EXHIBIT 10(ix)
Agreement Canceling Underwriter's Warrants
A G R E E M E N T
AGREEMENT made this 18th day of August, 1998 by and between Xxxxxx Xxxxx
Capital Corp. (formerly Worthington Capital Group, Inc.) (Xxxxxx Xxxxx) and
Xetal, Inc. (the Company).
WHEREAS, on October 1, 1996 Warrants (the Warrants) were issued by the
Company to Xxxxxx Xxxxx entitling the holder thereof to purchase 250,000 shares
of the Companys common stock; and
WHEREAS, as of the date hereof Xxxxxx xxxxx and the Company are desirous of
cancelling the Warrants in their entirety;
NOW THEREFORE, in consideration of the mutual agreements herein, the
sufficiency of which is hereby acknowledged, the parties hereto agree as
follow:
1. As of the date hereof the Warrants are cancelled in their entirety.
2. This Agreement has been approved by unanimous consent of the respective
Board of Directors of each of Xxxxxx Xxxxx and the Company.
This Agreement may be executed in multiple counterparts and on facsimile paper
and by facsimile transmission as necessary. When each of the parties has
signed and delivered at least one such counterpart, each counterpart will be
deemed an original and, when taken together with the other signed
counterpart(s), shall constitute one fully executed copy of this Agreement,
which shall be binding upon and effective as to the parties according to its
terms.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day
and year first above written.
XXXXXX XXXXX CAPITAL CORP.
By:
Xxxxxxx Xxxxxx, President
XETAL, INC.
By:
Xxx Xxxxx,
Chief Executive Officer
