EXHIBIT 10.14
CANCELLATION AGREEMENT
This Agreement is made and entered into as of April 15, 1997, by and
between Hawaiian Natural Water Company, Inc., a Hawaii corporation (the
"Company") and .
RECITALS
The Company consummated a $1,500,000 bridge financing (the "Bridge
Financing") on October 10, 1996, pursuant to which the Company issued and sold
30 Units (the "Units"), at a purchase price of $50,000 per Unit, each Unit
consisting of (i) a promissory note in the principal amount of $50,000, bearing
interest at the rate of 10% per annum, which is due and payable upon the earlier
of (a) the consummation of a public financing of the Company through the sale of
equity securities from which the Company receives gross proceeds of at least
$2,000,000 or (i) October 10, 1997 and (ii) 25,000 warrants (the "Bridge
Warrants"), each warrant to purchase one share of the Company's common stock;
purchased Units in the Bridge Financing
for $ .
NOW, THEREFORE, in consideration of the premises and the agreements set
forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of the undersigned agrees as
follows:
1. has cancelled, without recourse, and
returned to the Company the Bridge Warrants issued to
him in connection with the Bridge Financing and
acknowledges that the Company has no further obligations to
in connection with the Bridge
Warrants.
Governing Law. This Agreement shall be deemed to be a contract made
under the laws of the State of New York and for all purposes shall be construed
in accordance with the laws of such state without giving effect to the rules of
such state governing the conflict of laws.
Counterparts. This Agreement may be executed in any number of
counterparts, and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute but one and the
same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date and year first written above.
HAWAIIAN NATURAL WATER COMPANY, INC.
a Hawaii corporation
By: /s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
President and Chief Executive Officer
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