Termination of Lock-Up Agreement between CardioGenics Holdings Inc. and Chandra Panchal

Contract Categories: Business Operations › Termination Agreements
Summary

CardioGenics Holdings Inc. and Chandra Panchal have agreed to terminate their previous Lock-Up Agreement, which required Mr. Panchal to restrict the sale of 125,742 shares of CardioGenics common stock. As of December 21, 2010, Mr. Panchal is no longer bound by the terms of the Lock-Up Agreement and is free to manage his shares without restriction. Both parties have confirmed their acceptance of this termination in writing.

Read More Arrow
EX-10.1 2 v206332_ex10-1.htm Unassociated Document
 
EXHIBIT 10.1
 
6295 Northam Drive, Unit 8
Mississauga, Ontario L4V 1W8
T: 905 ###-###-#### • F: 905 ###-###-####
 


December 21, 2010

Chandra Panchal
303 Baffin, Dollard Des-Ormeaux
Quebec H9A 3G4 Canada

Re:
Lock-Up Agreement Dated March 23, 2010 between CardioGenics Holdings Inc. and Chandra Panchal (the “Lock-up Agreement”)
 
Dear Chandra:
 
This will confirm our understanding that the Lock-Up Agreement, pursuant to which you agreed to lock-up 125,742 shares of CardioGenics common stock held by you in accordance with the terms of the Lock-Up Agreement, is hereby terminated as of the date of this letter.

If the foregoing accurately reflects our understanding regarding the termination of the Lock-Up Agreement, please indicate your agreement and acceptance by signing in the space provided below and returning the signed copy of this letter to me.
 
Very truly yours,        
CARDIOGENICS HOLDINGS INC.        
           
           
By:
/s/ Yahia Gawad
    
 
  
 
Name: Yahia Gawad
    
 
  
 
Title: Chief Executive Officer
    
 
  
  Date: December 21, 2010        
 
AGREED AND ACCEPTED:        
           
           
By:
/s/ Chandra Panchal
    
 
  
 
Chandra Panchal
    
 
  
 
Date: December 21, 2010