AGREEMENT OF WAIVER
EXHIBIT 10.16
This Agreement of Waiver (this “Agreement”) is executed on this 1st day of
May 2006, but effective as of January 24, 2006, by and between Immediatek, Inc., a Nevada
corporation (“Immediatek”), and Xxxx Xxxxx (“Stockholder”).
RECITALS
WHEREAS, Stockholder owns certain common stock in Immediatek; and
WHEREAS, Immediatek has the opportunity to receive significant additional capital,
substantially increasing the resources of the company;
NOW, THEREFORE, in consideration of the above recitals, the promises herein contained and such
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Parties agree as follows:
AGREEMENT
Subject to the proviso to this sentence, Stockholder hereby waives, now and forever, any
and all pre-emptive or other rights, if any, that Stockholder may have by law, contract or through
the provisions of the Articles of Incorporation of Immediatek (as amended, modified or
supplemented), as a result of Stockholder’s ownership of common stock of Immediatek; provided,
however, that in the event that any stockholder of Immediatek exercises, in whole or in part, any
of his, her or its preemptive rights, Stockholder hereby agrees to exercise Stockholder’s
preemptive rights and purchase that number of shares of Immediatek common stock necessary to
maintain Stockholder’s percentage ownership of Immediatek’s outstanding common stock immediately
prior to any exercise of preemptive rights.
IN WITNESS WHEREOF, the parties have set their hands on the date first above written.
| IMMEDIATEK, INC. | STOCKHOLDER | |||||||||
| By: | /s/ Xxxx Xxxx | /s/ Xxxx Xxxxx | ||||||||
| Name: | Xxxx Xxxx | Xxxx Xxxxx | ||||||||
| Title: | Chief Executive Officer | |||||||||
