Termination Agreement for MGMT Energy, Inc. Acquisition Agreement with TRX Capital, LLC, John P. Baugues Jr., and The John P. Baugues Sr. Family Trust

Contract Categories: Business Operations › Termination Agreements
Summary

MGMT Energy, Inc., TRX Capital, LLC, John P. Baugues Jr., and The John P. Baugues Sr. Family Trust have agreed to terminate their Acquisition Agreement dated January 9, 2009. This termination is effective immediately after, and subject to, approval by MGMT Energy's shareholders. The parties also agree that their respective nominees to the company's Board of Directors will not be required to resign due to this termination. The agreement is formalized by signatures from all parties involved.

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EX-10.3 4 v145412_ex10-3.htm

March 31, 2009

VIA FEDERAL EXPRESS AND ELECTRONIC MAIL

TRX Capital, LLC
8875 Research Dr.
Irvine, CA 92618
Attention: Tydus Richards

John P. Baugues Jr.
3202 Third Avenue North
Billings, Montana 59101

Re:
MGMT Energy - Termination of Acquisition Agreement

Gentlemen:

Reference is made to that certain Acquisition Agreement, dated as of January 9, 2009, by and among MGMT Energy, Inc., a Nevada corporation (formerly known as Quantum Information, Inc.) (the “Company”), John P. Baugues Jr., an individual (“Mr. Baugues”), The John P. Baugues Sr. Family Trust (the “Trust”) and TRX Capital, LLC, a California limited liability company (“TRX” and together with Mr. Baugues and the Trust, “Sellers”).  Each of the Company and Sellers are referred to singularly as a “Party” and collectively as the “Parties.”
 
By their signatures below, the Parties hereby terminate the Acquisition Agreement, pursuant to Section 10.01(a)(i) thereof, effective immediately following, and conditioned upon, the approval of the shareholders of the Company of this letter and the transactions contemplated hereby This letter is being delivered pursuant to Sections 10.01(b) and 11.03 of the Acquisition Agreement.
 
Notwithstanding Section 10.01(b) of the Acquisition Agreement, the Parties hereby agree that neither Party shall cause its nominees to the Board of Directors of the Company to resign as a result of the termination of the Acquisition Agreement.

If you are in agreement with the above, please countersign the enclosed copy of this letter and return it to us.

 
 
 

 
Very truly yours,
 
MGMT Energy, Inc.
 
 
By:
Its:

Approved and acknowledged as of March 31, 2009.

TRX Capital, LLC
  
   
   
Name: Tydus Richards
  
Title:   Authorized Signatory
  
   
The John P. Baugues Sr. Family Trust
  
   
   
Name: Christopher Kirk
  
Title:   Trustee
  
   
 
  
John P. Baugues Jr.
  

[Letter Re: Termination of Acquisition Agreement]