Termination Agreement between AESP, Inc. and Daidone-Steffens, LLC

Contract Categories: Business Operations › Termination Agreements
Summary

AESP, Inc. and Daidone-Steffens, LLC have agreed to terminate their License Agreement effective May 3, 2005. Both parties release each other from all obligations and claims related to the License Agreement, now and in the future. The agreement states that any changes must be in writing and that it replaces all previous agreements on this subject. The terms are binding on both parties and their successors.

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EX-10.50 11 g94284exv10w50.htm TERMINATION AGREEMENT/DAIDONE-STEFFENS LLC exv10w50  

EXHIBIT 10.50

TERMINATION AGREEMENT

     This Termination Agreement (“Agreement”) is made and entered into as of the 3rd day of May, 2005 (“Effective Date”) by and between AESP, Inc. (“AESP”), a Florida Corporation, and Daidone-Steffens, LLC, a Pennsylvania Limited Liability Company (“Daidone”).

     WHEREAS, AESP and Daidone are parties to that certain License Agreement dated December 31, 2003 (“License Agreement”), and

     WHEREAS, AESP and Daidone have agreed that the License Agreement shall be terminated effective as of the Effective Date.

     NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

  1.   The License Agreement is hereby terminated, effective as of the Effective Date. As of such date, the parties hereby release each other from any and all obligations under the License Agreement.
 
  2.   AESP and Daidone hereby fully and forever release, acquit, discharge and hold one another harmless from any and all, and all manner of, actions and causes of action, claims, suits, costs, debts, sums of money, claims and demands, presently known or unknown, whatsoever in law or equity or otherwise, which AESP or Daidone ever had, now has or may now have, or will have in the future, by reason of any matter, cause or thing whatsoever, from the beginning of the world and all times thereafter, including without limitation all matters arising out of the License Agreement.
 
  3.   This agreement may not be modified, amended, supplemented, cancelled, or discharged, except by written agreement executed by all parties.
 
  4.   This Agreement contains the entire understanding of the parties in respect of its subject matter and supercedes all prior agreements and understandings (oral or written) between or among the parties with respect to such subject matter.
 
  5.   The rights and obligations of this agreement shall bind and inure to the benefit of the parties and their respective successors and assigns.

[Signatures appear on following page]

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written.

         
  For AESP, Inc.
 		  
  /s/ Slav Stein    
  Print Name:   Slav Stein   
  Title:   CEO   
 
         
  For Daidone-Steffens, LLC
 		  
  /s/ Terrence Daidone    
  Print Name:   Terrence Daidone   
  Title:   CEO