Release
IN CONSIDERATION of (i) the execution of the certain agreement made between
Infocast Corporation and Lasso Communications Inc. effective July 1, 1999 (the
"Agreement") and, (ii) the fulfillment by Infocast of all of the above terms and
conditions associated with the agreement, including without restriction, the
full payment of the retainer fee set out therein, Xxxxx agrees that Infocast and
Xxxxx and Xxxxxx will be fully released, acquitted and discharged from any and
all claims which Lasso may have had against Xxxxx, Xxxxxx or Infocast arising
from the departure of Xxxxx Xxxxx and Xxxxxxx Xxxxxx from Lass in order to
accept a position of employment at Infocast Corporation.
In the event Infocast fails to fulfill the terms and conditions associated with
the Agreement, including without restriction, the full payment of the retainer
fee, Lasso shall be entitled to bring whatever actions Lasso may deem necessary
provided that (i) in such case Infocast shall be entitled to set off judgments
or awards that may be obtained against Infocast by Xxxxx in respect of the above
noted claims or claims under the Agreement, an amount equal to any payments of
the retainer fee Infocast has already made or that it will be ordered to make
under the agreement, less the value of services provided by Lasso under the
terms of the Agreement as calculated in accordance with the terms thereof, and,
(ii) if such action is brought, time periods will be deemed to have suspended
between the effective date of the agreement and the end of the initial term of
Agreement or the date of any breach of the Agreement during the Initial Term,
whichever comes first.
Executed at the City of Toronto, Province of Ontario, this 14th day of July,
1999.
Lasso Communications
/s/ X.X. Xxxxx
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By: X.X. Xxxxx
Title: CFO
/s/ Xxxxx Xxxxx
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Witness Xxxxx Xxxxx
/s/ Xxxxxxx Xxxxxx
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Witness Xxxxxxx Xxxxxx
Infocast Corporation
/s/ A.T. Xxxxxxx
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By: A.T. Xxxxxxx
Title: Chairman
