TERMINATION OF EMPLOYMENT AGREEMENT
THIS TERMINATION OF EMPLOYMENT AGREEMENT effective the 17th day
of March, 1998 by and between GLOBAL COMBINED TECHNOLOGIES, INC.
(hereinafter referred to as _Company_) and XXXXXXXX X. XXXXXX
(hereinafter referred to as _Employee_).
R E C I T A L S :
Whereas, Company and Employee entered into a certain
employment agreement (_Employment Agreement_), effective
the first day of January, 1997; and
Whereas, pursuant to a Stock Purchase Agreement dated
February 25, 1998, all of the Shareholders of the Company
agreed to sell 100% of the Stock of the Company to Xxxxxxx
Computer Resources, Inc.; and
Whereas, Company and Employee are desirous of terminating
the Employment Agreement.
NOW, THEREFORE, in consideration for the above premises and in
mutual consideration of the promises hereinafter contained, the
parties agree as follows:
1. Termination of Employment Agreement
.
Company and Employee agree that effective this __ day of
March, 1998, the Employment Agreement is hereby terminated.
The parties agree that all payments due under the
Employment Agreement have been paid up to such date.
Incident to such termination, neither party shall have any
further rights or obligations under such Employment
Agreement.
2. Miscellaneous
.
This Agreement contains the entire agreement of the parties
and shall not be modified except in a writing signed by both
parties hereto. This Agreement shall be construed in
accordance with and governed by the laws of the State of
Oklahoma.
IN WITNESS WHEREOF, the parties have hereunto executed this
Termination of Employment Agreement on the day and year first
Page 1 of 2 Pages
above written.
Witnesses:
Company:
GLOBAL COMBINED TECHNOLOGIES, INC.
________________________
________________________ BY:
__________________________________
Witnesses: Employee
:
_________________________
________________________________________
Xxxxxxxx X. Xxxxxx
_________________________
1
Page 2 of 2 Pages
