AGREEMENT TO TERMINATE OPTIONS
This Agreement to Terminate Options (this "Termination") is entered into
effective this 28th day of April, 2006 by and between Xxxx Xxxxxxx, an
individual ("Holder") and M-GAB Development Corporation, a Florida corporation
("Company").
RECITALS
WHEREAS, Holder and the Company had a verbal understanding whereby the
Company would grant the Holder options to acquire common stock of the Company
upon approval of such grant by the Securities and Exchange Commission (the
"Options");
WHEREAS, the approval referenced above was never obtained, and it appears
that obtaining such approval will be overly burdensome, time consuming, and
costly to the Company, and as such there is no written agreement between the
Holder and the Company regarding the Options;
WHEREAS, control of the Company has changed, and in exchange for the sum
of $20,000, the Holder hereby agrees to terminate its rights to receive the
Options;
WHEREAS, Holder and Company mutually desire to terminate the Options
effective as of the date hereof.
NOW, THEREFORE, for good and adequate consideration, the receipt of which
is hereby acknowledged, the parties hereby agree as follows:
1. The Options and the Holder's right to receive the Options, is hereby
terminated in its entirety, effective as of the date hereof.
2. The Company shall deliver to the Holder the sum of $20,000 within two
(2) business days of the date hereof.
[signature page to follow]
IN WITNESS WHEREOF, the parties hereto, agreeing to be bound hereby,
execute this Amendment upon the date first set forth above.
"Holder" "Company"
M-GAB Development Corporation
/s/ Xxxx Xxxxxxx /s/ Xxxx X. Xxxx
------------------------------------ -----------------------------------
By: Xxxx Xxxxxxx, an individual By: Xxxx X. Xxxx
Its: President
