Termination and Acknowledgement Agreement between Tenby Pharma, Inc. and Randy Milby

Summary

Tenby Pharma, Inc. and Randy Milby agree to terminate two promissory notes previously issued by Tenby to Milby, totaling $17,500. Upon the closing of a related Series A Stock Purchase Agreement, both parties are fully released from any obligations or claims related to these notes. This agreement ensures that neither party has any further rights or responsibilities regarding the notes after the specified closing date.

EX-10.27 29 g03213exv10w27.htm EX-10.27 TERMINATION AND ACKNOWLEDGEMENT AGREEMENT EX-10.27 TERMINATION AND ACKNOWLEDGEMENT AGREEMENT

Exhibit 10.27

TERMINATION AND ACKNOWLEDGEMENT AGREEMENT

By their respective signatures, the undersigned hereby agree and acknowledge that the notes set forth below, any modifications or amendments or renewals thereof, and any and all rights and interests of each of the undersigned with respect thereto, shall be terminated and shall have no further effect as of the Closing (as defined in that certain Series A Stock Purchase Agreement, dated on or about the date hereof, by and among Tenby Pharma, Inc., a Delaware corporation (“Tenby”) and the purchasers signatory thereto):

	1.		Promissory Note, dated February 7, 2006, issued by Tenby to Randy Milby in the principal amount of $12,500.00.

	2.		Promissory Note, dated June 15, 2006, issued by Tenby to Randy Milby in the principal amount of $5,000.00.

At the Closing, the undersigned is hereby completely and forever discharged and released from all of their respective duties and obligations under, and any claims arising under or related to the notes set forth above.

IN WITNESS WHEREOF, the parties hereto have executed this Termination and Acknowledgement Agreement on this 13th, day of September, 2006.



	/s/ Randy Milby
	Randy Milby


	TENBY PHARMA, INC.
	By:	/s/ Barry Butler
		Barry Butler, Chief Executive Officer