Termination of Repurchase Agreement between Forrest Jordan and Ponca Acquisition Corporation
Forrest Jordan and Ponca Acquisition Corporation have agreed to terminate their previous Repurchase Agreement, originally signed on October 1, 2002, as part of the Company's acquisition of all of Jordan's shares in International Wholesale Tile, Inc. As of June 26, 2003, the Repurchase Agreement is no longer valid or enforceable. This termination is governed by Nevada law.
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EXHIBIT 10.16
EXHIBIT 10.17
EXHIBIT 10.18
TERMINATION OF REPURCHASE AGREEMENT
This Termination of Repurchase Agreement ("Termination") is made and entered into this 26th day of June, 2003, by and between Forrest Jordan ("Shareholder") and Ponca Acquisition Corporation (the "Company"). (Individually each a "Party" and together, the "Parties").
RECITALS
- A.
- On October 1, 2002, as part of the Company's acquisition of all of Shareholder's shares of International Wholesale Tile, Inc., the Parties entered into a Repurchase Agreement (the "Agreement").
- B.
- The Parties now wish to terminate the Agreement pursuant to which the Agreement shall be of no further force or effect and be deemed null and void. .
NOW THEREFORE, for good and valuable consideration, the receipt of which each hereby acknowledges, the Parties agree as follows:
- 1.
- The Agreement is terminated as of June 26, 2003 and shall be of no further force or effect.
- 2.
- This Agreement shall be governed by Nevada law, without giving effect to any conflict of laws principles.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above.
| SHAREHOLDER | IWT TESORO CORPORATION | ||
/s/ FORREST JORDAN Forrest Jordan | By: | /s/ HENRY J. BOUCHER, JR. Henry J. Boucher, Jr. President | |
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