TERMINATION AGREEMENT
This TERMINATION AGREEMENT (the "Termination Agreement") is entered into
and effective as of June 6, 2005, by and between Lung Hwa Electronics Co., Ltd.
hereafter referred to as "LHE") a Taiwan Corporation having its office and
principal place of business at 0X, 000, Xxx Xxxxx Xx. Xxx. 0, Xxxxx Xxxx, Xxxxxx
Hsien, Taiwan, R. O. C., and I/OMAGIC CORPORATION (hereafter referred to as
"IOMC"), a Nevada corporation, having its office and principal place of business
at 4 Marconi, Xxxxxx, XX 00000.
RECITALS
WHEREAS, LHE and IOMC have entered into an Agreement dated January 23, 2003
(the "2003 Agreement"), in which LHE provided IOMC with a trade credit facility
of up to $10,000,000 and LHE agreed to serve as the international purchasing
office for IOMC;
NOW, THEREFORE, in consideration of their mutual covenants, and for other
good and valuable consideration, the adequacy of which is hereby acknowledged
and agreed, the parties hereto hereby agree as follows:
A. LHE and IOMC mutually agree to terminate the 2003 Agreement
effective as of June 6, 2005 (the "Effective Date") and waive any notice
requirements for termination under the 2003 Agreement.
B. The termination of the 2003 Agreement on the Effective Date shall
not affect any of the rights or obligations of either party established prior to
such effective date.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement by
their duly authorized representatives on the date stated above.
I/OMAGIC CORPORATION LUNG HWA ELECTRONICS CO., LTD.
/s/Xxxx Xxxxxxx /s/ Xxxxx Xxx
By: Xxxx Xxxxxxx By: Xxxxx Xxx
Its: President and CEO Its: CEO
