Mutual Termination Agreement
Exhibit 10.1
This Mutual Termination Agreement is made effective May 19, 2020, by and among Xxxxx Xxxx Group, Inc., a Delaware corporation having its place of principal executive office at 1 Raffles Place, #33-02, Xxx Xxxxxxx Xxxxx Xxxxx Xxx, Xxxxxxxxx 000000 (the "Company"), and Eldee Wai Xxxxx Xxxx (“ET”), a 51% shareholder and representative of Elusyf Global Private Limited, a Singapore Corporation (“EGPL”).
WHEREAS, the Company and EGPL are parties to that certain Binding Memorandum of Understanding dated April 1, 2019 (the “MOU”), pursuant to which the Company agreed to reorganize 51% shareholdings of EGPL into the Company, by way of transfer of all shares from ET to the Company; and
WHEREAS, pursuant to the MOU, the closing of the strategic partnership was anticipated to occur on or before June 30, 2019.
NOW, THEREFORE, in consideration of the foregoing recitals and for good and valuable mutual consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound, do hereby agree to the following terms and conditions:
Agreement
1. Mutual Termination. Effective immediately upon execution of this Mutual Termination Agreement, each party hereto hereby completely and immediately terminates the MOU, and acknowledges and agrees that neither party shall have any obligation or liability to the other in connection with the MOU.
2. Entire Agreement. This Mutual Termination Agreement is the entire agreement between the parties regarding the subject matter contained herein. It supersedes, and its terms govern, all prior proposals, agreements, or other communications between the parties, oral or written, regarding the subject matter contained herein.
IN WITNESS WHEREOF, the parties have executed this Mutual Termination Agreement as of the date first set forth above.
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XXXXX XXXX GROUP, INC.
By: /s/ Sin Xxx Xxx Sin Xxx Xxx Its: Chief Corporate Officer
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By: /s/ Eldee Xxx Xxxxx Xxxx Xxxxx Xxx Xxxxx Xxxx
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