agree to execute and deliver such additional documents
and
to take such other and further action as may be required to carry
out
fully the transactions contemplated
herein.
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f)
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This
Agreement shall be construed, interpreted and enforced in accordance
with
the laws of the State of Nevada., without regard for any principles
of
conflicts of law.
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Dated
this 13th day of February, 2005.
JUPITER
Global Holdings, Corp., a Nevada
corporation
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By: | /s/ Xxx Xxxxxxx | |
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Xxx
Xxxxxxx, CEO |
Xxxxxxxxxxxxx.xxx LLC, a Florida limited liability corporation | ||
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By: | /s/ Xxxx Xxxxx | |
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Xxxx
Xxxxx, CEO |
Xxxx
Xxxxx,
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By: | /s/ Xxxx Xxxxx | |
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Xxxx
Xxxxx,
individually |
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