Exhibit 10.15
TERMINATION AGREEMENT
Made this 3rd day of March 2003.
Re: the Asset Purchase Agreement, Note Purchase Agreement, Employment Agreement
and Addendum thereto dated June 11, 2002 and the Amendment Agreement dated
December 4, 2002 between Ideal Accents, Inc., Auto Conversions Inc. and Xxxxxxx
Xxxxxx (collectively referred to herein as "The Agreements").
WHEREAS the parties to the Agreements have mutually agreed to terminate the
Agreements
NOW THEREFORE, in consideration of the mutual representation, warranties and
agreement set forth herein, the parties hereto hereby agree as follows:
1. Effective as of the date hereof each of the parties hereto agrees that
the Agreements are hereby cancelled and of no further force and
effect.
2. In consideration of the sum of One Dollar delivered by each party to
each of the other parties the receipt of which is hereby acknowledged,
each of the parties do hereby release and discharge each of the other
parties and their officers, directors and shareholders as the case may
be from any and all manner of actions, causes of actions and claims
for damages of any kind and description, from the date hereof,
including but limited to claims arising from the Agreements or any
relationship between the parties that have taken place in anticipation
of the completion of the Agreements.
3. This Agreement will be binding upon and inure to the benefit of the
parties and their successors and permitted assigns. Nothing expressed
or implied herein is intended or will be construed to confer upon or
to give any other person any rights or remedies by virtue hereof.
4. No party shall assign this Agreement or any rights, interests or
obligations hereunder. or delegate performance of any of its
obligations hereunder, without the prior written consent of the other
party.
5. This Agreement shall be governed by and interpreted in accordance with
the laws of Michigan without reference to its principles of conflicts
of laws.
6. This Agreement constitutes the entire agreement and understanding of
the parties in respect of any subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter.
IN WITNESS WHEREOF, the parties have duly executed this Termination Agreement as
of the date first above written.
IDEAL ACCENTS, INC.
By: /s/ Xxxxxx X'Xxxxxx
----------------------
Title: CEO
--------------------
AUTO CONVERSIONS, INC.
By: /s/ Xxxxxxx Xxxxxx
----------------------
Title: President
--------------------
/s/ Xxxxxx Xxxxxxx /s/ Xxxxxxx Xxxxxx
--------------------------- ---------------------
Witness Xxxxxxx Xxx
