ASSIGNMENT AND ASSUMPTION OF EMPLOYMENT AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF EMPLOYMENT AGREEMENT (this "Assignment")
dated as of June 1, 2005, is made by and between Laser Energetics, Inc., a
Florida corporation (the "Assignor"), and Laser Energetics, Inc., an Oklahoma
corporation (the "Assignee").
W I T N E S S E T H:
WHEREAS, the Assignor and Xxxxxx X. Xxxxxx are parties to a certain
Employment Agreement dated as of November 1, 2004 (the "Employment Agreement").
WHEREAS, the Assignor desires to assign and the Assignee has agreed to
accept all right, title and interest in the Employment Agreement, in accordance
with the terms and conditions of this Assignment;
NOW, THEREFORE, in consideration of the above and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Assignor hereby grants and assigns unto Assignee all its
right, title and interest in and to the Employment Agreement.
By execution hereof, Assignee does hereby assume and agree to perform all
duties, obligations and responsibilities of the Lender under the Employment
Agreement from and after the date hereof. Assignee does hereby indemnify and
hold Assignor harmless from and against any loss, claim, damage or expense,
including reasonable attorneys' fees, which Assignor may suffer, incur or
expend, arising out of any failure on the part of Assignee to perform fully its
obligations hereunder.
[THIS SPACE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE TO FOLLOW]
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed as of the date first above written.
LASER ENERGETICS, INC.,
A Florida corporation
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------
Xxxxxx X. Xxxxxx, President & CEO
LASER ENERGETICS, INC.,
An Oklahoma corporation
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------
Xxxxxx X. Xxxxxx, President & CEO
[SIGNATURE PAGE - ASSIGNMENT AND ASSUMPTION OF XXXXXX EMPLOYMENT AGREEMENT]
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