AGREEMENT
Exhibit 99.2
THIS AGREEMENT is entered into as of the 1st day of September, 2011 by and between Marine Growth Ventures, Inc., a Delaware Corporation, having an address at 0000 X. Xxxxxxx Xxx, Xxxxxxxxx, XX 00000 (herein referred to as “Company”) and XXXXX XXXXXXXX (hereinafter referred to as “Xxxxxxxx”) at 0000 Xxxxx Xxxxx Xxxxx, Xxxxxxx Xxxxxx, XX 00000, for the purpose of modifying Xxxxxxxx’ salary and compensation as employee of the Company.
WHEREAS, Xxxxxxxx was elected President of the Company effective July 1, 2004; and
WHEREAS, Xxxxxxxx was elected a Director of the Company effective July 1, 2004; and
WHEREAS, Xxxxxxxx became an employee of the Company September 1, 2004; and
WHEREAS, Company has accrued wages on behalf of Xxxxxxxx in his capacity as an employee of the Company; and
WHEREAS, Company and Xxxxxxxx desire to modify the terms and conditions of these accrued wages;
NOW THEREFORE, in consideration of the promises, the mutual covenants and obligations herein contained, and for other good and valuable considerations, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
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Xxxxxxxx hereby waives and releases the Company of any past, present, or future wages, fees, or expenses.
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The Company and Xxxxxxxx hereby agree that Xxxxxxxx resign as President of the Company upon execution of this agreement.
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The Company and Xxxxxxxx hereby agree that Xxxxxxxx resign as one of the Company’s members of its Board of Directors upon execution of this agreement.
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4.
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Xxxxxxxx, on behalf of himself and his past and present partners, principals, employees, agents, servants, attorneys, insurers, representatives, affiliates, successors, heirs and assigns, hereby releases and forever discharges the Company and its respective subsidiaries, affiliates, agents, attorneys, accountants, insurers, successors and assigns, to the extent permitted by law, from any and all claims, demands, obligations, losses, causes of action, costs, expenses, attorneys' fees and liabilities of any nature whatsoever, whether based on contract, tort, statutory or other legal or equitable theory of recovery, whether known or unknown, which Xxxxxxxx has, had, claims or could claim to have against the Company.
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5.
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The Company, to the extent permitted by law, for itself and its subsidiaries, affiliates, agents, servants, attorneys, insurers, representatives, successors and assigns, hereby releases and forever discharges Xxxxxxxx from any and all claims, demands, obligations, losses, causes of action, costs, expenses, attorneys' fees and liabilities of any nature whatsoever, whether based on contract, tort, statutory or other legal or equitable theory of recovery, whether known or unknown, which the Company has, had, claims or could claim to have against Xxxxxxxx arising out of, in connection with or by reason of the Company’s employment of Xxxxxxxx and/or Xxxxxxxx services as an officer or director of the Company.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.
Marine Growth Ventures, Inc.
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/s/ Xxxxx X. Xxxxx |
/s/ Xxxxx Xxxxxxxx
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Xxxxx X. Xxxxx, Chairman
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Xxxxx Xxxxxxxx
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September ____, 2011
Marine Growth Ventures, Inc.
0000 X. Xxxxxxx Xxx
Xxxxxxxxx, XX 00000
To Whom It May Concern:
Effective as of September ____, 2011, I, Xxxxx Xxxxxxxx do hereby resign immediately, as President and Director of Marine Growth Ventures, Inc. and all of its respective affiliates.
Sincerely,
Xxxxx Xxxxxxxx
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